Michael Ellis, CFA is Principal and Research Analyst at Headlands Capital. Mr. Ellis joined Headlands Capital in May, 2011 after graduating from Columbia Business School. Mr. Ellis conducts equity research across all sectors of the domestic small-cap universe. Prior to business school, Mr. Ellis worked as a Research Associate at Dodge & Cox, where he served on the global equity research team and conducted fundamental research on companies in various industries including chemicals, medical devices, capital goods, healthcare services, household products and real estate. Mr. Ellis began his career as an investment banker, working for Putnam Lovell and Colchester Partners. Mr. Ellis received a BA from Middlebury College and an MBA with Honors from Columbia Business School where he was also a participant in the Value Investing Program.