Current models of adult hematopoiesis propose that pluripotent hematopoietic stem cells (PHSC) differentiate into common myeloid- and lymphoid-committed precursors and that this establishes an early separation between the myeloid and lymphoid lineages. However, the description of rare, and previously unidentified, B/macrophage progenitors in postnatal bone marrow is not consistent with this model. Hypotheses to explain and reconcile their existence are discussed with particular emphasis on the possibility that fetal B/macrophage progenitors, whose development is well accepted, may persist into adult life. The existence of a normally occurring adult B/macrophage progenitor has implications for understanding the origin of tumors with B cell and myeloid characteristics.