41 results found

We are at the half way mark for 2020, and every fibre of my being tells me that the next six months will see many more extraordinary events. Covid-19 can be seen as the great accelerant, or amplifier.

Jonathan Pain, Author of The Pain Report, is a regular key note presenter at PortfolioConstruction Forum's professional development programs. Over the years, he has debuted new investment theses and challenged delegates about how to build better quality investor portfolios...

On Monday, the US central bank acted with stunning shock and awe. Then, government after government announced the biggest fiscal support packages ever seen in history. All of which begs the billion dollar question - sorry, multi, multi trillion dollar question. Are we out of the woods?

The market has now woken up to the size of the traumatic shock to the global economy, which just hit a massive air pocket. In the next few weeks, financial markets and the broad capital markets will come under severe stress. How does this end?

Coronavirus represents a Black Swan event, the economic shock of which to China will reverberate around the world, thereby amplifying and exposing global economic weaknesses.

Jonathan Pain | 0.25 CE

Two of the defining characteristics of the global investment landscape over the last 30 years are being reversed - globalisation (by economic nationalism) and finalisation (as we've reached peak debt).

Jonathan Pain | 0.50 CE

A combination of factors is set to generate an unexpected inflationary shock to the financial markets, leading to significantly higher bond yields and a recalibration of relative valuations.

Jonathan Pain | 0.25 CE

The tectonic plates of the political and economic landscape are rupturing. Brace yourselves for a wild and entertaining ride...

Jonathan Pain | 1 comment | 0.25 CE

The tectonic plates of the political and economic landscape are rupturing. Brace yourselves for a wild and entertaining ride...

Jonathan Pain | 0.25 CE

Should we just keep our heads down and treat political events as nothing more than noise? 2017 is going to be a year when politics does matter. In fact, it always has.

Trump offered entertainment, Clinton a documentary. Entertainment trumps facts every time. Now we need to re-calibrate portfolios to reflect the new fiscal and economic reality of a Trump Presidency.

Quite a few investors think that the current decline in equity markets is analogous to 2011, which we remember as the depths of the eurozone sovereign debt crisis. Do you think the current environment is like 2011? I don't.

Many people have written to me in recent months and asked whether I believe this is yet another 2008. In my view, there are many significant differences. But I'm afraid we're set for some extreme volatility in the months, if not the years, ahead.

The reformist credibility of the Chinese government has been severely damaged by its market intervention, which could be very serious for the ongoing transformation of the world’s most populous nation.

Jonathan Pain | 0.50 CE

As we all brace for lift-off in the key US Federal funds rate, a robust, top-down macro perspective will be even more critical to the success of portfolios than ever.

Jonathan Pain | 0.50 CE

The outlook for the global economy is unambiguously positive. At long last, all regional economic cylinders are firing in unison and secular stagnation is yesterday's story.

Jonathan Pain | 1 comment | 0.50 CE

I think we have seen the low in European bond yields and that we have commenced on the path - at long last - of secular reflation.

2015 has got off to an eventful start - we've seen dramatic changes only five weeks into the year. Here's where I see markets going in 2015. A couple of things really stand out.

What we are witnessing in Iraq is a war within Islam. Will it mutate into a broader regional war thereby threatening oil supplies?

The majority of the world will see an improvement in economic growth this year. While equities remain the most attractive asset class, they will need a more nimble approach.