It is often held that something has value only in virtue of being valued by some evaluative being: value is conferred on something by the attitude of valuing. This is supposed to be true even of pleasure. But is the act of valuing itself something that has value? If not, it is hard to see how it could confer value on other things. But if it does have value, then it must do so in virtue of some further act of valuing. Then that valuing in turn must either lack value or have it in virtue of a further act of valuing. An infinite regress results from the latter horn of the dilemma. Therefore, not all value can be had in virtue of acts or attitudes of valuing. Pleasure, for example, is valuable in itself, irrespective of whether anyone regards it as valuable.