In a recent Antiquity article, Parker Pearson and colleagues (2021) presented results from excavations at Waun Mawn in south-west Wales, interpreting the site as a dismantled stone circle and source for some of the Bluestone pillars used in the Aubrey Holes at Stonehenge. Here, the author examines the evidence, showing that alternative interpretations are possible. Waun Mawn is argued to represent a series of smaller stone settings, typical of ceremonial sites in south-west Wales. Meanwhile the Aubrey Holes are shown to reflect a well-established regional sequence in which post circles are followed by pit circles. A Welsh ‘source-circle’ for Stonehenge cannot be excluded but, the author argues, the claim is unsupported by the current evidence.