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William B. Smith is the founder of SAM Advisors, LLC (formerly the Registered Investment Advisory unit of Smith Asset Management, Inc.) and Smith Asset Management, Inc., a registered broker-dealer, both headquartered in New York City. Mr. Smith established his money management and brokerage operations in 1997 after becoming disenchanted with the inherent conflicts of interests that he experienced with Wall Street research and investment banking. Mr. Smith utilizes a "bottom up," "value" approach as well as a "special situation" model for managing portfolios on a Separate Account platform. Mr. Smith looks for out-of- favor sectors, companies going through restructuring (where the sum of the parts can lead to a higher price than where the equity or debt is trading in the public markets), or "deep value" investments that may be under-appreciated or under-followed by the capital markets "sell side" research. Mr. Smith also implements hedging techniques, using covered call strategies, short selling and from time to time, "macro," "top down" hedges against interest rates or commodity prices. Mr. Smith typically utilizes these practices to hedge against current portfolio positions. Mr. Smith is a graduate of the University of Buffalo, where he is now a member of the Board of Directors of the University of Buffalo Alumni Association. | 