This paper is a contribution to the debate about eudaimonism started by Kashdan, Biswas-Diener, King, and Waterman in a previous issue of The Journal of Positive Psychology. We point out that one thing that is missing from this debate is an understanding of the problems with subjective theories of well-being that motivate a turn to objective theories. A better understanding of the rationale for objective theories helps us to see what is needed from a theory of well-being. We then argue that a suitably modified subjective theory can provide what is needed and that this is the theory that ought to be favored by psychologists. Keywords: well-being; happiness; hedonism; eudaimonia; subjective well-being; theory; values...