Early Life
Michael S. Smith was born in the Bronx and later studied at Colorado State University, majoring in chemistry before dropping out to pursue other interests. He initially worked in real estate. Later, he set his sights on the energy sector.
Rise to Success
Smith's breakthrough came with his involvement in the LNG industry. He founded Freeport LNG, which has become a major exporter of LNG, transforming his financial trajectory. He made his first fortune with oil and gas company Basin Exploration, which he sold in 2001 for $428 million. His success is rooted in his ability to anticipate market shifts and capitalize on opportunities in the energy market.
Key Business Strategies
Smith's business strategy focuses on long-term relationships and disciplined underwriting. He built a $14 billion plant in Texas to export liquefied natural gas and secured 20-year contracts. He has shown a strong focus on capital preservation and consistent income, earning a reputation for reliability among investors. He emphasizes long-term relationships with founder-led businesses.
Philanthropy
Michael S. Smith, along with his wife Iris, has supported philanthropic causes, including donating $1 million to support young patients at Holtz Children's Hospital and front-line workers at Jackson Health System. He and his wife also support other charities through the Michael S Smith Family Foundation.