In the history of psychoanalysis, the Schreber case has long been a source of controversy. Speculations about Schreber have abounded essentially because none of the speculators, including Freud (), has been constrained by the reality of interactive dynamics with Schreber on the couch. This author contends, however, that knowing someone analytically must involve the transference experience. He presents the case of Z, a middle‐aged patient of his who described a fantasy that was uncannily similar to Schreber's, permitting a present‐day reexamination of the original case, as well as ongoing speculations that include the way in which live clinical material can interact with the reading of a historical document.