What is the status of metaphorical meaning? Is it an input to semantic composition or is it derived post-semantically? This question has divided theorists for decades. Griceans argue that metaphorical meaning/content is a kind of implicature that is generated through post-semantic processing. Others, such as the contextualists, argue that metaphorical meaning is an input to semantic composition and thus part of “what is said” by an utterance. I think both sides are right: metaphorical meaning is an input to semantic composition (...) and it is also derived post-semantically. I explain how this is possible by positing that successful metaphor involves coining a new word on the spot; this new metaphorical word is ambiguous with its literal counterpart. I show that an ambiguity theory of metaphor, far from being the obvious non-starter that it has long been treated as, actually offers elegant predictions of a whole suite of otherwise recalcitrant linguistic data. (shrink)