Davidson’s third lecture concerns quotation. He considers and rejects a number of semantic treatments of quotation, including the “proper-name theory,” the “picture theory,” and the “spelling theory.” He then presents his own preferred theory, which assimilates the semantics of quotation to the semantics of demonstratives. According to Davidson’s “demonstrative theory,” quotation marks refer to the material they flank, which is not always a semantic part of the sentence containing it. The flexibility of demonstrative reference, Davidson claims, allows his theory to account for mixed use/mention cases: in these cases, the demonstrative introduced by the quotation marks refers to a part of the sentence which does make a semantic contribution. Moreover, since the demonstrative theory reduces quotation to demonstration, it is susceptible to a truth-theoretic treatment if demonstratives are.