Michael Episcope’s Investing Playbook: Cycles, Credit, and Multifamily

About this episode

Michael Episcope discusses his journey from trading to real estate investing, emphasizing risk management and market cycles.

This Episode Michael returns to the show after a standout LP Deal Review Q&A, and Chris digs into the full backstory: how Michael went from the Chicago Mercantile Exchange—trading interest rate derivatives bell-to-bell—to building Origin Investments into a multifamily-focused platform built around downside protection and long-term compounding. They unpack how Michael thinks about “edge” as markets became more efficient, why risk management lives at both the deal level and the company level, and what LPs should pay attention to when evaluating a manager’s balance sheet and decision-making under pressure. The conversation also gets tactical on portfolio construction in today’s environment—why Michael believes credit is being “overcompensated” relative to equity, how Origin evolved from value-add to a build/buy/lend approach, and how cycle awareness influences where (and how) he’s willing to deploy capital. Chris also asks how current macro uncertainty impacts underwriting and positioning right now, and Michael closes with a set of simple, but hard-earned, LP principles: build a written plan, stay disciplined, keep liquidity, and remember that small performance deltas compound…

People in this episode

Host: Chris

Guest: Michael Episcope

Topics covered

• multifamily investing
• risk management
• portfolio construction
• credit vs equity
• market cycles
• real estate principles

Keywords

• real estate
• investing
• risk management
• portfolio construction
• credit
• equity
• market cycles
• Origin Investments
• LP principles

Mentioned in this episode

Organizations: Origin Investments, Chicago Mercantile Exchange

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