Smith Invest­ment Man­age­ment (SIM) is reg­is­tered with the State of Ohio as an Invest­ment Adviser. SIM is not ren­der­ing or offer­ing to ren­der per­son­al­ized invest­ment advice through this media. This media is lim­ited to the dis­sem­i­na­tion of gen­eral infor­ma­tion. Advice may only be ren­dered after the deliv­ery of a dis­clo­sure state­ment, the exe­cu­tion of an invest­ment advi­sory agree­ment, and the pay­ment of the  invest­ment advi­sory fee by the client to the adviser. Noth­ing appear­ing  on smithinvestmentmanagement.com should be con­sid­ered a per­son­al­ized rec­om­men­da­tion to buy or to sell any secu­rity or related finan­cial instru­ment. The mate­r­ial appear­ing in this report is based on data and infor­ma­tion from sources we believe to be accu­rate and reli­able. How­ever, the mate­r­ial is not guar­an­teed as to accu­racy nor does it pur­port to be com­plete. Opin­ions and pro­jec­tions, both our own and those of oth­ers, reflect views as of dates indi­cated and are sub­ject to change with­out notice. The con­tri­bu­tions and opin­ions of oth­ers do not nec­es­sar­ily reflect the views of David Smith, and Smith Invest­ment Management.