According to a ‘Straight’ reading of Elizabeth Anscombe’s (1975) ‘The First Person’, she holds a radically non-referring view of ‘I’. Specifically, ‘I’ is analogous to the expletive ‘it’ in ‘It’s raining’. I argue that this is not her conclusion. Her substantive view, rather is that if what you mean by ‘reference’ is a certain rich and recherché notion tracing to Frege, then ‘I’ is not a referring term. Her methodological point is that one shouldn’t be ‘bewitched by language’ into thinking that ‘I’, because of its syntax, must exhibit ‘reference’ in this sense.