This article revisits one of the more contentious debates in current studies of narrative: the claim that identities are, in some sense,fabricatedby and in narratives, and the counter-claim that individuals have inherent capacities, such as a dynamic unconscious, that precede or are in excess of any identity-building work that narrative might do. The article approaches this debate via competing theories drawn from sociology and cultural studies, contrasting post-structuralist and Foucauldian theories with a Kleinian cultural analysis of narrative. The theoretical discussion is illustrated via a story told by a young man who apparently had strong investments in heterosexual romance.