Investment markets are probably as hard to pick as they have been at any time in the last 30 years with bullish and bearish managers both able to advance cogent arguments to support their positions.

At the recent inaugural meeting of the Portfolio Construction Forum Researchers’ Roundtable, investment strategy consultant and former Rothschild Asset Management Chief Investment Officer, Jonathan Pain, presented both arguments in successive addresses, leaving Researchers' Roundtable delegates to sift the evidence and make their own call.

"T he Mother of all Opportunity" say the bulls

The marke...