Dryden Pence serves as chief investment officer for Pence Capital Management and runs Pence Wealth Management. He has been a contributor to The Smarter Investor since 2019. Formally trained as an economist, Dryden received a bachelor’s degree in economics from Harvard University in 1982. That same year, he was commissioned in the US Army as a military intelligence officer through the ROTC program at the Massachusetts Institute of Technology. Dryden then worked as a military intelligence officer with expertise in psychological warfare. He is the recipient of the Bronze Star, Army Commendation Medal with “V” for valor in combat, the Meritorious Service Medal, and the Legion of Merit from the U.S. Army, one of the highest honors earned by a soldier. After commanding joint intelligence units in support of both U.S. Central Command in the Middle East and U.S. Africa Command, Colonel Pence retired from the Army Reserve in July 2015. Dryden Pence is a registered representative with and offers securities and advisory services though LPL Financial, member FINRA/SIPC and a registered investment adviser. Mr. Pence may offer financial planning services through Pence Wealth Management (“PWM”), a registered investment advisor. Pence Wealth Management and LPL Financial are separate entities. Mr. Pence is the Chief Investment Officer of Pence Capital Management, LLC and provides investment related consultancy services to Pence Wealth Management and Pence Financial Group. Pence Capital Management, LLC (“PCM”) is an investment adviser registered with the State of California that provides institutional level portfolio consultancy services to certain Unit Investment Trust (UIT) product sponsors, as well as, asset management model development offered through LPL Financial LLC’s (“LPL Financial”) Manager Select program. PCM’s Chief Investment Officer is Dryden Pence. Dryden Pence is also a registered representative and investment adviser representative of LPL Financial, member FINRA/SIPC and a registered investment adviser. PCM is not affiliated with LPL Financial. Pence Wealth Management, Inc. (“PWM”) is a financial services practice within LPL Financial LLC (“LPL Financial”) comprised of multiple financial professionals that provide a series of services including personal investment advisory, third party managed advisory and brokerage services. PWM is an investment adviser registered with the State of California to provide financial planning services. The financial professionals affiliated with PWM are registered with and offer securities and investment advisory services through LPL Financial, member FINRA/SIPC and a registered investment adviser. As of 7/1/2021, the total assets serviced by PWM through LPL Financial consist of over $1.8 billion in advisory and $364 million in brokerage assets. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All investing involves risk including loss of principal. No strategy assures success or protects against loss The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that strategies promoted will be successful.