Were it not for the loss of value involved, it would be wonderful if the view that value is one and not many were true. What would be so wonderful about it is that if we could just stay alert to averting one form of loss, where the bad prevails over the good, our ethical task would be complete. We could then view the world in a fairy tale sort of way in which the only real conflict in life is that between good and evil. The only real difficulty would be in figuring out how to win the battle against evil. Much of our everyday rhetoric suggests that we do think this way, and, unfortunately, that rhetoric is encouraged by monistic theories of value. But if nihilism is to be rejected because it is superficial, all versions of monism are to be rejected because they are naive and simpleminded. It is time we put them behind us and thought more maturely about value. It is time we recognized that tragedy takes the form not only of evil prevailing over the good, but also of good conflicting with good.