Antitrust stands accused of failure. That charge, of course, presupposes a normative metric. One cannot evaluate a policy – much less proclaim its shortcomings – without one. Alas, some reformists obscure their message. In their view, Silicon Valley, drug prices, airline concentration, and other salient issues demonstrate antitrust failure. Whether the problem lies in execution or a misguided lodestar, however, receives little attention. Obfuscation results. Evaluating antitrust incursions requires a goal, for without one analytic rigor is impossible and enforcement thus arbitrary.