April 7, 2014 / Fortune Asia / Volume 169 / Number 5 / THE WORLD’S 50 GREATEST LEADERS

35 The World’s 50 Greatest Leaders
In an era that feels starved for leadership, we’ve found men and women who will inspire you―some famous, others little known, all of them energizing their followers and making the world better.
By Geoff Colvin
Plus: Former President Bill Clinton distills his leadership wisdom for Fortune.

45 Leading in a ”VUCA” World
Volatility. Uncertainty. Complexity. Ambiguity. Each poses a unique challenge for any decision-maker. Here’s how to lead in hazy, changing times.
By Gen. George W. Casey Jr.

48 How to Fail in Business While Really, Really Trying
Big dreams, arrogance, infighting, and delusion all collided in the disastrous attempt to fix venerable retail giant J.C. Penney. The inside story of a revolution derailed.
By Jennifer Reingold

60 Why Mitch McConnell Really Matters
Kentucky’s senior senator is fighting to bring back the grand old Grand Old Party.
By Tory Newmyer

6 MACRO
Closer Look
A schism is brewing in the $11 billion gluten-free industry―and it’s coming to a head over beer.
By Catherine Dunn

9 MACRO
Thought Leaders
Former mayor and ambassador Andrew Young on being pro-business and pro-city.
By Caroline Fairchild

10 MACRO
Letter From Kiev
Amid Ukraine’s collapse, a rush to ”unshred” evidence of corruption.
By Vivienne Walt

12 MACRO
Great Workplaces
Hyatt’s new-hire program extends hospitality to colleagues.
By Catherine Dunn

13 MACRO
World’s Most Admired Companies
Nordstrom has won plaudits―and profits―by putting customers first.
By Caroline Fairchild

15 VENTURE
How I Got Started
Jay Stein transformed his family’s store into the Stein Mart off-price chain.
Interview by Beth Kowitt

18 VENTURE
Trailblazers
TOMS founder Blake Mycoskie has made a transition from handsome hippie with an idea to boldfaced business name.
By Daniel Roberts

19 TECH
Synergy
Silicon Valley’s clubbiness makes the tech hub work. But at what cost to startups?
By Erin Griffith

22 TECH
Tech@Work
Two new phones promise to amp up privacy for their owners.
By Michal Lev-Ram

23 TECH
Connected
Jayshree Ullal, CEO of Arista Networks, is going head-to-head with her old employer, Cisco.
By Adam Lashinsky

24 INVEST
Stocks
Five reasons the market must fall―and one reason the bull might not be done yet.
By Jen Wieczner

26 INVEST
Fixed-Income Strategies
Big money is once again flowing into asset-backed securities.
By Jen Wieczner

27 INVEST
Wealth Adviser
Regional banks are benefiting as consumers and small businesses begin to borrow again.
By Janice Revell

68 BING!

30 Allan Sloan
Sometimes the federal government can actually get it right.

31 Dan Primack
The ”Icahn effect” hits Silicon Valley.

32 John Cassidy
You can buy stocks, but Keynes’s Old Maid is out there.

33 Nina Easton
Were the good old days really so good? The truth about inequality.

CORRECTION
”Delta Takes Off” (March 17) incorrectly stated that the crash of Continental Airlines Flight 1713 in 1987 occurred in Detroit. The site of the crash was Stapleton International Airport in Denver.

ON THE COVER PHOTOGRAPH BY WESLEY MANN

[IMAGES]

PHOTO ILLUSTRATION:
James Cash Penney
JAMES VICTOREIRA GAY SEALY―THE DENVER POST VIA GETTY IMAGES
PHOTO:
IS THE PARTY OVER? FIVE SIGNS THE BULL MARKET WON’T LAST. Page 24
BROCK DAVIS
© Time Inc.