I don't think you can claim its entirely narrative driven so long as stocks continue to represent equity stake in real companies with real revenue liabilities a

I don't think you can claim its entirely narrative driven so long as stocks continue to represent equity stake in real companies with real revenue liabilities and assets. Sure, the market price is largely driven by human behavior, but so long as stock ownership represents a claim on real assets the base value of that stock (which can wildly differ from the price) can only be as narrative driven as the value of those assets. Unless you want to argue that commodities themselves are priced largely by narratives rather than real utility, but that's a stronger claim.