There is prima facie reason to suppose that there are analytic truths, our knowledge of which is explained simply by our understanding them. One recent line of argument challenges this view on the grounds that, for any given proposition, it is always possible to understand it without knowing it. If understanding is to explain our knowledge of certain truths, then, how is it possible for someone to understand them and yet fail to know them? We can accommodate these cases of disagreement by construing the epistemic state in which a subject is placed by understanding an analytic truth as one of being in a position to know. In understanding an analytic truth, a subject may have the epistemic resources required for knowledge and yet be u...