 Consequentialism enriched the generalist framework in other ways. Most notably, perhaps, consequentialists have often distinguished between two very different kinds of principles, corresponding to two rather different roles they may play. On the one hand, there are principles—call them “standards”—which provide the deepest explanation of why certain actions are right or wrong. On the other hand, there are the principles which ordinary agents ought to follow in their day to day deliberations. Such principles are “guides”. Consider a simple analogy with the stock market. The principle which explains what counts as success might simply be “buy low and sell high”, but this principle is woefully inadequate as a guide to making investment decisions in real time. A principle like “have a diversified portfolio” seems much more suitable for the latter role.