Everyone remembers Ronald Reagan as a small government champion, but many conveniently forget that he presided over a significant expansion in government spending.

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Most investors seem to conveniently forget that long-term bonds lost some 12% in 2009 in the wake of news that the economy was recovering.

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Women who aspire to leadership may have to "conveniently forget about some negatives, " such as the fact that "women who behave in a dominant fashion may be perceived as more masculine, " Dr. Keating says.

WSJ: The Case for Lying to Yourself