John P. Calamos, Sr. (born 1940) is a Greek-American businessman who founded Calamos Asset Management, which manages $35 billion in assets on behalf of institutions and individual investors, in 1977. A veteran of the Vietnam War, he served as a United States Air Force fighter pilot with more than 900 combat hours. Calamos received a bachelor's degree in business and economics from Illinois Institute of Technology in 1963 and an MBA in 1970, and currently serves on the IIT Board of Trustees. He also serves as Chairman of the National Hellenic Museum.
He is a mutual-fund manager and a self-made billionaire with an estimated net worth of 2.7 billion dollars according to Forbes. Calamos built his reputation investing in convertible bonds and has written two books: Investing in Convertible Securities: Your Complete Guide to the Risks and Rewards (Longman Financial Services Publishing) and Convertible Securities: the Latest Instruments, Portfolio Strategies, and Valuation Analysis (McGraw Hill).
Early life
The son of Greek immigrants, Calamos was born and raised on Chicago's West Side and grew up living in an apartment above his parents' grocery store on the 5100 block of West Division St. As a teenager he discovered some old stock certificates in the backroom of the grocery store. While they were worthless, he’s said they sparked his interest in investments. During his college years, he convinced his mother to back a $5,000 stock portfolio investment. Among the stocks he purchased was Texas Instruments which tripled in value. A lifelong entrepreneur, Calamos financed his education with income from a string of launderettes, and went on to become a military pilot during the Vietnam War before launching his career as an investment adviser
Education and military service
Calamos studied at Illinois Institute of Technology, also known as Illinois Tech. His undergraduate interests began in architecture, however he shifted his major to business and economics, earning a bachelor’s in 1963, while also studying philosophy. He often points to philosophy for teaching him to question assumptions and think critically, which he credits much of his success
In 1965, Calamos attended flight school at Webb Air Force Base in Big Spring, Texas. One year later he was flying supersonic jets at night in formation. He served five years of active duty including a year in Vietnam where he flew nearly 900 combat hours. ] In 1969, he was awarded the Distinguished Flying Cross.
In 1970, Calamos earned an MBA from IIT.
Calamos Asset Management
Calamos, sometimes called the “Convertible Bond King,” made his fortune by founding and taking public Naperville, Illinois-based Calamos Asset Management, a mutual-fund company that as of 2007 oversaw nearly $43 billion in assets. By September 2016 assets under management at the firm had declined to 20.2 billion, while the firm's stock price had declined to about half of what it was in 2014.
In March 2016, Calamos relinquished the CEO title after struggling for two years to reverse a decline in the company's business and stock price. He retained the role of Chairman and Chief Investment Officer and in 2017 led a group that reacquired Calamos Asset Management in a “go-private” transaction. Calamos remains active in the firm.
Philanthropy and Community Leadership
Individually and through the John P. Calamos, Sr., Foundation, Calamos is widely recognized for his contributions to education through support of the Illinois Institute of Technology (Illinois Tech) and the National Hellenic Museum, both located in his native Chicago. He sponsored the exhibit, The Greeks, at the Field Museum, which lead to a three-part PBS documentary of the same name.
In 2011 John Calamos, an Illinois Tech Life Trustee and a member of Stuart School of Business Board of Advisors, along with his wife Mae committed $10 million to the university, part of which established two endowed chairs, one in business and a second in philosophy, the study of which he frequently has stated was critical to his success. In 2016, John F. O. Bilson, Ph.D., was invested as the John and Mae Calamos Stuart School of Business Dean Endowed Chair, and in 2018, J.D. Trout, Ph.D., was invested as the John and Mae Calamos Endowed Chair in Philosophy.