Senior Managing Director, Portfolio Manager
Years at First
Sam Colin, MD, is a Senior Managing Director and Portfolio Manager. He is a value-oriented stock picker whose primary goal is to preserve and grow clients' capital by focusing on companies with highly favorable risk/ reward relationships. This attention to downside risk provided his client portfolios with meaningful protection in 2008 and, in his view, such attention remains a critical element in navigating periods of market turbulence.*
In addition to managing individual accounts, Sam leverages his medical training and investment research experience as the sole Portfolio Manager of First Manhattan's health care-specific private investment vehicles—First BioMed and First Health. He believes that his background in basic science and clinical medicine helps provide him with an edge in health care investing. He regularly consults with thought-leading physicians and industry experts and conducts due diligence on portfolio companies, and their competitors, to obtain a deep, factual foundation upon which to analyze the risks and opportunities of potential investments.
Sam joined the firm in 1994 as a Research Analyst focused on the pharmaceutical and biotechnology industries. He holds an MD from Yale University School of Medicine and a BS from Brown University. He lives in Westchester, New York, with his wife and three children.
*Past performance does not guarantee future results.
Portfolio construction and management
First and foremost, Sam is concerned with capital preservation. His client portfolios, which are tailored to each individual's specific needs and risk tolerance, typically consist of approximately 25 stocks characterized by:
- Strong management, with a track record of disciplined execution.
- Good business selling at reasonable rates.
- Mispriced securities that are off the collective radar screens of sellside analysts.
- Special situations, including corporate restructurings and spin-offs.
- Companies that have catalysts for value creation, such as new product pipelines.
- Bargain opportunities that arise from disorderly selling in turbulent markets.
Long-term, value-oriented investing can generate superior, after-tax returns. Successful investing is the recognition of value that is not understood and identifying risks that are not appreciated by others.