February 1, 2016 / Fortune Asia / Volume 173 / Number 2

features

38 Pharmageddon?
Billionaire Stefano Pessina cannily took control of Walgreens using the chain’s own money. Now he’s squaring off with CVS Health for drugstore domination. Can a brilliant dealmaker become a killer retailer?
By Jennifer Reingold with Marty Jones

28 Good Luck Getting Out!
Private investors have put $362 billion into startups over the past five years, pumping up the paper value of so-called unicorns. Now the broken tech IPO market is cratering. Who will survive the reckoning?
By William D. Cohan

46 SPECIAL REPORT
Leading While Black
An inside look at what’s keeping black men out of the executive suite.
By Ellen McGirt

54 Big Agriculture Gets Its Sh*t Together
One of the nation’s biggest dairy owners is reducing his farms’ carbon footprint by converting cow manure into fuel. He just might help commercial farmers solve their pollution problem預nd their image problem.
By Beth Kowitt

departments

Macro

4 Closer Look
Terrified by China’s slowdown? Blame its leaders.
By Scott Cendrowski

6 Bottoms Up, Sales Down
Big Beer’s M&A bender.
By John Kell

7 Utopia Dismantles Itself
The American left has idealized Scandinavia’s social-welfare policies. But now the region is scaling back.
By Chris Matthews

8 The Cord Cutter’s Dilemma
Fans of streaming video find that ditching cable doesn’t always lower their bills.
By Tom Huddleston Jr.

9 Chartist
Tracking oil’s collapse.
By Claire Groden, Matt Heimer, and Nicolas Rapp

10 Pursuits
Black Book: See Beijing like a local.
By Adam Erace

12 The 21st-Century Corporation
Why financial and physical capital don’t dominate like they used to.
By Geoff Colvin

Venture

14 How I Got Started
Sosi Setian grew up behind the Iron Curtain and translated language acumen and moxie into success for SOS International.

Interview by Dinah Eng

Tech

16 Person of Interest
Meet April Underwood, VP of product at Slack.
By Heather Clancy

17 Connected Company
What goes into a great bottle of wine? Sensors, software, scads of data analysis熔h, and drones, of course.
By Andrew Zaleski

18 Zeroing In
MasterCard’s marketing command center takes ”seeing is believing” to the extreme.
By Heather Clancy

19 Business in the Cloud
To keep production lines running smoothly, GM links its factory robots in the cloud.
By Jonathan Vanian

20 A Boom With a View
The problem with trendy e-commerce businesses? They go out of style.
By Erin Griffith

Invest

22 Hospitality Stocks
Hotel chains with staying power.
By Chris Taylor

24 Insight
The movie industry is undergoing a difficult transition. Here’s how it can survive and thrive.
By Michal Lev-Ram

60 BING!

CORRECTION

”Good Stocks for Bad Times” (Dec. 15, 2015) incorrectly stated that Virgin America shares pay a dividend that yields 4.9%. In fact, Virgin America shares do not pay a dividend. Fortune regrets the error.

ON THE COVER: ILLUSTRATION BY STEPHEN CHAN

[IMAGES]

Manufacturing pills in 1930 at a Boots factory. After its merger with Walgreens, is the chemistry still there?
DAILY MAIL/REX/SHUTTERSTOCK

Smarter than they look: Robots like this one will all connect to a ”mother brain” in the cloud.
ROBOT: COURTESY OF FANUC

CHINA: XAUME OLLEROS唯LOOMBERG VIA GETTY IMAGES

KYLO REN: COURTESY OF WALT DISNEY

ｩ Time Inc.