Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of opportunistic investment business Compass Diversified Holdings (Nasdaq: CODI) got a drastic haircut overnight, falling as much as 10.4% on epic trading volume.

So what: CEO Joe Massoud is taking a leave of absence from Compass to focus his attention on "an informal regulatory inquiry that Mr. Massoud has received on matters unrelated to CODI." Investors in this miniconglomerate with operations not unlike Otter Tail or Fortune Brands took the news as a signal to panic.

Now what: Details on exactly what Massoud is doing are scarce. Having founded Compass in 1998, many investors see him as the heart and soul of the company, making it easy to panic that the company's very generous dividends might dry up without Massoud's leadership. We should know more when the company reports earnings in mid-March. Until then, you might breathe a bit easier with the assurance that Massoud will be "available" to Compass even during his official leave.

Interested in more info on Compass Diversified Holdings? Add it to your watchlist.

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