Racial epithets are derogatory expressions, understood to convey contempt toward their targets. But what do they actually mean, if anything? While the prevailing view is that epithets are to be explained pragmatically, I argue that a careful consideration of the data strongly supports a particular semantic theory. I call this view Combinatorial Externalism. CE holds that epithets express complex properties that are determined by the discriminatory practices and stereotypes of their corresponding racist institutions. Depending on the character of the institution, (...) the complex semantic value can be composed of a variety of components. The account has significant implications on theoretical, as well as, practical dimensions, providing new arguments against radical contextualism, and for the exclusion of certain epithets from First Amendment speech protection. (shrink)