John Calamos offered a bright outlook on the stock market and the economy this week, making it clear he has no plans to follow Warren Buffett into retirement. “The stock market is coming back very, very well, so I’m pretty positive on that,” the billionaire founder and chief investor of Calamos Investments told Business Insider.
As of Friday morning, the S&P 500 had surged more than 23% from its April low, hitting record highs. While tech stocks like Tesla and Nvidia are trading at “heady valuations,” Calamos dismissed concerns that the market is in bubble territory. He said he doesn’t see any similarities with the dot-com boom, which ended in a crash.
“It’s very difficult to predict something like that’s going to happen,” he explained. Instead, Calamos focuses on building portfolios that provide protection against those kinds of risks.
Volatility Will Persist, but Long-Term Outlook Strong
The veteran investor acknowledged that volatility and uncertainty in the markets will continue. One factor clouding the outlook is President Donald Trump’s tariffs. Still, Calamos believes the import taxes will result in improved trade agreements for the U.S.
“They will be positive, longer term,” he said.
He also praised the Trump administration’s fiscal direction, calling it “going in the right direction.” The administration’s “big, beautiful bill” currently making its way through Congress includes significant tax cuts, partially offset by reduced entitlement spending.
No Recession in Sight, Inflation Down
Calamos sees no signs of an impending recession. Inflation has “really come down,” which he says clears the path for further interest rate cuts. Those cuts, in turn, could relieve pressure on both consumers and businesses while spurring economic growth.
Not Ready to Follow Buffett’s Lead
John Calamos has been investing since his teen years, later working as a stockbroker before founding Calamos Investments in 1977. He recalled that Warren Buffett — who took over Berkshire Hathaway in 1965 — was always someone he looked up to.
“Oh yeah, I respected him and what he was doing a lot,” he said.
Now, with Buffett planning to step down at the end of the year as CEO of Berkshire, Calamos says he won’t be doing the same.
“Well, see, I’m not that old,” he quipped. At 84, he’s a decade younger than Buffett. “I’m having a birthday next month, I’m going to call it the new 65.”
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