The Role of Foreign Investment in Price Run-Ups

The facts were suggesting that foreign investment didn't play a large role in price run-ups, but everyone thought that it did. To me, that's an example of what Bob Schiller calls a narrative. It's a story that's used to justify economic events which can kind of feed back into prices if people believe that that story is going to support a elevate prices going forward. And then it feels like there's a different type of narrative as well, which is more inward looking.