Earlier quoted context omitted.
Cycles of arbitrary periods are nearly indistinguishable from a random walk. My guess is the latter.
What does this mean? Can you please rephrase?
You might have heard of Fourier transforms. Any time-series can be transformed into its sinusoidal components, even if a composition of waves is not a good model.
It's possible, and in my opinion more likely, that the business cycle is not a cycle at all.