Invariant subspaces for polynomially bounded operators

Let T be a polynomially bounded operator on a Banach space X whose spectrum contains the unit circle. Then T∗ has a nontrivial invariant subspace. In particular, if X is reflexive, then T itself has a nontrivial invariant subspace. This generalizes the well-known result of Brown, Chevreau, and Pearcy for Hilbert space contractions.