THIRD QUARTER 2019 INVESTMENT COMMENTARY -

"Weakening Economy with Non-Transitory Deflation..."
> Weakening Near-Term Outlook
> The Fed takes a Dovish U-Turn
> Restraints on Corporate Pricing Power
> Pushing on a String
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SECOND QUARTER 2019 INVESTMENT COMMENTARY -

"As Recession Bias Gains, Fed goes to the Sidelines..."
> The Fed's Hot Seat
> Forecast Mismatch
> Shrinking Labor Force
> Slow Growth New Normal
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FIRST QUARTER 2019 INVESTMENT COMMENTARY -

"High-Risk Investment Enviroment in 2019..."
> Bubble, Bubble, Toil and Trouble
> Households Vulnerability
> Fed on Perilous Journey
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SEC 2018 ADV Filing Part 2A
Smith Affiliated Capital

- March 31, 2019 Filing