Homosexual and bisexual men (N = 825) enrolled in the Multicenter AIDS Cohort Study in Chicago completed a 90-minute self-administered questionnaire that included the Rosenberg Self-Esteem Scale, a Well-Being Index, and the Hopkins Symptom Checklist. Participants indicated their experiences with gay stigma, their visibility as gay men, their involvement in the gay community, and their commitment to a positive gay identity. Data from this predominantly white, young, educated, and middle-class cohort are consistent with a structural model in which cultural stigma is negatively associated with positive self-perceptions. This within-group result contrasts sharply with between-group results that indicate our gay cohort was neither particularly low in global self-esteem nor high in psychological distress when compared to nonstigmatized samples.