According to a widely held view of assertion and belief, they are each governed by a tacitly acknowledged epistemic norm, and the norm on assertion and norm on belief are so related that believing p is epistemically permissible only if asserting it is. I call it the Same Norm View. A very common type of utterance raises a puzzle for this view, viz. utterances in which we say ‘I believe p' to convey somehow guarded affirmation of the proposition that p. For example, one might respond to a query for directions to the station by saying ‘I believe it is down the first street on your left.' Often, when we reply in this way, it would have been pragmatically preferable simply to assert that p, had we been epistemically warranted in doing so. One's guarded reply thus suggests one is not so warranted. Nevertheless, if one believes what one, at face value, says one believes, one believes p. Contrary to what might seem to be suggested by the Same Norm View, one does not seem to portray oneself as irrational or epistemically beyond the pale in replying in this way. The paper develops this puzzle in detail, and examines a variety of options for a resolving it consistently with the Same Norm view. The most promising of these options, I argue, is to see ‘I believe' guarded affirmations as a form merely approximately correct speech. They would, though, be a form of such speech that interestingly differs from paradigm cases of loose use or conventional hyperbole in that speakers would be comparatively unaware of engaging in approximation. I conclude ‘I believe’—guarded affirmations either show the Same Norm View to be false or must be recognised as such an interestingly distinctive form of merely approximately correct speech.