Examining the implications of a localist model for linguistic performance, I show the strengths of the P-graph, a network of elementary units of meaning where utterance results from relaxation through the operation of a dynamics of affect values. A unit of meaning is stored in a synaptic connection that brings together two words. Such a model, consistent with the anatomy and physiology of the neural tissue, eschews a number of traditional pitfalls of “semantic networks”: (1) ambiguity ceases to be an issue, as similar uses of a word are automatically clustered together; (2) faster retrieval of words acquired early is explained by the larger number of their instances. In addition the P-graph takes advantage of a plausible form of information storage: the local topology of the neural tissue.