10 Questions With Calamos Growth Fund Manager John Calamos

5. Speaking of places to put your money to work, you're relatively heavy in retail-oriented and health care stocks right now, and fairly light in technology. Do you think tech stocks remain overvalued?

It depends. Tech stocks have all come to be seen as value stocks, and there probably are some values.

Our technology holdings are software-oriented companies -- eBay (EBAY Quote) is big in there. These are good opportunities. The rest -- the Lucents (LU Quote) and Nortels (NT Quote) -- we buy those in our [corporate bond] funds, because their papers are better opportunities than their stocks. We think we participate in these fallen angels in a better way -- the high-yield convertible side -- but we don't own them in the equity portfolio.

The overcapacity in the telecom area is very worrisome to us. We're even worried about the paper we own! (Laughs.) You've got all these stocks trading at $2-$3. But we're keeping to our discipline -- looking at best companies with best relative growth.

For telecom and technology stocks to do well, capex spending has to increase here, and we don't see it happening real soon. Equipment is being sold at 20-30 cents on the dollar. We've been choosy in this area, looking at software companies or companies using technology well.

6. You mentioned eBay, a top-10 holding in your fund. Another top-10 holding is Amazon.com (AMZN Quote). These two Net stocks have been great performers this year. Do you think they still have more upside?

I think eBay has done a great job. They seem to be a survivor. They're getting better and better press.

We look at Amazon as the Wal-Mart of the Internet. We were a bit more excited about Amazon when they finally said they want to make money -- which is a good thing for a company! When they announced, "Gee we'd like to make money instead of just market share," we thought that was a good move. We actually even owned their converts. We paid 40 cents on the dollar on those.

Both those companies are survivors. They do a good job getting most of the consumer dollars on the Net. We continue to be excited about them; we see a lot more upside for these two.

You have sizable stakes in Tenet (THC Quote) and UnitedHealth(UNH Quote). What are your thoughts about the growth prospects for health care stocks?

We like Tenet and UnitedHealth. The whole thing plays into the consumer themes we like. Also, health care is a longer-term theme that provides some good opportunities.