We add to the literature that examines the relationship between candidate valence and policy strategies by arguing that candidates intrinsically value both the policies and the personal character of the winning candidate. In making this argument, we distinguish between two dimensions of candidate valence: strategic valence refers to factors such as name recognition, fundraising ability, and campaigning skills, while character valence is composed of qualities that voters and candidates intrinsically value in office holders, including integrity, competence, and diligence. Our model considers challengers who value both the policies and the character-based valence of the incumbent and assumes that the incumbent's policy position is fixed by prior commitments. Under these conditions, we show that challengers who are superior to the incumbent in their character-based valence have incentives to moderate their policy positions. We report empirical tests of this good-government result of our model, using data on the 2006 congressional elections.