How Does Human Nature Affect Markets?

The first time you gave a presentation at the National Bureau of Economic Research, you got called out with the accusation, this work is wrong. The numbers don't add up. There's something off here. It turns out you were right. We get attached to certain ideas and theories and we start thinking along these lines. I call that narrative. And unless we take our narrative and try to match them to the data, we'll always be caught up in our own hypotheses and theories.