Differences of opinion among traders are ubiquitous in financial markets. Yet, little is known about their effects on real managerial decisions. We study the impact of differences of opinion on managerial learning from prices and find that differences of opinion are negatively associated with firms’ investment-price sensitivity and subsequent operating performance. This effect is driven by non-financially constrained firms, firms whose managers possess less private information, and high-growth firms, consistent with reduced managerial learning from prices. Overall, the evidence suggests that differences of opinion reduce the precision of price and its ability to guide real investment decisions as an information signal.