An underlying principle behind much of the research in positive psychology is that individuals have considerable leeway to increase their levels of happiness. In an influential article that is frequently cited in support of such claims, Lyubomirsky et al. (Rev Gen Psychol 9:111–131, 2005. https://doi-org.proxy.lnu.se/10.1037/1089-2680.9.2.111) put forward a model (subsequently popularized under the name of the “happiness pie”) in which approximately 50% of individual differences in happiness are due to genetic factors and 10% to life circumstances, leaving 40% available to be changed via volitional activities. We re-examined Lyubomirsky et al.’s claims and found several apparent deficiencies in their chain of arguments on both the empirical and the conceptual level. We conclude that there is little empirical evidence for the variance decomposition suggested by the “happiness pie,” and that even if it were valid, it is not necessarily informative with respect to the question of whether individuals can truly exert substantial influence over their own chronic happiness level. We believe that our critical re-examination of Lyubomirsky et al.’s seminal article offers insights into some common misconceptions and pitfalls of scientific inference, and we hope that it might contribute to the construction of a more rigorous and solid empirical basis for the field of positive psychology.