June 1, 2016 / Fortune Asia / Volume 173 / Number 7

THE 25 MOST IMPORTANT PRIVATE COMPANIES

features

21 Private Desires
More companies are forgoing the pressure of public markets for a friendlier and less scrutinized form of ownership. The amazing part of the story is how damn easy it is to go-and stay-private.
By Geoff Colvin

28 The List
Fortune’s compendium of the brawniest, the most influential, and the most disruptive nonpublic enterprises in the country.

40 The Master of Megaprojects
Global construction giant Bechtel has done more than any other company to change the face of the physical world. But today it’s facing fierce new competitors, slowing markets, and a leadership change at the top. A rare inside look at one of the world’s most influential private firms.
By Shawn Tully

MIDYEAR INVESTOR’S GUIDE

51 Why Hedge Funds Make Bad Neighbors
Some of this year’s most volatile stocks have a key factor in common: Hedge funds own a high percentage of their shares. Here’s why ”hedge fund hotels” can cause sleepless nights for other shareholders. Plus: seven promising stocks that most hedge funds are ignoring.
By Jen Wieczner and Scott DeCarlo

61 E*Trade Needs to Speak With You
E*Trade helped lead the online investing revolution-but day trading is so 1999. Now the former digital pioneer is betting its future on old-school person-to-person contact.
By Matt Heimer

departments

MACRO

4 Closer Look
The European Union is in jeopardy if the U.K. votes for a Brexit in June-and if it doesn’t.
By Shawn Tully

8 Making a Really (Really) Cheap MBA
The democratized business degree that could change the game.
By Vivienne Walt

9 Business’s Final Frontier
The cosmos is being commercialized.
By Dinah Eng

10 The 21st-Century Corporation
The data-obsessed digerati are finding there is key knowledge to be gained by embedding with clients.
By Jennifer Alsever

PASSIONS & PERKS

12 New Wave Watches
For the sartorially savvy set, there’s a whole new crop of stylish, direct-to-consumer timepieces.
By Stacy Perman

14 Black Book
Rent a convertible and enjoy the stunning vistas along California’s Highway 1.
By Adam Erace

TECH

16 Objects of Interest
Inside Google’s next ecosystem: virtual reality.
By Leena Rao

19 X Marks the Spot
Tesla’s Model X embodies the Silicon Valley spirit. But in spots, it’s still in beta.
By Sue Callaway

64 BING!
ON THE COVER: PHOTO ILLUSTRATION BY JUSTIN METZ

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JUSTIN METZ

ｩ Time Inc.