A meaningful amount of people’s knowledge comes from their conversations with others. The amount people expect to learn predicts their interest in having a conversation (pretests 1 and 2), suggesting that the presumed information value of conversations guides decisions of whom to talk with. The results of seven experiments, however, suggest that people may systematically underestimate the informational benefit of conversation, creating a barrier to talking with—and hence learning from—others in daily life. Participants who were asked to talk with another person expected to learn significantly less from the conversation than they actually reported learning afterward, regardless of whether they had conversation prompts and whether they had the goal to learn (experiments 1 and 2). Undervaluing conversation does not stem from having systematically poor opinions of how much others know (experiment 3) but is instead related to the inherent uncertainty involved in conversation itself. Consequently, people underestimate learning to a lesser extent when uncertainty is reduced, as in a nonsocial context (surfing the web, experiment 4); when talking to an acquainted conversation partner (experiment 5); and after knowing the content of the conversation (experiment 6). Underestimating learning in conversation is distinct from underestimating other positive qualities in conversation, such as enjoyment (experiment 7). Misunderstanding how much can be learned in conversation could keep people from learning from others in daily life.