Discussing many timely topics, money manager Calamos Investments’ latest commentary predicts a market correction in the near future, asks when QE3 will end and reviews the potential of emerging market economies. "Against the backdrop of accommodative monetary policy, the global economy continued its recovery, although at a decidedly uneven pace. Equity markets advanced on the whole (Figure 1). Once again, the news was most encouraging in the United States. Fourth quarter U.S. corporate earnings came in strong, with more than two-thirds of firms beating expectations. Sequestration worries contributed to volatility, particularly in the early portion of the quarter, but passage of a new continuing resolution prevented a shutdown in Washington. Both the Dow and the S&P 500 Index reached new heights, surpassing levels not seen since October 2007."