Many popular books and articles that purport to explain how people, companies, orideas succeed highlight a few successes chosen to fit a particular narrative. Weinvestigate what effect these highly selected “success narratives”have on readers’ beliefs and decisions. We conducted a large, randomized,pre-registered experiment, showing participants successful firms with foundersthat all either dropped out of or graduated college, and asked them to makeincentive-compatible bets on a new firm. Despite acknowledging biases in theexamples, participants’ decisions were very strongly influenced by them.People shown dropout founders were 55 percentage points more likely to bet on adropout-founded company than people who were shown graduate founders. Mostreported medium to high confidence in their bets, and many wrote causalexplanations justifying their decision. In light of recent concerns about falseinformation, our findings demonstrate how true but biased information canstrongly alter beliefs and decisions.