 If one is not satisfied with a bundle theory of substance, so that one thinks that an individual substance is more than a collection of properties, how is one to understand this ‘more’? This question can be given a deflationary or a substantive answer. The deflationary answer is that a substance is a thing which has properties, and that is all one needs to say (see, for example, Crane and Farkas 2004, 143f, and Chisholm 1969). An object is not composed of properties and some further ingredient—the ‘thingy’ bit—an object is something that simply has properties. Any feature of it can, of course, be regarded as a property, but that does not render an object nothing but a collection of properties. There seems to be a clash of intuitions at this point about what makes sense. An opponent of the deflationary view will say that properties, however understood, must be components of objects, conceptually or formally speaking. If they are not the only components in this sense, one must say something about the nature of the rest. The deflationist thinks that this line of thought embodies some kind of category mistake in the way it handles the idea of a component. The anti-deflationist will argue that the fact that we are talking about components only in a conceptual sense does not alter the fact that we are obliged, once we start, to offer an account that is complete and distinguishes the various elements.