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Nurturing Financial Freedom

Nurturing Financial Freedom

Von: Ed Lambert and Alex Cabot Jon Gay
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This podcast is hosted by Ed Lambert and Alex Cabot, managing partners of Birch Run Financial and Financial Advisors with Raymond James Financial Services. Their mission is to help spread financial literacy. The majority of adults only know a fraction of what they should about personal finance. On this podcast, Ed and Alex will discuss both basic and advanced concepts on how to manage your money. Whether you are 22 or 62; an MBA or an engineer, you can learn something today. Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Birch Run Financial is not a registered broker/dealer and is independent of Raymond James. Content represents the opinions of the speaker and not necessarily those of Raymond James. Important Disclosure Information: http://raymondjames.com/smicd.htm Birch Run Financial is located at 595 E Swedesford Rd, Ste 360, Wayne, PA 19087 and can be reached at 484.395.2190. The rating is not intended to be an endorsement, or any way indicative of the advisors abilities to provide investment advice or management. This podcast is intended for informational purposes only.2021-2026 Birch Run Financial Persönliche Finanzen Ökonomie
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  • Diversification: Domestic vs International Equities

    Diversification: Domestic vs International Equities
    Jun 11 2026
    In this episode, we look at a question many investors are asking right now: why own international stocks when U.S. stocks have done so well for so long? We start with the reality behind the question. Over the past decade, the S&P 500 has far outpaced developed international markets, and that gap has made investors wonder whether international exposure still matters. Ed explains that this skepticism is understandable. Many large U.S. companies, including Apple, Microsoft, Nvidia, and Amazon, already sell products around the world and benefit from global growth. That makes it easy to think a U.S. stock portfolio already provides enough global exposure. But the other side of the issue is concentration. The U.S. market now represents roughly 60 to 65 percent of global market capitalization, which means a U.S. only investor is choosing to leave out about 35 to 40 percent of the global stock market. Now, this is not an anti U.S. argument. U.S. companies remain dominant, innovative, and important. The point is that diversification asks whether it makes sense to concentrate entirely in one country, even one as strong as the United States. The discussion then turns to history. Alex explains that market leadership is never permanent, even though it often feels permanent in the moment. Investors are shaped by what they have recently experienced. Today, many younger investors have only known an environment where U.S. equities beat international markets. That can make diversification feel unnecessary. But in earlier periods, international stocks, emerging markets, and even fixed income led for meaningful stretches of time. The lesson is not that international stocks are guaranteed to outperform next. The lesson is that no one knows what will lead next. Alex describes diversification as an exercise in humility. We do not diversify because we know what is going to happen. We diversify because we do not know. Trying to build a portfolio around yesterday’s winners can turn investing into performance chasing. That may work for a while, but history shows that trends change, valuations shift, currencies move, and leadership rotates. Our main takeaway is that diversification can feel frustrating during long periods when one asset class dominates. But its purpose is not to win every year. Its purpose is to build a portfolio that can handle many different market environments over time. International exposure remains part of that discipline because it adds different currencies, economies, industries, demographics, and market cycles to a long term investment plan. You can always email Alex and Ed at info@birchrunfinancial.com or give them a call at 484-395-2190.Or visit them on the web at https://www.birchrunfinancial.com/Alex and Ed's Book: Mastering The Money Mind: https://www.amazon.com/Mastering-Money-Mind-Thinking-Personal/dp/1544530536 Any opinions are those of Ed Lambert Alex Cabot, financial advisors, RJFS, and Jon Gay, and not necessarily those of RJFS or Raymond James. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. There is no assurance any of the trends mentioned will continue or forecasts will occur. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. The examples throughout this material are for illustrative purposes only. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional. Diversification and asset allocation do not ensure a profit or protect against a loss. Past performance is not indicative of future returns. CDs are insured by the FDIC and offer a fixed rate of return, whereas the return and principal value of investment securities fluctuate with changes in market conditions. The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the U.S. Stock Market. Keep in mind that individuals cannot invest directly in any index, and index performance does not include transaction costs or other fees, which will affect actual investment performance. Individual investor's results will vary. This information is not intended as a solicitation or an offer to buy or sell any security referred to herein. Future investment performance cannot be guaranteed, investment yields will fluctuate with market conditions. International investing involves special risks, including currency fluctuations, differing financial accounting standards, and possible political and economic volatility. There is an inverse relationship between interest rate movements and bond prices. Generally, when interest rates rise, bond prices fall and when ...
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    29 Min.
  • Growth Stocks vs Value Stocks - What Are They, Really?

    Growth Stocks vs Value Stocks - What Are They, Really?
    Apr 23 2026
    In this episode, we break down what growth stocks and value stocks really are, why they behave differently, and why investors often get tripped up trying to choose between them. Alex starts with the basics. Growth stocks are companies that are expected to increase earnings or revenue faster than the overall market. These businesses usually reinvest heavily into expansion, new products, or new markets, which means they often pay little or no dividend. Investors are usually willing to pay more for these companies today because of what they may become in the future. That potential can create strong upside, but it also makes growth stocks harder to value and often more volatile. We then contrast that with value stocks. These are usually more established businesses that trade at lower valuations relative to earnings or fundamentals. They tend to have steadier cash flow, more mature business models, and in many cases they return profits to shareholders through dividends. Value investing is usually less about big future expectations and more about what an investor is paying for right now. These stocks can feel less exciting, but that stability and predictability are often part of the appeal. From there, we explain why neither style is always better. Growth tends to do well when interest rates are low, optimism is high, and investors are more comfortable paying for future earnings. Value tends to hold up better when rates are higher, inflation is a concern, and investors care more about present cash flow and valuation discipline. Market leadership rotates because the economic environment changes, investor sentiment changes, and pricing changes with it. The heart of the episode is the warning against trying to time those rotations. Often, investors chase whatever has been working recently, only to shift right before leadership changes. The last several years have shown exactly how quickly that can happen, with growth leading, then value, then growth again, and now value showing strength in early 2026. That kind of movement feels obvious only in hindsight. The main takeaway is simple. Instead of trying to guess which style will win next, we are better served by owning a mix of both. A balanced portfolio, combined with regular rebalancing, creates discipline. It helps trim what has recently run up and add to what has lagged. That reduces performance chasing and keeps the portfolio aligned over time. As always, successful investing is usually less about prediction and more about structure, patience, and staying diversified. You can always email Alex and Ed at info@birchrunfinancial.com or give them a call at 484-395-2190.Or visit them on the web at https://www.birchrunfinancial.com/Alex and Ed's Book: Mastering The Money Mind: https://www.amazon.com/Mastering-Money-Mind-Thinking-Personal/dp/1544530536 Any opinions are those of Ed Lambert Alex Cabot, financial advisors, RJFS, and Jon Gay, and not necessarily those of RJFS or Raymond James. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. There is no assurance any of the trends mentioned will continue or forecasts will occur. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. The examples throughout this material are for illustrative purposes only. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional. Diversification and asset allocation do not ensure a profit or protect against a loss. Past performance is not indicative of future returns. CDs are insured by the FDIC and offer a fixed rate of return, whereas the return and principal value of investment securities fluctuate with changes in market conditions. The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the U.S. Stock Market. Keep in mind that individuals cannot invest directly in any index, and index performance does not include transaction costs or other fees, which will affect actual investment performance. Individual investor's results will vary. This information is not intended as a solicitation or an offer to buy or sell any security referred to herein. Future investment performance cannot be guaranteed, investment yields will fluctuate with market conditions. International investing involves special risks, including currency fluctuations, differing financial accounting standards, and possible political and economic volatility. There is an inverse relationship between interest rate movements and bond prices. Generally, when interest rates rise, bond prices fall and when interest rates fall, bond prices ...
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    20 Min.
  • What are Bonds, Really?

    What are Bonds, Really?
    Mar 25 2026
    What are bonds? This is the next part of our ongoing breakdown of core investing building blocks, following stocks and gold in January and February, respectively. Bonds are often misunderstood, but at their core they are simple. Ed starts us off with the basics. A bond is a loan. When we buy a bond, we lend money to a government, corporation, or municipality. In return, they pay us interest over time and return our principal at maturity. Unlike stocks, we are not buying ownership or growth. We are buying predictability and stability. Next, the key components of a bond: We cover principal, which is typically $1,000 per bond, the coupon, which is the interest payment, and maturity, which is when we get our money back. Longer maturities usually come with higher interest because they carry more uncertainty. We also highlight a critical concept. Bond prices and interest rates move in opposite directions. When rates rise, bond prices fall. When rates fall, bond prices rise. This helps explain why bonds struggled in 2022 and how they can recover when rates decline. Why do bonds exist? From the issuer’s side, they are a way to raise money for spending, projects, or refinancing debt. From the investor’s side, bonds provide steady income, lower volatility than stocks, and diversification within a portfolio. They help create balance and reduce overall risk. Alex then explores different types of bonds. We cover U.S. Treasuries, municipal bonds, and corporate bonds. Treasuries are considered the safest. Municipal bonds can offer tax advantages. Corporate bonds provide higher yields but come with more risk. Further, within corporate bonds, we distinguish between investment grade and high yield, or junk bonds, which carry greater default risk but higher potential returns. We also explain the risks involved. These include credit risk, interest rate risk, reinvestment risk, and inflation risk. While bonds are more stable than stocks, they are not risk free. Understanding these risks is essential for proper portfolio planning. Finally, we emphasize the role bonds play in a portfolio. They provide income, stability, and psychological comfort during market volatility. They help investors stay disciplined and avoid emotional decisions. Bonds may not be "exciting," but they can be a key portfolio piece for balance and long term success. You can always email Alex and Ed at info@birchrunfinancial.com or give them a call at 484-395-2190.Or visit them on the web at https://www.birchrunfinancial.com/Alex and Ed's Book: Mastering The Money Mind: https://www.amazon.com/Mastering-Money-Mind-Thinking-Personal/dp/1544530536 Any opinions are those of Ed Lambert Alex Cabot, financial advisors, RJFS, and Jon Gay, and not necessarily those of RJFS or Raymond James. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. There is no assurance any of the trends mentioned will continue or forecasts will occur. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. The examples throughout this material are for illustrative purposes only. Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional. Diversification and asset allocation do not ensure a profit or protect against a loss. Past performance is not indicative of future returns. CDs are insured by the FDIC and offer a fixed rate of return, whereas the return and principal value of investment securities fluctuate with changes in market conditions. The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the U.S. Stock Market. Keep in mind that individuals cannot invest directly in any index, and index performance does not include transaction costs or other fees, which will affect actual investment performance. Individual investor's results will vary. This information is not intended as a solicitation or an offer to buy or sell any security referred to herein. Future investment performance cannot be guaranteed, investment yields will fluctuate with market conditions. International investing involves special risks, including currency fluctuations, differing financial accounting standards, and possible political and economic volatility. There is an inverse relationship between interest rate movements and bond prices. Generally, when interest rates rise, bond prices fall and when interest rates fall, bond prices generally rise. Investing in small cap stocks generally involves greater risks, and therefore, may not be appropriate for every investor. The prices of small company stocks may be subject to more ...
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    28 Min.
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