Longtermists have recently argued that it is overwhelmingly important to do what we can to mitigate existential risks to humanity. I consider three mistakes that are often made in calculating the value of existential risk mitigation. I show how correcting these mistakes pushes the value of existential risk mitigation substantially below leading estimates, potentially low enough to threaten the normative case for existential risk mitigation. I use this discussion to draw four positive lessons for the study of existential risk. -/- (...) . (shrink)