This article is concerned with a puzzle that arises from three initially plausible assumptions that form an inconsistent triad: (i) Epistemic reasons are normative reasons (normativism); (ii) reasons are normative only if conformity with them is good (the reasons/value‐link); (iii) conformity with epistemic reasons need not be good (the nihilist assumption). I start by defending the reasons/value‐link, arguing that normativists need to reject the nihilist assumption. I then argue that the most familiar view that denies the nihilist assumption—epistemic teleology—is untenable. (...) Finally, I consider two alternative ways of accounting for the goodness of conformity with epistemic reasons: it may be good because it accords with the virtue of reasons‐responsiveness, and it may be good because it is good to conform with normative reasons as such. I argue that both of these conceptions avoid the problems of epistemic teleology and merit serious consideration as potential solutions to the puzzle. (shrink)