<p>Portfolio approaches have gained support in conservation as they offer advantages similar to well-balanced investment portfolios. In this essay, we argue there are also ethical reasons to support portfolio approaches to conservation problems. First, we argue that value pluralism—the thesis that there are many diverse values, as opposed to a singular value—is the appropriate way to think about the value of ecosystems. We then argue that accepting value pluralism favors portfolio approaches to solving conservation problems because portfolios offer more chances to satisfy diverse values. Finally, we trace further implications for constructing conservation portfolios consistent with value pluralism. Specifically, portfolio planning should embrace inclusive decision-making, invest in diverse strategic assets, construct ladders of conservation solutions, and share knowledge and understanding widely to foster synergy across and between portfolios. A portfolio approach is more than a practical way to solve conservation problems: it is also ethically justified.</p>