This new report from the Lexington Institute, "How sound an investment? An analysis of federal prekindergarten proposals," considers current proposals for federal involvement in prekindergarten (pre-K). It is misleading, however, with respect to both the provisions and likely consequences of those proposals. The report attempts to disparage the potential benefits of pre-K by presenting inaccurate information about public pre-K programs and their effects. Although the report provides some useful cautions about these programs, it exaggerates the relative importance of those cautions. The report's conclusions are grounded in a failure to consider other relevant research on pre-K's effectiveness and the relative merits of targeted and universal approaches to preschool education. (Contains 33 notes and references.)