Your Investment Team

Angus Burton / President

Angus M. Burton joined Marathon in January 2006 as Senior Vice President and Partner. Prior to joining Marathon, he was a financial consultant and portfolio manager with a national investment firm. A graduate of Hobart College, Angus has over thirty years of financial service experience and has served on the investment consulting advisory boards of several regional and national brokerage firms.

Angus is also a prolific reader, is married and has three children, and in his spare time can be found advising and assisting various charitable organizations, testing his mettle on the squash and tennis courts, or as the resident Marathon fly-fishing “professional,” untangling his partners as he pulls in the day’s catch.

Cliff Athey / Portfolio Manager & Partner

Cliff Athey joined Marathon in late 2015 as Senior Analyst and Portfolio Manager. Prior to joining Marathon, he spent 10 years covering a wide range of institutional money management accounts for two highly respected investment banking firms. Cliff attained an M.B.A. from Georgetown in 2005, and attended The University of the South (Sewanee) for his undergraduate degree in Economics.

Cliff is married, has three children, is Marathon's resident golf pro, and is a member of the Board of Trustees at Sewanee.

Bill Hatter / Portfolio Manager

Bill Hatter joined Marathon in October of 2019 as a Portfolio Manager. Prior to Marathon, he was employed at Baltimore Capital Management, Janney Montgomery Scott, and Alex Brown & Sons. A graduate of the University of Delaware, Bill has over forty years of financial service experience and has served on various investment consulting advisory boards.

Bill loves to travel the world, and is always planning his next trip to the likes of Chile, Japan, Scandinavia, or Canada.

Ted Hart / Senior Analyst & Portfolio Manager

Ted Hart joined Marathon in November of 2021 as a Senior Analyst and Portfolio Manager. Prior to Marathon, Ted spent much of his career at a Baltimore-based investment management firm where he served as a member of the Investment Committee, oversaw the firm’s ETF strategies, and covered the Energy and Technology sectors. In addition, Mr. Hart managed the firm’s internal technology demands and directed the ongoing internship program.

Ted graduated from Towson University in 2012 and remains active in the local community. He has served on fundraising committees for the Maryland Art Place and the Cystic Fibrosis Foundation. Ted resides in the Canton neighborhood of Baltimore City and in his spare time, enjoys traveling and playing squash.


Tylor Burton / Analyst

Ty Burton is an independent contractor with extensive programming and network systems experience across a wide variety of industries including aviation, education, regulatory and office automation. He has a B.A. from Hartwick College, has been married for 31 years and has three grown children. In his spare time he enjoys sailing, swimming, skiing and traveling.

Liz Witty / Associate

Liz Witty joined Marathon in the Fall of 2014 as Office Manager. She takes care of our front office needs and financial reporting. Liz has a B.S. In Finance from Lehigh University and an M.B.A. from Loyola University. She brings years of experience to the job having been a credit analyst, bookkeeper and financial analyst for various Baltimore-based organizations. Liz is married, has two children, and in her spare time, enjoys reading, scrapbooking and spending time at the beach.

Lynn G. Hickel / Associate

Lynn joined Marathon in October of 2019. Prior to Marathon, she was employed by Baltimore Capital Management Inc. and Alex Brown & Sons. She assists in taking care of customer service, compliance and trading. Lynn has over 40 years of experience in the financial industry having been administrative coordinator in Institutional Sales, block equity trader, office manager and chief compliance officer. Lynn is married with 2 children and 4 grandchildren. Lynn loves to cook and travel with her husband in their camper.


Marathon’s Investment Committee includes 5 outside individuals who contribute extensively to our research and stock selection process.

Jim Kennedy

James G. Kennedy is the founder of Marathon Capital Management. Prior to establishing Marathon, he was Vice President and Portfolio Manager for a Baltimore-based investment management firm with $1.2 billion under management. A graduate of the University of Maryland, Mr. Kennedy has an M.B.A. from Loyola University. He spent the first 14 years of his career with Alexander & Alexander (now Aon Plc) in its employee benefit and retirement plan communications consulting practice.

Jim is an avid reader across a wide variety of subjects, is married and has three children, and in his spare time can be found on the tennis court, golf course or throwing a line in the water in search of the one that got away.

James B. Stradtner, CFA

James B. Stradtner is a Managing Partner at Century Private Investments. Prior to this, he was a Managing Director with the private equity firm, Century Capital Management which he joined in 1996 after 21 years with Alex. Brown & Sons. At Alex. Brown he was a General Partner and a Managing Director and headed up the Insurance Investment Banking Group. He earned a B.S. from the University of Maryland and a J.D. from the University of Maryland School of Law.

Mr. Stradtner is a Chartered Financial Analyst (CFA) and a member of the CFA Society of Baltimore and the Maryland Bar Association. He is the immediate past Chair of the Stevenson University Board of Trustees and he is also a past Chair of the Calvert School Board of Trustees. He was president of the Legal Mutual Insurance Society of Maryland. He serves as a board member of the Center for a Healthy Maryland and the Greater Baltimore Medical Center where he serves on several committees for that healthcare institution.

Alec Graham

Alec Graham is a graduate of Babson College and has an MBA from Loyola College of Maryland.

Mr. Graham has been in the investment business for over forty years. His investment career started with twenty years at Alex Brown and Sons, first working with international clients and then in asset management. He then founded Baltimore Capital Management, an independent investment advisory firm, which he managed for 20 years. During his career Mr. Graham ran two mutual funds and was fortunate to have business relationships with the likes of John Templeton. While now retired, he serves on several investment committees and remains active in the business. Mr. Graham is fluent in English, Spanish, and French.

Richard M. Bernstein, CFA

Richard M. Bernstein, CFA, is a seasoned value investor. His investment experience spans almost four decades with analyst and portfolio management roles at Brown Advisory and Mercantile Safe Deposit & Trust. He is a graduate of The Johns Hopkins University, B.A. 1979, M.A. 1983, and a Chartered Financial Analyst (1987).

Rick is the co-founder and executive director of First Fruits Farm, a farm ministry that grows and distributes fresh produce to food banks throughout the region. He is also a board member of the Baltimore Symphony Orchestra and an elder at Bethlehem Steltz Reformed Church.

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