Using a single-column model, we investigate the effect of the vertical distribution of clouds on climate sensitivity. We show that, depending on their height, clouds can mask or unmask the radiative response of the clear-sky atmosphere. Our single-column model yields an all-sky climate sensitivity of 2.2 K, slightly less than the clear-sky value. This value can be interpreted as a baseline to which changes in surface albedo and an assumed reduction in cloud albedo would add.