The defeat capped a brutal tour in which Glasgow took no points and conceded 102 against the Lions and Stormers.
Smith remains defiant: "I've got no doubt. I've got no doubt. I know the Stormers still have to go on tour. The Lions must also tour now in the next two weeks. So, you never know what happens there.
"And I will also remind myself and then everybody else that the log leaders have never won this competition. So, we never know."
Glasgow fell 15-0 early but rallied to 22-12 by half-time and had a chance to close to 25-19 with a man advantage. A handling error and a yellow card for Adam Hastings proved decisive.
Smith said: "Look, I think even in the 20 minutes just after half-time, we got the yellow card. If we had scored there and it was 25-19, I think it was game on after we had a poor start. Then we don't score and we get another yellow card.
"If I look statistically, we don't give up many yellow cards across the whole season. I think this is the only game in the whole season we have had two yellow cards. We don't give that amount of penalties away as we have done in the last two weeks.
"If you rip the band-aid off in that way, it is so much easier to have honest conversations when we go into the last part."