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My use of the expression "pleasure in disguise" in the general title of this paper is not merely an attempt to coin new terminology in the field of clinical psychoanalysìs. It is used only to indicate that in the following pages there will be no attempt to classify the pleasure obtained from putting on, wearing, looking at, admiring, or otherwise enjoying sexual stimulation from clothes, into mutually exclusive rubrics of "transvestitism" and "fetishism" in any precise differential diagnostic manner. The recent valuable contribution of Fenichel, written from the special point of view of psychoanalytic differential pathology, has made such an effort even less necessary. In Fenichel's paper we may find a summarized discussion of all that has been previously established in regard to the deep psychology of these conditions (Freud, 11), and new observations of the author which add to our knowledge. It is certain that the interest of all will be aroused by a contribution which was summarized by the author himself as follows: "If the homosexual will not take any interest in a creature without a penis; if the fetishist constantly denies the existence of any such creature; and if the exhibitionist, voyeur, and transvestite continually attempt to repudiate its existence, we must conclude that these perverse individuals are trying to conquer the cause of their anxiety (the idea of castration) by such denials." (10, 34) Although recognizing the relation to the castration complex as the specific factor in these conditions, Fenichel was not able, he