A limitation of the cognitive approach is that not all irrational beliefs are 'irrational', they may simply seem irrational. In fact, Alloy and Abramson (1979) suggest that depressive realists tend to see things for what they are (with normal people tending to view the world through rose-coloured glasses). They found that depressed people gave more accurate estimates of the likelihood of a disaster than "normal controls, and called this the sadder but wiser effect.
These doubts about whether irrational thinking really is irrational raise questions about the value of the cognitive approach.