This paper is based on the Presidential Address given at the end of the San Francisco Congress in August 1995. The author concentrates on discussing the three main Panel presentations on psychic reality from the technical, clinical and theoretical perspectives and in the context of the life cycle. Referring to Grinberg's introduction to the Congress, he reiterates that psychic reality forms the central point from which psychoanalysis can be contemplated. A special mention is given to the Panel on multidisciplinary perspectives of psychic reality, which includes contributions from two well-known philosophers, in connection with the current epistemological status of psychoanalysis in the context of the Congress's main theme. The author concludes by quoting a sonnet, which he feels illustrates the complex dialectic between reality and fantasy, between truth and lies.