SMI Advisory Services

Final authority rests with the Investment Committee, chaired by founder Jim Stack. The committee blends quantitative risk models with a qualitative overlay assessing monetary, legislative, and geopolitical threats. Stack has served as the firm's public-facing strategist since its founding in 1992.

SMI builds portfolios exclusively from no-load mutual funds and ETFs spanning domestic equities, international equities, fixed income, and cash. The firm does not select individual stocks, originate private deals, or commit to venture funds — the strategy is top-down asset allocation driven by a proprietary risk assessment model.

The firm's investment correspondence shows it recommended a full exit from equities to cash and bonds in January 2008, missing the 2008 financial crisis. In February 2020, it again shifted client portfolios to a defensive 100% cash and bond allocation before the COVID-19 market selloff. These two calls form the core of SMI's public track record.

SMI is structured as an RIA and has historically served individual investors, many of whom enter through the firm's InvesTech Research newsletter. The firm does not publicly market institutional separate accounts, but its separately managed account strategies are available on major custody platforms including Schwab and Fidelity.

InvesTech Research is the financial newsletter launched by Jim Stack in 1982 that publishes macroeconomic analysis, market risk warnings, and model portfolios. SMI Advisory Services was formed in 1992 as the regulated investment advisor that implements those strategies for paying clients. Both share the same founder and Montana headquarters.