We consider a scheme in which all quarks and leptons are composites of only two types of fundamental spin 1/2 objects with electric charges 1/3 and 0. The concepts of color and flavor acquire meaning only at the level of the composite systems. Gauge bosons such as W+/- or gluons connect only composite states, and are not fundamental. The scheme accounts for several regularities of the observed pattern of quarks and leptons. However, we cannot offer any convincing dynamics, leaving many important questions unanswered.On leave of absence from the Weizmann Institute of Science, Rehovot, Israel.