Delusion - A Year In Macros & Bonds: IDFC AMC

IDFC AMC Research

Before naming our year-end piece around this anchor word, we went back to see the exact dictionary meaning of  ‘delusion’. We found this: 'a  false belief or opinion about yourself or your situation'. Encouraged thus that we couldn’t find anything better to describe what went on over 2022, we have proceeded to put pen to paper. 

At the start, however, one must admit to not being entirely unsympathetic towards someone being accused of being deluded. After all so long as they weren’t doing anyone any harm, and the state of delusion served to keep them relatively happy, who are we to judge that an alternate state of being may have proved to be better? Also, who is to say who is in delusion and who is not but with the benefit of hindsight; when the evolution of circumstances, the unravelling of the thread as it were, conclusively proves that it were so?

Even more, if one considers Bob Dylan’s advice to not speak too soon 'for the wheel’s still in spin' and there’s no telling who it is naming, then who is to say that the final reckoning has indeed happened and therefore what is being proclaimed actually is with the benefit of hindsight, and not just a rush to opine, to render verdict, when in fact the game is still not over?

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