It seems that just when we are about to lay P-technique factor analysis finally to rest as obsolete because of newer, more sophisticated multivariate time-series models using latent variables-dynamic factor models-it rears its head to inform us that an obituary may be premature. We present the results of some simulations demonstrating that even though it does not explicitly model lagged information, P-technique's ability to recover the parameters of underlying dynamic processes involving lagged relations among the manifest variables is apparently robust and accurate. An empirical example is presented using 103 days of affective mood self-ratings from a young pregnant woman. Implications of the simulation and empirical findings are briefly discussed.