The Tigers have signed Jake Livermore, Thomas Ince, Andrew Robertson, Harry McGuire and Robert Snodgrass, and they have also sold Shane Long to Southampton for £12m – just months after buying him for around £7m from West Bromwich Albion.
Smith told The Telegraph: "If West Bromwich Albion's decision to sell Shane Long seemed strange at the time, it looks even more unwise now after Hull City made a £5m profit in the space of seven months by selling him on to Southampton.
"Steve Bruce continues to use the transfer market cannily. Robert Snodgrass [though he got injured] and Tom Ince look decent signings, both involved in the win at Queens Park Rangers."
Bruce's side beat Queens Park Rangers 1-0 on Saturday.