John Calamos

John P. Calamos, Sr.
Born	1940 Chicago, Illinois, U.S.
Occupation(s)	Entrepreneur, investor, author
Years active	1977–present
Known for	Founder of Calamos Asset Management

John P. Calamos, Sr. (born 1940) is a Greek-American entrepreneur who established Calamos Asset Management in 1977, overseeing $35 billion in assets for both institutional and individual clients. A veteran of the Vietnam War, he served as a United States Air Force Bomber Pilot and Forward Air Controller, accumulating more than 900 hours in combat missions. Calamos earned his bachelor's degree in business and economics from the Illinois Institute of Technology in 1963 and completed an MBA in 1970. He currently holds a position on the IIT Board of Trustees and serves as Chairman of the National Hellenic Museum.

Recognized as a self-made billionaire with a Forbes-estimated net worth of $2.7 billion, Calamos gained prominence through his expertise in convertible bond investing. He authored two authoritative books on the topic: Investing in Convertible Securities: Your Complete Guide to the Risks and Rewards and Convertible Securities: the Latest Instruments, Portfolio Strategies, and Valuation Analysis.

Early life

Raised above his parents' grocery store on Chicago’s West Side, Calamos is the son of Greek immigrants. His interest in investment sparked during his teenage years upon discovering old stock certificates. While attending college, he convinced his mother to invest $5,000 in a stock portfolio that included Texas Instruments, which subsequently tripled in value. A lifelong entrepreneur, Calamos supported his education by operating launderettes before serving as a military pilot in Vietnam and embarking on his career in investment advisory.

Education and military service

Calamos attended Illinois Institute of Technology (Illinois Tech), initially pursuing architecture before transitioning to business and economics, earning his bachelor's degree in 1963. He also studied philosophy, attributing it to honing his critical thinking abilities vital to his achievements.

In 1965, he enrolled at flight school at Webb Air Force Base in Texas, piloting supersonic jets during five years of active duty that included a year-long deployment to Vietnam with nearly 900 combat flight hours. In recognition of his service, he was awarded the Distinguished Flying Cross in 1969.

He completed an MBA at IIT in 1970.

Calamos Asset Management

Dubbed the “Convertible Bond King,” Calamos founded Naperville-based Calamos Asset Management and later took it public. By 2007, the firm managed close to $43 billion in assets. However, by September 2016, assets under management had decreased to $20.2 billion, accompanied by a decline in the company’s stock price to roughly half its 2014 level.

In March 2016, after two challenging years attempting to reverse downward trends in business performance and stock value, Calamos resigned as CEO but retained roles as Chairman and Chief Investment Officer. The following year, he spearheaded a group effort to take the company private through a go-private transaction. He remains actively involved with the firm.

Philanthropy

Via the John P. Calamos, Sr., Foundation, Calamos has contributed significantly to educational programs, particularly at Illinois Institute of Technology and Chicago’s National Hellenic Museum. He also sponsored the Field Museum’s exhibit The Greeks, which inspired a PBS documentary series consisting of three parts.

In 2011, Calamos and his wife Mae pledged $10 million to Illinois Tech to establish two endowed chairs—one dedicated to business studies and another focused on philosophy, a field Calamos credits for shaping his success. John F. O. Bilson was appointed as the first John and Mae Calamos Stuart School of Business Dean Endowed Chair in 2016; J.D. Trout followed as the John and Mae Calamos Endowed Chair in Philosophy in 2018.

Residing in Aurora, Illinois, Calamos owns Calamos Real Estate, which completed a 25-acre expansion named CityGate North at the CityGate Centre campus. This development is expected to create approximately 500 construction jobs along with over 100 permanent positions while boosting local hospitality through events such as tournaments and expos. The initiative has received support from Naperville Mayor Steve Chirico’s Office and the Naperville Development Partnership.

Criticism

In 2007, Calamos encountered opposition from an activist shareholder who called for enhanced transparency and better performance, raising concerns about possible conflicts of interest.

A whistleblower lawsuit was brought against Calamos in 2016 by a former staff member, citing issues such as declining asset values, unsatisfactory financial outcomes, elevated expenses, conflicts of interest, and workforce difficulties. Calamos rejected the allegations as baseless and highlighted the litigant’s prior legal actions; eventually, the U.S. District Court for the Northern District of Illinois dismissed the case with prejudice.