Research:
Christopher M. Niemczewski, Managing Principal
M.B.A., Columbia University Graduate School of Business 1977
B.A., Swarthmore College 1974
Chris Niemczewski founded Marshfield in 1989. While at Columbia, he was exposed to the Graham and Dodd school of security analysis and investing, an approach that has influenced his thirty years in the investment field. In addition to formulating and guiding Marshfield’s core investment philosophy and discipline, he conducts research and focuses on long-term strategic firm planning. From 1981 to 1989 he was President of Justin Asset Management. Chris is a member of the Board of Managers of Swarthmore College where he serves as Chair of the Investment Committee.
Elise J. Hoffmann, Principal
J.D., Yale Law School 1983
A.B., Princeton University 1980
Elise Hoffmann joined Marshfield in 1995 and became a principal in 1997. In addition to engaging in research, she writes Marshfield’s letters to clients.  She has worked in portfolio management and research analysis.  Prior to joining Marshfield, she served for seven years as Counsel to the U.S. House of Representatives’ Committee on Energy & Commerce, Subcommittee on Telecommunications and Finance, where she was responsible for developing securities legislation.  Prior to that, she practiced law in the private sector at Steptoe & Johnson in Washington, D.C., where she was an associate attorney practicing corporate, securities, and tax law. She is a board member of the Washington Project for the Arts.
John H. Beatson, Principal
B.A., Brown University 1999
John Beatson joined Marshfield in 2005 and became a principal in 2007. John performs research analysis and portfolio management for Marshfield funds. Before joining Marshfield he worked at Goldman, Sachs & Co. for five years as an associate in the Global Investment Research division. He covered brokers and asset managers, performing fundamental valuation analysis on individual companies and statistical analysis on macroeconomic and industry data. John is a board member of Peace Players International, where he also serves as head of the Finance Committee. A graduate of the Gilman School, John continued his lacrosse career at Brown University, where he was All-Ivy and All New England.
Chad Goldberg, Research Analyst
B.A., Stanford University 2003
Chad Goldberg joined Marshfield in 2006 and began work in his current role as research analyst in 2007. He works with the research team analyzing Marshfield’s current and potential future holdings. Prior to joining Marshfield, Chad worked as a research assistant for the National Security Division of the Congressional Budget Office in Washington, DC from 2003-2005. At CBO, he assisted with research on the long-term implications of Department of Defense budgets and private sector mandates. Chad volunteers as a tutor for Horton’s Kids in Washington.
Coleman Kendall, Research Consultant
M.B.A., University of Chicago Booth School of Business 1980
B.A. Swarthmore College 1978
Cole Kendall began consulting to Marshfield in 2009. He provides insight into economic and regulatory matters, and their possible impact on Marshfield’s holdings. Cole has been consulting to financial and corporate clients in North America, Asia and Europe for a number of years. Prior to consulting, Cole taught finance at the University of Oregon, Ohio State University and the University of Illinois-Chicago. Prior to teaching, Cole worked at the Federal Reserve Bank of San Francisco.
Client Communications and Management:
Carolyn Miller, CFA, Principal
B.A., Tufts University 1983
Carolyn Miller joined Marshfield in 1994 and became a principal in 1996. She handles institutional and individual portfolio management, municipal bond trading, business planning and client relations. From 1987 to 1993, she was a founding partner with Bainco International Investors in Boston. From 1983 to 1987 she was a private client liaison with Donaldson, Lufkin and Jenrette in Boston. Carolyn is vice president of the Washington Animal Rescue League and chairs the Finance and Budget Committees of its Board of Directors. She is a Federation Lion of Judah.
Melissa Vinick, Principal
B.A., Villanova University 1992 Melissa Vinick joined Marshfield in 1995 and became a principal in 1998. She heads trading and cash management for the firm and manages client relationships. Prior to joining Marshfield, she worked on PNC Bank’s taxable fixed income trading desk. Melissa is a member of the Kappa Kappa Gamma Advisory Board at Villanova University and is active with the Philadelphia and Northern Virginia Alumni Association. Melissa supports Heroes against Childhood Cancer and has spent time working and living in Japan.
William G. Stott, Principal
M.A., Harvard University 1976
B.A., Swarthmore College 1975
Bill Stott co-founded Marshfield in 1989, where he handles individual clients. Previously, he was Vice President of Justin Asset Management. Bill is currently a member of the Steering Committee of Swarthmore Alumni in Finance and a member of the Leadership Committee for the Annual Fund of Swarthmore, having served previously on the Board of Managers. He is a committee member for the Roycroft Foundation for the Arts in East Aurora, NY.