A simple geometrical argument shows that every pair of projections on a finite-dimensional complex vector space has a common invariant subspace of dimension 1 or 2. The idea extends to certain pairs of projections on an infinite-dimensional Hilbert space H. In particular every projection on H has a reducing subspace, although a finite-dimensional one need not exist. In a final section, the results are extended to the existence of hyperinvariant subspaces for pairs of projections.