In a shorter Macronomics piece today, we speak of the impact of Inflation on stock markets. It wasn't evident then, but high inflation has meant that ALL the returns from the peaks of 2008 to 2019 have been effectively invalidated by inflation.
Or, put another way, if you could buy something with what was one Nifty in 2008, you can buy exactly the same things - nothing more - with one Nifty in 2019. 11 years of nothingness, even though the Nifty doubled in this time.
What we've done is map Rs. 10,000 adjusted for Nifty, held . . .