Our Three Takeaways from our Interview with Don Calcagni
We recently sat down with Don Calcagni, Chief Investment Officer at Mercer Advisors, for a wide-ranging conversation about investing well and living strong. With the upcoming Penn State vs. Nebraska game just days away (yes, Don is a Penn State season-ticket holder and I’m on the Nebraska side — and yes, I’m happy to report no bets were made), the timing felt just right to harvest a few lessons that apply on the field of markets and in the game of life.
Here are our three key takeaways:
1. Define your plan — then build your portfolio around it.
Don emphasized that the foundation of good investing is clarity: what are you trying to achieve? He argues that without a well-articulated financial plan, your portfolio becomes untethered to purpose. Only after answering “What success looks like for me?” can you meaningfully design an asset allocation, diversification strategy and execution approach. (This reflects his firm’s view that “the plan informs the allocation.”)
For investors, this means: start with the outcome not the product. Before chasing factor tilts, private markets or thematic “hype”, get crystal clear on your goals, timeline and risk capacity.
2. Costs, diversification and behavior remain the trinity.
Throughout the interview Don circled back to three enduring themes: keep costs low; diversify broadly across and within asset classes; and manage your own behavior (you are the biggest risk in your portfolio). He pointed out that many investors chase novelty and abandon discipline — much like a fan chasing every headline about the game instead of trusting the fundamentals.
The takeaway: owning as much of the market as feasible, via low-cost index or factor funds, sticking with systematic rebalancing, and avoiding the temptation to “jump in just because it’s hot” are still among the most effective long-term moves.
3. Adapt to secular change — but don’t abandon timeless principles.
Don and I spent meaningful time discussing how to think about structural shifts — AI, demographics, globalization, rising rates — when historical data is limited or changing rapidly. His advice: remain curious and open to evolving evidence, but anchor your decisions in what has withstood the test of time: discipline, diversification, cost awareness, and efficient implementation.
In other words: When the game changes, adapt your strategy, but don’t throw out your playbook. In markets as in sport, fundamentals win in the long run.
As the Huskers and Nittany Lions gear up for their clash, the parallels were obvious: clear game plan, disciplined execution, adaptability under pressure, and focus on what you can control.
We hope you enjoy our conversation with Don Calcagni — and come away reinvigorated about your own investing and life performance.
Invest Well, Be Well.