john calamos, good. he joins us now. john, apologies. we're covering a lot of ground here.rspective on markets here. we've turned in the first half year performance. what have we learned and where do you see opportunity now? >> i think kelly we're all surprised by the lower interest rate environment we near right now. what we've really seen if you look at the markets going back 12 months, just not the first half of this year, is that the dividend pay and the utilities have all caught up to the marks. so we feel we're in a midcycle of the business cycle we have room to go here. we're positive looking forward. >> how much room to grow? we're already having this discussion about frothy valuations across the stock and bond market and credit space. >> i'm still worried about the bond market more than the equity markets here. we have hoe lowe interest rates not only in the u.s. but around the world. and i think the marks, if you look at it from an inflation point of view or the current treasury yield, the marks relative to that are very cheap in here, maybe relative to history th