Hello, Ryan Richards from the Huffman-Mayer-Paolo Wealth Management Group of Wells Fargo Advisors. As we are walking into may we would like to take a moment to thank all of those who have given so much to protect this great country as we observe National Military Appreciation Month. Here's some things we feel are important to look at this month as well. On a year to date basis, value stocks continue to outperform growth stocks by roughly 5% according to Factset. This gap was as wide as 11% in late March, before growth stock staged a come back over the past month. Through April 21st the best performing sectors in 2021 have been some of last year's worst laggards. Energy is up 26%. Financials are up 19% and real estate is up almost 16% according to Fidelity Sectors & Industries Overview.

In large part, bank performance has been driven by lower loan loss provisions versus the first quarter of 2020. Loan losses among the four largest US banks are down a combined $32.8 billion versus last year. In essence, these are accounting changes. The banks now expect these loans to be repaid whereas at the worst point last year they expected to have to write them off. This is according to Factset

Although inflation in general remains under control for now, the cost of materials is rapidly increasing the cost of building a new home according to the St. Louis Federal Reserve Bank. The March data shows a 16% increase versus the prior year dramatically higher than the 2.6% year over year increase in the broad based consumer price index. The biggest contributors to this spike have been the cost of lumber, metals and higher transportation costs associated with increased energy prices according to the Bureau of Labor and Statistics.

We would like to talk to you. If you have questions about your plan, please call the office to schedule a time for us to talk on the phone or maybe set up a Zoom meeting. Thank you all for watching our videos. As always stay safe, stay healthy, stay happy and hopefully we will see you very soon.