stephanie ruhle is joined by john calamos. boss. speaking to the you founded calamos in 1977.out the opportunities then versus today. in the 1970's, it was a very volatile market. orcas were going up and down. we are looking for ways to manage that volatility back then. that is how i got adjusted in convertibles. the markets in the 70's were quite dramatic because we had rising rates, inflation, volatility. >> we could be facing rising rates today. does that concern you? >> yes. we are in a very low interest environment. >> now within calamos you have fixed income, equities, convertibles him and alternatives. where do you have most of your money? >> we do a cross-section with significant amount of convertibles, we are building up our alternatives. >> what does that mean to you? >> the way that people are defining it is it is an alternative to fixed income and equity. >> what is a typical alternative investment for your team? inan alternative we started 1991, we started what was called the market neutral fund. what we were doing there is we convertibles and short on stock. we w