Headwaters Profiles

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Latham W. ‘Skip’ Murfey III, CFA, President; Portfolio Manager

Skip has over 40 years experience in the finance field, including the last 25 years as President of Headwaters Investment Counsel, LLC and its predecessor Murfey Asset Management. Skip's previous experience was with Dean Witter as VP and Branch Manager, and Senior Investment Officer of Bank One Cleveland. Skip graduated with his Bachelor in Finance from the University of Colorado and is a Chartered Financial Analyst.

Michael S. Karder

Michael S. Karder, Managing Director

Michael has been in the financial services industry for over 20 years serving high net worth and institutional clients. Prior to his role at Headwaters, Michael worked for Merrill Lynch in private wealth management, managed his own hedge fund and worked in middle market investment banking. For the 20 years prior to working in the financial service industry, Michael managed his family machine company serving as CFO and President. Michael graduated from the University of Akron with a Bachelor of Science in Business Administration.

James Paul Luthardt

James Paul Luthardt, Director of Research; Senior Investment Analyst

James handles the duties of financial modeling, advanced analytics, and investment and portfolio management research. Prior to joining Headwaters, James worked for a leading $80 billion Wall Street Private Client Group as an analyst responsible for third-party manager selection and monitoring activities including screening, developing selection models, and interviewing investment management teams. In addition, James served as a portfolio manager running separately managed accounts for high net worth individuals. James is currently a U.S. Naval Officer, in which he was 1 of 15 Direct Commission Officer Candidates chosen in the United States and appointed by President Barack Obama. James also currently serves as CEO/CIO of Kirtland Hills Capital. James studied at The University of Toledo, New York University, The United States Naval War College, Naval Officer Supply Corps School and most recently graduated with a Master’s of Quantitative Finance; Master’s of Finance from Case Western Reserve University.

William H. Murfey, Jr.

William H. Murfey, Jr., Investment Analyst

William assists in the financial modeling, advanced analytics, performance measurement, investment and portfolio management research. William Received his Bachelor in Finance from Kent State University.


Headwater's outsources investment analyst positions to Ned Davis Research Group to assist the team in their proprietary valuation model, algorithm, and advanced data mining research projects


CFA Code & Ethics

The CFA Institute Code of Ethics and Standards of Professional Conduct are fundamental to the values of CFA Institute and essential to achieving its mission to lead the investment profession globally by setting high standards of education, integrity, and professional excellence.

As members, we are bound by the following codes:

CFA Code (PDF)

CFA Ethics Pledge (PDF)