Larry Smith spent the first 25 years of his career working on Wall Street as an analyst with a primary focus on biotechnology and pharmaceutical stocks, as well as many other industries. He spent the majority of this time with Smith Barney and Hambrecht & Quist and was Executive Vice President, Director of Equities and Fixed Income Research, Chairman of the Investment Policy Committee, a member of the Board of Directors, on the Operating Committee and on the Commitment Committee. At Hambrecht & Quist, he was a Managing Director, Manager of Life Sciences Research, on the Operating Committee, on the Commitment Committee and was also Chairman of Annual H&Q Life Sciences Conference for six years. In 2003, Smith founded DLS Research, LLC, a subscription research firm. Smith received a B.S. in Mechanical Engineering from Purdue University, an M.S. in Mechanical Engineering from Stanford University and an MBA from Columbia University.