This paper divides the question of “What is analysis?” into two questions: What are the commonalities among different types of analysis that makes each of them fit under the rubric “psychoanalysis”? This question is answered by the intent of the field, what it aspires to accomplish. The second asks “What is psychoanalysis, anyway?” That is, given this definition, what is the most theoretically cogent and clinically effective way to practice the craft? What, after all, does psychoanalysis do? The second question is answered by reference to the analysis between Bornstein and Frank by using the data they provided to show the importance of both understanding and creation in the analytic process. It is argued that the analysis reported demonstrated the cardinal importance of opening a potential space in analysis for the creation of new psychic capacities.