diff --git a/hypothesis/RELEASE.rst b/hypothesis/RELEASE.rst
new file mode 100644
index 0000000000..8aa92bda41
--- /dev/null
+++ b/hypothesis/RELEASE.rst
@@ -0,0 +1,7 @@
+RELEASE_TYPE: patch
+
+Document the "gotcha" that :func:`~hypothesis.strategies.nothing` is not
+suitable for use as a placeholder strategy in "explicit
+:class:`~hypothesis.example` only" setups. See :issue:`4774`.
+
+Contributed by Marco Ricci.
diff --git a/hypothesis/src/hypothesis/strategies/_internal/misc.py b/hypothesis/src/hypothesis/strategies/_internal/misc.py
index cbcfa32445..cb1d55d67b 100644
--- a/hypothesis/src/hypothesis/strategies/_internal/misc.py
+++ b/hypothesis/src/hypothesis/strategies/_internal/misc.py
@@ -83,6 +83,8 @@ def just(value: T) -> SearchStrategy[T]:
 def none() -> SearchStrategy[None]:
     """Return a strategy which only generates None.
 
+    Useful as a placeholder strategy.
+
     Examples from this strategy do not shrink (because there is only
     one).
     """
@@ -125,6 +127,14 @@ def nothing() -> SearchStrategy["Never"]:
     """This strategy never successfully draws a value and will always reject on
     an attempt to draw.
 
+    ``nothing()`` is *not* suitable as a placeholder strategy in |@given|,
+    even when used together with |@example| and with only |Phase.explicit|
+    active, because it is too easy for a change in settings or settings profile
+    to cause the test to suddenly fail mysteriously. Prefer |st.none| as a
+    placeholder strategy for this use case. See `issue #4774
+    <https://github.com/HypothesisWorks/hypothesis/issues/4774>`__ for more
+    details.
+
     Examples from this strategy do not shrink (because there are none).
     """
     return NOTHING