CODI is a virtual company. Meaning it has about $2.00 in hard assets per share. Yes the book is 13-14 but that is based on the purchase price of the sub companies which were purchased at 10 times book value. It doesnt mean its a bad thing there is just very little to fall back on if things get tight.
Book Value is not a good measure for a business development/investment company. Sustainable distribution rate is a much more reliable measure of value. What Codi could sell any of its holdings for at any given time is a difficult to judge number, but revenue, cash flow, and capital investment can at least be read from the Financials. I would pay more attention to these than book value in Codi's case.