Interview: 'Nobody knows anything about anything beyond a point'

Fresh off the heels of securing a mutual fund license, we interviewed Alok Bahl, Chief Investment Officer at Helios Mutual Fund. With over 30 years of investing experience in his locker, we couldn't let the opportunity pass by. Bahl gives his take on the current market outlook, what sectors he finds exciting and the long-term trends he is optimistic about. He further delineates how retail investors should approach portfolio construction. So, sit back and enjoy the interview! With all the commotion surrounding the central bank decisions in India and abroad and the upcoming general elections, how do you assess the market's outlook in the near term? We feel the probability of a negative surprise from the upcoming general elections is very low. The results of the state elections held in November 2023 further reinforce our view. We expect the markets to trade in a narrow range, with stock/sector rotation being the main theme till the election results come in. A better-than-expected mandate for the ruling coalition may give a leg-up to the markets. However, we are more realistic in our expectations of rate cuts both in the US and India as we feel softer inflation remains the key indicator of rate cuts in both these markets. We also believe that the bigger issue related to the global markets is the large quantum of debt accum