A sample of University of Michigan alumni surveyed as students in 1969 was re-studied in 1979. Period effects on values were estimated by a 1979 student survey maximally similar to the 1969 survey. The alumni changed in three ways not explainable by period effects—less traditionally religious, more liberal regarding civil liberties, and much more supportive of free enterprise ideology. Specific age effects on the values divide into two domains—specific occupation-related influences affected free enterprise values and feelings of misanthropy, and family-related influences affected values about religion and family life. It is misleading to speak of age effects in general. The general hypothesis that greater stability in adult life predicts greater value stability is not supported.