Emotivism thinks of the subjectivity of values on the model of the subjectivity of feelings. Existentialism thinks of the subjectivity of values on the model of choices. Nihilism, I argue, thinks of the subjectivity of values on the model of systematically false judgments. But I argue that these contemporary subjectivist theories of value misconceive the subjectivity of values. The nihilistic conception implicitly depends upon the very transcendental-objectivist outlook which nihilism explicitly denies. The existential conception cannot account for the rootedness of values within our selves. And emotivism denies, or at least fails to explain, the openness of values to critical thinking. I argue for a different, and in some ways new, conc...