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.

Most of the world will see an improvement in economic growth this year. Equities are by far the most attractive asset class - but they will be much more volatile.

The majority of the world will see an improvement in economic growth this year. But, after a lengthy and linear rise, equity markets will see much greater volatility this year.

My bottom line for 2014 is that investors should be overweight global equities, underweight bonds. My biggest call? China's stockmarket could be the best performing.

I'm used to being alone and against consensus. I believe the next decade is going to see the strongest level of global economic growth anyone today has seen.

In 1994, Nelson Mandela was elected President of South Africa. His capacity for forgiveness and sense of humility is a shining example for all humanity.

I continue to be positive on the broader global economic backdrop - but buckle up and prepare for some turbulence over the next few months.

Despite having much to worry about - a Eurozone in recession, a listless US recovery, Japan's QE, slowing China growth, North Korea - the S&P 500 reached new, all-time highs recently. Where to from here?

We're seeing a significant correction in global equity markets and commodity markets including a staggering decline in gold. What does this mean for portfolios?

Despite the Cypriot tragedy, the next few years will see stronger global GDP numbers than in a very long time.

Going into 2013, I'm significantly more positive about the outlook for US growth, notwithstanding the fiscal cliff, while I think China will continue to to grow at around 7%.

Africa's economies are among the fastest growing in the world. Is it the next China?

There are really only two words to discuss - Greece and Spain - and the implications for Australian cash rates, bond yields and equity markets - and, of course, portfolios.

In this closing keynote Critical Issues Forum session at the 2011 PortfolioConstruction Forum Conference, Jonathan Pain looks at the where the Middle East is heading in the years to come, and the investment implications...

This month has brought some of the most turbulent times in the history of investment markets. What does it mean for those managing investor portfolios?

In the past few weeks, it's become clear that Italy must now be included in the group of submerging economies - and that portfolios should become more cautious and defensive...

As suggested in the last Pain Report, it looks like The House of Saud is prepared to stand and fight with Bahrain's House of Al-Khalifa. We are rapidly approaching a critical decision point - will they or won't they? My view, very regrettably, is that the Saudis will intervene in Bahrain...