Several studies have found a robust effect of truth on epistemic evaluation of belief, decision, action andassertion. Thus, truth has a significant effect on normative participant evaluations. Some theorists take this truth effect to motivate factive epistemic norms of belief, action, assertion etc. In contrast, I argue that the truth effect is best understood as an epistemic instance of the familiar and ubiquitous phenomenon of outcome bias. I support this diagnosis from three interrelating perspectives: (1) by epistemological theorizing,(2) by considerations from cognitive psychology and (3) by methodological reflections on the relationship between folk epistemology and epistemological theorizing.