  It is now almost clear that there is no meaningful internal symmetry higher
than the one family GUTs like as $SU(5)$, $SO(10)$, or $E(6)$ for
classification of all observed quarks and leptons. Any attempt to describe all
three quark-lepton families in the GUT framework leads to higher symmetries
with enormously extended representations which contain lots of exotic states as
well that never been detected in an experiment. This may motivate us to
continue seeking a solution in some subparticle or preon models for quark and
leptons just like as in the nineteen-sixties the spectroscopy of hadrons had
required to seek a solution in the quark model for hadrons. At that time, there
was very popular some concept invoked by Murray Gell-Mann and called the
Eightfold Way according to which all low-lying baryons and mesons are grouped
into octets. We now find that this concept looks much more adequate when it is
applied to elementary preons and composite quarks and leptons. Remarkably, just
the eight left-handed and right-handed preons and their generic metaflavor
symmetry $SU(8)$ may determine the fundamental constituens of material world.
This result for an admissible number of preons, $N=8$, appears as a solution to
the 't Hooft's anomaly matching condition provided that (1) this condition is
satisfied separately for the $L$-preon and $R$-preon composites and (2) these
composites fill only one multiplet of some $SU(N)$ symmetry group rather than a
set of its multiplets. We next show that a partial $L$-$R$ symmetry breaking
reduces an initially emerged vectorlike $SU(8)$ theory down to the conventional
$SU(5)$ GUT with an extra local family symmetry $SU(3)_{F}$ and three standard
generations of quarks and leptons.
