In the earliest phase of a typical slump there will probably be an investment in increasing stocks which helps to offset disinvestment in working capital; in the next phase there may be a short period of disinvestment both in stocks and in working capital; after the lowest point has been passed there is likely to be a further disinvestment in stocks which partially offsets reinvestment in working capital; and, finally, after the recovery is well on its way, both factors will be simultaneously favourable to investment.