Shepherd appears to endorse something like the following biconditonal regarding qualities and objects. □(An object, O, exists ↔ Some bundle of qualities, Q1, Q2, … Qn exists). There is a growing consensus in the secondary literature that she also takes the right side of this biconditional to ground the left side. I.e. Shepherd is a bundle theorist who takes an object to be nothing but a mass of qualities, or causal powers. I argue here that despite appearances, this interpretation reverses (...) Shepherd's actual view. I.e. I argue that for Shepherd qualities, or causal powers, are grounded in the intrinsic constitutions of objects. In the case of "external objects", these intrinsic constitutions are unknowable to us; in the case of "internal objects", we have direct knowledge of them. (shrink)