“His victories bring him neither reputation for wisdom nor credit for courage.”

The best victories appear effortless and earn no praise; do not confuse recognition with effectiveness.
Chapter 4 completes its inversion of heroism: the true victor’s wins bring him neither reputation for wisdom nor credit for courage. The previous verse said obvious victories are late; this one explains the corollary — victories won before they were visible look, to observers, like nothing happened. The strategist’s reward structure is thus misaligned with his skill, and Sun Tzu wants his reader reconciled to that early.
Two executives run the same region. One is famous: firefighting brilliantly, rescuing accounts, visible in every crisis — promoted twice. The other spent the same years quietly removing the causes: the onboarding fix, the dependency untangled, the churn never happened. Her P&L is better; her reputation is quieter; her promotion case is "hard to point to." Chapter 4’s warning is to the organization as much as the person — it keeps rewarding the arsonist-firefighter.
The verse is not career advice to hide your light — documentation and fair attribution are legitimate. Its actual edge is diagnostic: if your victories require an audience to count, they may be theater. The consummate test of a win is the counterfactual P&L, not the applause, and strategists who need applause will eventually choose it over the quiet optimum.