 The answer to the question “what are things like by nature?” is given by a sequence of three epithets; things are said to be adiaphora and astathmêta and anepikrita. Taken by themselves, these epithets can be understood in two importantly different ways: they may be taken as characterizing how things are (by nature) in themselves, or they may be taken as commenting on human beings’ lack (by our nature) of cognitive access to things. Adiaphora is normally translated ‘indifferent’. But this might be taken as referring either to an intrinsic characteristic of things—namely that, in themselves and by nature, they possess no differentiating features — or to our natural inability to discern any such features. In the latter case ‘undifferentiable’ might be a more perspicuous translation. (Beckwith (2011) plausibly connects the focus on differentiating features, or the lack of them, with the Aristotelian notion of differentiae; on either of the readings to be explored, Aristotle’s picture of the world and of our ability to understand it would indeed be a prime example of the kind of view from which Pyrrho is anxious to distance himself.) Similarly, astathmêta might mean ‘unstable’ or ‘unbalanced’, describing an objective property of things; or it might mean ‘not subject to being placed on a balance’, and hence ‘unmeasurable’, which would again place the focus on our cognitive inabilities. And anepikrita might mean ‘indeterminate’, referring to an objective lack of any definite features, or ‘indeterminable’, pointing to an inability on our part to determine the features of things. The statement as a whole, then, is either answering the question “what are things like by nature?” by stating that things are, in their very nature, indefinite or indeterminate in various ways — the precise nature of the thesis would be a matter for further speculation—or by stating that we human beings are not in a position to pin down or determine the nature of things. Let us call these the metaphysical and the epistemological interpretations respectively.