Investors often make decisions based on narratives, not data, leading to poor outcomes. Equity and gold fund inflows consistently lag market movements, increasing significantly after rallies and shrinking post-corrections. The author advises caution when making money feels easy and holding during panic. Critically, the piece debunks data-free analyses, like the assumed correlation between FPI flows and market direction, citing historical evidence where substantial FPI inflows didn't prevent stagnation. The core message emphasizes prioritizing empirical data over speculative narratives for sound investment choices.