Trademark law addresses two different interests. First, it protects consumers from being misled and reduces search costs by allowing firms to distinguish their goods on a consistent basis. Second, the doctrine secures the considerable investment that firms make in their brands by protecting them from competitors. The consumer interest is widely accepted as a goal, but the reputation one is not. Indeed, many scholars (and I include myself in that group) have criticized a trend in recent years whereby courts mouth the “consumer confusion” test of trademark infringement but reach well beyond that rationale to protect brands from other commercial uses. The same criticism applies to trademark dilution, which is attacked for creating a property right in gross for marks that is inappropriate.