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joining me right now is the ceo of calamos he is john kadunas president and ceo great to see you john welcome back thanks so much for being here thank you great to see you maria so what do you think about all of this spending and this tax increase plans that we are waiting on the capital gains tax for the highest earners expected to go all the way up to 43.4 percent from the current 20 john what kind of an impact would you expect listen maria i agree fully with jamie dimon this whole fiscal policy uncertainty which includes potential for tax increases and more regulation is fueling its volatility and absolutely negative for long-term strategic growth we've seen how the opposite helps and stimulates this economy with the previous administration why do people think if you turn everything around and over regulate over tax and create more you know it's it's going to hurt the economy tremendously and that's what's something that is creating some of this volatility going forward here you know it's it's incredible to me that not a dollar has been spent of these last two plans and we've got an economy that is expected to be up nine percent in 2021.
the atlanta federal reserve expecting growth in the second quarter of 13 so why are we throwing all this money at an economy that is doing just fine on its own that's the question that you know we have to ask and we're going to have to pay for it later on of course the vaccine rollouts the positive economic data the fiscal stimulus the accommodated monetary policy that is helping but what happens with this uncertainty going forward one thing that we tell our investors is that you have to be in the market despite the volatility despite what might be coming in the future because if you're not you're going to miss it and it's hard to time it even professionals are very hard to time maria there's an interesting statistic that i want to share in 2020 if you were invested just in the s p uh index every single day of the year you would had a return of 18 now if you were not invested and try to time the market just five of the best days of the s p so if you were invested for 360 but not those five days you would have had the best five days a return of negative 18 so it's a huge difference to show that it's very tough at the time the markets you need to be in them it's hard to pick and usually the rebounds are right after a really bad day so we tell our customers be in be in products that can navigate this future uncertainty that we have products like our market neutral hedged equity so you can still get some of the upside but protect yourself on the downside and a lot of our convertibles have done very very well during this time well look we're all looking for yield and some kind of a return given the fact that the federal reserve is keeping interest rates at rock bottom levels probably going to do so until 2024 we're not making any money in our savings account the only place to make money really uh is uh in equities companies that pay dividends but what about the backdrop how important is this for your clients and and what they're looking at in terms of economic growth and its impact we've got the april jobs report coming out in about an hour less than an hour economists are expecting nearly a million jobs added to the economy in the last month the unemployment rate moving lower to 5.8 percent john what are you seeing from your standpoint in terms of the labor market and the economy top story in the journal today that businesses cannot find workers to get back on the job it's tough it's tough a lot of people hey they want to work from home a lot of people uh the jobs the job they will see today the number is going to be very strong uh the employment is coming back and we're going to see a huge reopening trade which is going to make it even more even worse therefore we clearly need like you said maria you're not getting any returns in fixed income you need to be involved in the equity markets but be smart about it and that's why some of these strategies are really important to protect yourself going forward you have to get returns in the equity market you can't get them in the fixed income market right now with interest rates really low although we are starting to see some inflation right we're starting to see it in the grocery stores we're starting to see it in the in the gas pumps as as you go there and you're starting to see it in home building lumber has gone through the roof but we also feel if some of these taxes and fiscal policies get uh uh inserted we will see the economy go down tremendously and we'll see a flight to quality and i think that will uh bring interest rates back down again so i'm not really worried to run away interest rates do you do you feel like uh the reopening is in place i know calamos is expanding its presence in chicago you've got a new office in the city's fulton market area is it bustling right now are people back tell us about the growth why you chose that area and what you're seeing on the ground sure i appreciate it we're growing in chicago we're growing in new york we're growing in miami our business uh even pre-covet has been growing really well we've doubled our aum in the last four years we're at over 37.5 billion and covet has not stopped us we've been very very fortunate for that we picked fullerton market in chicago as an extension to our headquarters in naperville because it's a bustling neighborhood you can't get a reservation any of the restaurants down there we want to be able to accommodate some of the younger people in recruiting in terms of coming out of business school if you want to live in a city that's vibrant area that's uh that's that's happening that's hot we have that opportunity now if you want to live out in the suburbs and to raise a family they have that opportunity now too and so we could accommodate that and to think that we might have a different way as we go on and be a little bit more flexible but people need to be in the offices that's where you'll see the business gets done it's hard to train younger people it's hard to really get a great pulse of your clients what you're looking for what they're expecting what you're doing right what you're doing wrong you need the human contact and able to do that and the people that are are doing that in our and our peers that's why you're starting to see a lot of them come into the office here earlier than expected in june in july and i think through september we're going to see pretty much everybody coming into the offices all right we'll leave it there we'll be watching john great to catch up with you come back soon thank you so much thank you appreciate it maria
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