Calamos CEO Says Don't Chase the Fed — Build for Dispersion

At the Concordia Annual Summit, CNBC's Morgan Brennan sat down with John Koudounis, CEO of Calamos Investments, for a wide-ranging fireside chat on where institutional money is headed. With $53 billion in assets under management — more than triple what the firm held when Koudounis took the helm — his read on oil, AI, Bitcoin, and rate cuts offers a window into how major capital allocators are positioning in a volatile global landscape.

• Calamos CEO urges diversified, risk-managed portfolios over chasing the Fed, elections, or interest rates
• Oil identified as the core inflationary driver; Koudounis predicts equity markets will surge once crude drops below $80
• AI-related companies estimated to account for 30% of GDP growth, with infrastructure and software as distinct investment buckets
• Bitcoin crosses $85,000; Koudounis predicts another "huge growth cycle" within three to four months
• Healthcare flagged as a breakout sector, with AI-accelerated pharma innovation advancing at unprecedented rates
• US affirmed as the best place to invest globally, buoyed by technology leadership and energy independence potential

Why it matters: In a market where equities and bonds sometimes move in unexpected tandem rather than inversely, the traditional 60/40 portfolio is under strain. Koudounis's message — stop chasing headlines — reflects a broader institutional shift toward alternatives and risk management as the primary tools for navigating dispersion.