An incredibly common false belief is:
For a (say smooth, projective) algebraic variety $X$ the $K_X$-negative part of the cone $NE(X)$ is locally polyhedral.
A right statement of the theorem of the cone is
$\overline{NE(X)} = \overline{NE(X)}_{K_X \geq 0} + \sum_{i} \mathbb{R}[C_i]$ for a denumerable set $\{ C_i \}$ of rational curves, which accumulate at most on the hyperplane $K_X = 0$.
At a first glance this seems to imply that $\overline{NE(X)}_{K_X < 0}$ is locally poyhedral, but this is not true. It depends on the shape of the intersection $\overline{NE(X)} \cap \{ K_X = 0 \}$.
For instance if this latter intersection is round, and there is only one curve $C_i$, the half-cone $\overline{NE(X)}_{K_X < 0}$ is actually a circular cone! Definitely not polyhedral in any sense. I believe this behaviour can happen even with varieties birational to abelian varieties.
The strange thing about this false belief is that it is held true by many competent mathematicians (and indeed I don't believe that many undergraduates meet the theorem of the cone!).