CODI's book value is the one scary thing about the stock. Its book is created by whatever price it pays for a company. Looking at camelbak as an example they paid 250 million for it, so on CODI's ballance sheet they have a 250 million dollar asset. However, Camelbak itself only had a 35 million dollar tangable book value when it was purchased. Thus what used to be a 35 million dollar book value was transformed into a 250 million dollar "book value" had they paid 300 million that would be the new "book value" . Now these guys are smart and they are supposed to mark to the market their estimated selling value on these companies quarterly. But in the bricks and mortar concept of book CODI has a NEGATIVE net worth of 250 million instead of the 400 million they claim as "book value"