Tim Johnson


Tim founded Bard Associates in 1982 and has been investing in small, publicly traded companies ever since. Prior to that he worked at Container Corporation of America and Northwest Industries, after completing his MBA at Harvard Business School with first-year honors. He holds a B.A. in Economics from Princeton University, magna cum laude. In his free time, you can find Tim gardening, skiing, or playing with his new grandson.

Michael Demaray CFA


For the past 25 years Michael has advised, invested-in, and worked at both public and private companies. He began his career in the Los Angeles office of LEK Consulting doing mergers and acquisitions, valuation, and corporate strategy for Fortune 500 companies and leading private equity firms. After that, he was manager of business development at Pets.com in San Francisco. He then returned to Chicago and started Elevated Capital, a long/short equity investment firm which he ran for over a decade. Before joining Bard, Michael was a Director at AEG Partners, a turnaround advisory firm. Michael joined Bard in 2020.

When he isn’t cheering on his children, he’s probably listening to audiobooks or enjoying good food with friends. Michael holds a B.A. in Economics from Wheaton College, cum laude, and is a CFA Charterholder.

Bill Anderson CFA

Research Analyst

Bill is a Chartered Financial Analyst with a B.A. in English Literature from the University of Illinois at Chicago, and an M.B.A. in Finance from DePaul University.  He began his career at the American Association of Individual Investors, where he researched and wrote articles to help members understand financial concepts and investment criteria.  While there he also created the AAII Sentiment Survey, a contrary indicator designed to identify market peaks and bottoms which is published in Barron’s every week.

Bill was Executive Vice President of Weiser Investment Management, Ltd., a Registered Investment Advisor, for 14 years. He participated in all aspects of the portfolio management process: evaluating client objectives and risk tolerance, building and monitoring portfolios.

Bill has been with Bard for the past 6 years as a research analyst. He is an avid reader, intellectually curious and enjoys people and new ideas.

Kevin Berner


Kevin Berner, Vice President, has been with Bard since 2003. He has held many roles, including Operations, Research, and his current position of Head Trader (he claims this confirms Woody Allen’s philosophy that 90% of success is showing up). He is known for his quick responses to client requests, and occasionally answers emails at 2am. Kevin listens to the Beatles channel and walks three miles a day, rain or shine.

Jackie Ellis

Executive Assistant to the President

Jackie has spent over twenty years in corporate America, much of it in large companies. She finds great satisfaction working in a small organization with clients who she knows by name and who can always reach her directly. When she’s not assisting clients with a home purchase or sending them off on vacation; you can find Jackie in her kitchen whipping up Cajun shrimp and grits, or baking (the best) sweet potato pies. Jackie has worked at Bard Associates for 7 years and holds an MBA.

Mary Heatter CPA

Mary has been part of the Bard Associates team for nearly 40 years. She received her Bachelor of Arts in Finance from the University of Illinois in 1983. She joined Bard Associates in June 1984 as a bookkeeper and was promoted to Office Manager in June 1987. She received her Certified Public Accountant distinction in November 1987. Over time, she transitioned from a full-time employee to a part-time employee, and today is an independent contractor, splitting her time between Bard, Hackbarth & Hudson PC, and personal tax clients. In her free time from her busy practice, she enjoys travel and spending time with friends and family, especially her two granddaughters.

Albert Hopfer

Operations Analyst

Al joined Bard Associates in 2018 as our operations analyst. He ensures that client portfolio data is correct across our internal systems and at our custodians. He also helps create processes to make us more efficient and serve our clients better.

Prior to Bard, Al spent 8 years in the United States Army, leaving as an E-5 (Sergeant). Deploying under Operation Iraqi Freedom in 2009 as a wheeled vehicle mechanic, he maintained and repaired a fleet of HMMWV’s and Mine-Resistant, Ambush Protected Vehicles (MRAPs), as well as leading his Battalion in driver’s training.

When Al isn’t crunching data, he spends his time reading and staying active at the gym, in addition to his favorite hobby: flying trapeze.

Vishal Mishra CFA

Research Analyst

Vishal Mishra joined Bard as an investment analyst in 2022. He has extensive experience, working previously at Citigroup and Salomon Smith Barney. He holds an MBA from Tulane University and is a CFA charterholder. Vishal also helped found Project Punch Card, an organization committed to fostering long-term investment orientation among minorities and women students.  When work is done, Vishal spends quality time with his family. He loves swing dancing.

Will Schackmuth

Operations Manager

Will joined Bard Associates in early 2019 as our Operations Manager. Prior to Bard he worked for FIS Global (formally SunGuard) as a GMI Support Analyst working with back- office software for derivatives trading. He holds a B.A. in Finance from Iowa State University.

Will works with clients daily, fielding all types of requests. He also helps clients with financial planning. In his free time, he enjoys staying active by playing hockey and golf as well as training his dog, Thor.

Lauren Scheibe

Research Analyst

Lauren began working with Tim on a part-time basis in 1994 when her two daughters entered kindergarten in the same class as Tim's daughter. She has had various roles at the firm, primarily as a research analyst and served as the Chief Compliance Officer for many years. Currently, Lauren covers our defensive sector Real Estate Investment Trusts, and our mining/precious metals investments. Lauren graduated from Briarcliff College as the valedictorian and received an MBA from the University of Colorado in Management Science. Lauren loves learning new things, traveling and sightseeing, reading (especially biographies), and meditation. She also loves to do laundry and iron.