Our Team

Michael Demaray CFA

President

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.

Tim Johnson

Founder

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.

Kevin Berner

Trader

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

Client Relationship Manager

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.

Randy Heinig

Chief Compliance Officer

Randy Heinig, the founder and Managing Director of RiverBend, is a seasoned lawyer and compliance professional with several decades of experience working with securities laws and investment regulations. He has also worked closely with multiple cryptocurrency start-ups, including issuers, investors, lenders, private funds, and mining/technology companies. Randy served as the Chief Legal and Compliance Officer at two registered investment advisers drafting and implementing tailored policies, procedures, and codes of ethics, and as a strategy and compliance consultant to numerous others.

Randy earned a BA from Wheaton College (IL), an MA at the University of Notre Dame, and his JD from the Yale Law School, where he was a John M. Olin Fellow in Law and Economics. Randy is admitted to practice in Illinois and the Northern District of Illinois, and holds a Series 65 license.

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.