I defend an alternative theory of conversational implicatures that does without Grice's notion of making‐as‐if‐to‐say. This theory characterises conversationally implicating that p as a way to mean that p by saying that q or by saying nothing. Cases that Grice's theory cannot capture are captured, and cases that Grice's theory misdescribes are correctly described. A distinction between conversational implicatures and pragmatic inferences from what speakers express is required, as well as a non‐implicature treatment of figurative speech.