ABSTRACT LiNi x Mn y Co z O 2 (NMC) and LiNi x Co y Al z O 2 (NCA) positive electrode materials for lithium‐ion batteries have existed in the literature for a quarter century, yet myths surrounding many aspects of them abound. In this perspective, four myths are tackled, including the energy density correlation with nickel amount, the (lack of) phase transitions in most high‐nickel materials, the cycle lifetime as compared to LiFePO 4 , and the practical use of lithium‐ and manganese‐rich NMCs a