PIMCO's global economic adviser, Joachim Fels, spoke to Bloomberg

While global stocks are on a rally which sees the MSCI All-Country World Index have its best start to the year since 1988, PIMCO warns of caution in a time where investors don't appear to be worried by anything in the market.

"The fact that the fear is gone is the main reason why we should be worried. It means most investors are now pretty fully invested and that means they will want to get out if the markets start to correct - exacerbating the downdraft", says Fels.

He also warns that there is a chance that interest rates will rise faster than what the market is expecting, which will push up government bond yields. His advise is to go overweight on inflation-linked bonds within fixed-income portfolios.

Well, going by Fels' logic then investors probably shouldn't fear his comments - since they're immune to fear in everywhere else - and the party is set to continue.

The market's current logic seems to be only to worry when the worry comes. And you can't refute that, because at the end of the day the market is always right. It's an endless argument really, and here's a good example of that.