He criticizes the New Theory of Reference, which holds that "now" refers directly to a time and does not ascribe the property of presentness. Smith does not adopt the old or Fregean theory of reference but develops a third alternative, based on his detailed theory of de re and de dicto propositions and a theory of cognitive significance. He concludes the book with a lengthy critique of Einstein's theory of time. Smith offers a positive argument for absolute simultaneity based on his theory that all propositions exist in time. He shows how Einstein's relativist temporal concepts are reducible to a conjunction of absolutist temporal concepts and relativist nontemporal concepts of the observable behavior of light rays, rigid bodies, and the like.