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 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!).