When supergravity (SUGRA) is spontaneously broken, it is well known thatanomaly mediation generates sparticle soft masses proportional to the gravitinomass. Recently, we showed that one-loop anomaly-mediated gaugino masses shouldbe associated with unbroken supersymmetry (SUSY). This counterintuitive resultarises because the underlying symmetry structure of (broken) SUGRA in flatspace is in fact (unbroken) SUSY in anti-de Sitter (AdS) space. When quantumcorrections are regulated in a way that preserves SUGRA, the underlying AdScurvature (proportional to the gravitino mass) necessarily appears in theregulated action, yielding soft masses without corresponding goldstinocouplings. In this paper, we extend our analysis of anomaly mediation tosfermion soft masses. Already at tree-level we encounter a number of surprises,including the fact that zero soft masses correspond to broken (AdS) SUSY. Atone-loop, we explain how anomaly mediation appears when regulating SUGRA in away that preserves super-Weyl invariance. We find that recent claims in theliterature about the non-existence of anomaly mediation were based on aWilsonian effective action with residual gauge dependence, and thegauge-invariant 1PI effective action contains the expected anomaly-mediatedspectrum. Finally, we calculate the sfermion spectrum to all orders, and usesupertrace relations to derive the familiar two-loop soft masses from minimalanomaly mediation, as well as unfamiliar tree-level and one-loop goldstinocouplings consistent with renormalization group invariance.