Theories of slurs mostly fall into two camps. According to conjunctivists, uses of slurs conventionally perform two distinct speech acts. The first is a non-derogatory act of referring to a kind, and the second is a non-referential act of derogation. The first act is also performed by their neutral counterparts. Minimalists, by contrast, think that uses of slurs conventionally perform the non-derogatory act of referring associated with their neutral counterparts, and that it all. I argue against both these approaches, by (...) demonstrating that they fail to capture the full range of slurs’ occurrences. I focus on three important cases: (i) a bigot’s use of slurs, (ii) their (non-reclaimed) use by slurs’ targets, and (iii) the use of slurs in quotational contexts. I develop a novel and deflationary semantics for slurs that occupies a space between conjunctivism and minimalism, according to which uses of slurs conventionally perform a single act of derogatory reference. This view bucks the orthodoxy in maintaining that the meanings of slurs do not divide along fact/value lines. Interestingly, this is for reasons that don’t apply to 'thick' terms, like 'brave' and 'wanton'. (shrink)