in a cnbc exclusive, we're joined by john calamos. welcome back. >> thank you.s of bull run that we have had, in this market, there might be people who say it's time to take profits or even invest defensively in those stocks that might weather a pullback or a slowdown in the economy. you still think growth stocks are the place to be. why? >> yeah. i think we're more in the mid-phase of the market cycle. you know, yes, we have had a good run in here. but we're at the mid phase of the market cycle and what we see going on is very similar to today. one day is an income market. next day it's a growth market. back and forth. when you look at the valuations, growth valuations relative to value is about 20% below value. so i think the next phase we'll see growth really outperform value going forward. >> john, does it worry you at all there's so few pessimists, so few bears in the market? because even though there are so many people like yourself who say we believe that there's still upside to the market from here. we're in the middle of the cycle, they get the eerie fa