The following infographic is self-explanatory...and a bit simplistic. But isn't that what infographics are? The myth is the title on the left. So DO NOT do what the title says, at least for the first two. Read the comments on the right. (I'm telling you upfront because it took me a moment to catch on!) This infographic is courtesy of American Express Open.
I'm in disagreement with items #3 and #5 as blanket myths. For #3, you reward performance with promotions. Who do you promote? The low performers? Although it is true that some great engineers or sales people should stay that way and not be managers, you must decide this on a case by case basis.
And if you do what it says in #5, you'd never hire experienced people so you would end up being sued for age discrimination!! It's a balance. But I do agree, no matter the experience, the person you hire must fit well with the organization. If they like new challenges, they can learn to do well in your organization (even with tons of experience!!).