In the quest to achieve superior performance, executives often look in the wrong places for the insights that will deliver an edge. Too often they reach for books and articles that claim to reveal a blueprint for gaining lasting competitive advantage. The research underpinning this advice, however, is often deeply flawed and, worse, obscures the basic truth that success in the business world is based on decisions made under uncertainty and in the face of factors executives cannot control. Wise executives should be able to think clearly about the quality of research claims and to detect some of the egregious errors that pervade the business world. What is the impact of misperceptions and delusions commonly found in the business world in the prolifation of flawed thinking and research