Some stories are based on a comprehensive review of all available facts. However, most stories are, at best, collections of cherry picked facts pulled together with the goal of convincing the reader to adopt a particular view. At their worst, many stories don’t contain any facts.
However, the facts are always there. Sometimes they emerge and a story based on cherry picked facts, or no facts, collapses. Sometimes they don’t and such a story continues.
Which outcome prevails depends on a combination of the power of the people telling the story, the availability of the facts, and the degree to which a comprehensive review of the facts supports a single view.
In the context of startup investments, most news articles about startups are stories. A startup’s financial statements and KPI’s represent the facts.