“I’ve always wanted to be an independent thinker in an investment world dominated by group think and the relentless pursuit of mediocrity,” says Pain.

Now 51 years old, Pain works out of an attic above his garage in Glenorie, 45 kilometres north-west of Sydney. The property was originally bought to accommodate his wife and daughter’s love of horses, of which the family had three that have since been sold.

One of Pain’s pet theories is that the world is now divided between those that are submerging in debt and those that are emerging because of rapid growth, such as China, India, Vietnam and Indonesia.

“It’s the new reality as opposed to the new normal, which is an incredibly US-centric view,” Pain chuckles as he lights another cigarette.