Calamos Investments' April 2012 commentary focuses on rising debt and the implications for the market and economy. ""Risk on" is in favor and global markets have responded to QE and the liquidity surge, but we think it makes sense to be cautious about the sustainability of the current expansion. We are maintaining healthy skepticism. As we noted, we believe that a secular bull market requires a few more years of debt reduction, normalization of rates or at least the likelihood of normal rates, fiscal solutions to developed world deficit spending and the creation of a pro-growth, pro-business environment."