Bond investors face humiliation in the next big 'pain trades' for markets

They say the best investments are made from a period of deep discomfort. If that's true, this must be one of the greatest moments in some time to put money to work. Think the market can keep rallying? Then you've got to reckon with valuations that are effectively even higher than they were at the start of the year, before Donald Trump took office and turned uncertainty up to 11. You've got to convince yourself that the tariff dramas are essentially over, despite Trump threatening both the European Union and Apple with fresh tariffs on Friday night, and China warning…