Nice to meet you. If this was a physical comic book, holding on to a mint-condition first issue might make you very rich someday. Alas, this is an online newsletter for CFOs and finance professionals and so might never be adapted into a Hollywood movie. We think you’ll find it valuable anyway.

We'll send a second instalment this Thursday. And then, from next week, we'll bring the most important and relevant stories to you Monday to Friday.

Here's what you need to know today.

The lowdown

• 🚨 US manufacturing data points to a slowdown. Investors are now reassessing how high the Fed is likely to raise rates – hence the rally.

• 🤔 Reports of Credit Suisse’s impending death may have been greatly exaggerated on Twitter but they have made the bank’s turnaround a lot tougher.

• 🔪 SoftBank is making massive cuts to staff at its investment arm. Vision fund? More like incision fund.

Featured stories

Not all happy family businesses are alike. Today, we look at two stories about family-controlled businesses with different approaches to succession.

Departure of Mars CEO (and family outsider) Grant Reid

Mars is the largest pet food business in the world though they are much better known for their confectionery. The private company is controlled by the Mars family who, according to Forbes, is the US’s third richest family. CEO and non-family member Grant Reid has announced he is stepping down. In an interview with the FT, Reid discusses his time as CEO noting that during this period revenue has grown by more than half to $45 billion. He also admits to eating dog food.

Read the full interview.

Tyson Foods keeps it in the family with new CFO, John R. Tyson

Tyson Foods has appointed the 32-year-old son of its chairman to the position of CFO. While Tyson Foods is publicly listed, the Tyson family controls more than 70% of the voting rights. There may be legitimate corporate governance concerns here, but shareholders should not be surprised given the company’s tradition of ‘keeping it in the family.’ While Tyson Foods also produces pet food, John R. Tyson has not yet admitted to eating it.

Read the full article.

How do Mars and Tyson Foods compare to other family businesses?

Largest family businesses – by revenue:

• #1 🇺🇸 Walmart (Revenue: $559.1 billion) – Walton Family: 48.9%

• #2 🇺🇸 Berkshire Hathaway (Revenue: $245.5 billion) – Buffett Family: 37.2%

• #3 🇮🇹 Exor (Revenue: $145.3 billion) – Agnelli Family: 53%

• #4 🇩🇪 Schwarz Group (Revenue: $140 billion) – Schwarz Family: 100%

• #5 🇺🇸 Ford Motor Company (Revenue: $127.1 billion) – Ford Family: 40%

• #28 🇺🇸 Tyson Foods (Revenue: $43.2 billion) – Tyson Family: 70.6%

• #35 🇺🇸 Mars Inc. (Revenue: $37 billion) – Mars Family: 100%

The content we're consuming today

• Acquired Podcast: Benchmark Capital — A deep dive into the history and strategy of one of the most successful venture firms of all time.

• The Generalist: Softbank: Twilight of an Empire — A long read that looks at the past, present and future of Softbank and why you shouldn’t bet against Masayoshi Son.

Off-balance sheet items

• You will be extremely late to the party but in keeping with the theme of today’s newsletter, we cannot recommend the show Succession enough.

The bottom line