According to one tradition, the virtues and vices should be understood in terms of their relation to value. But inside this tradition, there are three distinct proposals: virtues are intrinsically valuable; virtues are instrumentally valuable; or a hybrid proposal on which virtues are either intrinsically or instrumentally valuable. In this paper, I offer an alternative proposal inside this tradition. I propose that virtues and vices should be understood in terms of the degreed properties of being virtuous and being vicious, which (...) I analyze in terms of the value and disvalue of actions and attitudes. I defend my proposal as the best inside this tradition by showing how it is immune from standard problems the other three proposals face. (shrink)