Investment Insights

Investment Insights: Market Commentary - April 2020

9 April 2020

The Calamos Wealth Management Market Commentary is provided for informational purposes only. The commentary reflects the views and opinions of the Calamos Wealth Management Investment Strategy Group and is intended for clients and constituent audiences of Calamos Wealth Management. Content is organized to suit a variety of readers, with summary bullet points, a variety of reference exhibits and comprehensive narrative to provide context for the information and viewpoints shared.


  1. We are currently experiencing historical times, with events and effects that can be categorized by the good, the bad and the ugly.
  2. As Mark Twain stated, “Courage is resistance to fear, mastery of fear, not absence of fear.” His words provide a perspective that might help carry investors through current times.
  3. From an ugly and bad perspective, markets deteriorated at unprecedented levels in the first quarter and economic data may get worse before it gets better.
  4. However, there are plenty of good things that should change the narrative on the virus, economic and investment front.
  5. Our responses to this health-care crisis have created what will most likely be the steepest, yet most predictable, recession since the 1940s. And, with transparency around the cause clearer than previous recessions it may be more manageable.
  6. Periods following past epidemics, pandemics and other historical drawdowns have witnessed strong returns on average.
  7. The monetary and fiscal policies being implemented, globally, are unparalleled in breadth and depth, including stimulus representing over 11% of the global economy in place and growing -- more than 20% in the United States.
  8. Portfolio Implications –We read between the lines of news events and provide implications and recommendations regarding how portfolios should be positioned. Despite their higher levels of potential volatility, equities are looking even more attractive relative to bonds, particularly once we get to the other side of the Covid-19 crisis. Investors should not abandon fixed income managers that suffered during the quarter. Convertibles may also be set-up for an attractive period.

Read more about these topics along with recap of the markets and what may be in store.

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