This paper considers a new problem for desire theories of well-being. The problem claims that these theories are implausible because they misvalue the effects of fleeting desires, long-standing desires, and fluctuations in desire strength on well-being. I begin by investigating a version of the desire theory of well-being, simple concurrentism, that fails to capture intuitions in these cases. I then argue that desire theories of well-being that are suitably stability-adjusted can avoid this problem. These theories claim that the average strength (...) of a desire, and the length of time that it is held, both influence the extent to which its fulfilment or frustration affects well-being. I end by considering whether value-fulfilment theories of well-being have a more attractive response to this problem. I find that these theories have significant downsides that make them unappealing alternatives. (shrink)