January 1, 2017 / Fortune Asia / Volume 175 / Number 1

SECTION

FEATURES

BREAKTHROUGH BRANDS

How Airbnb Found a Mission預nd a Brand
By LEIGH GALLAGHER
This excerpt from The Airbnb Story reveals how the company searched for its soul謡ith sometimes painful results預nd deepened its connection to customers.
PAGE NO. 26

BREAKTHROUGH BRANDS
10 Sizzling Young Superstars
What does it take for a brand to truly break through in today’s crowded market? The 10 listed here are new and white-hot and now claim space among the giants.
34

The Ugly Unethical Underside of Silicon Valley
By ERIN GRIFFITH
Silicon Valley’s startup scene celebrates iconoclasts and romanticizes rule breakers. But as scandals pile up, it’s time to ask whether tech entrepreneurs are taking ”fake it till you make it” too far.
40

The Gamblers Behind Tech’s Biggest Deal
By MICHAL LEV-RAM
How a decades-long relationship between a computer mogul and a boutique investing firm paved the way for the high-risk, high-priced Dell-EMC merger.
PAGE NO. 46

Payback Time
By BETHANY MCLEAN
Hedge fund manager David Ganek lost his business after being caught up傭ut not charged擁n an insider-trading investigation. With his lawsuit against U.S. Attorney Preet Bharara, he’s seeking a measure of redemption預nd revenge.
54

DEPARTMENTS

FOREWORD
3 A Path Through the Gridlock
Whatever happens in D.C., a new model of business leadership has world-changing potential.
By ALAN MURRAY

FORTUNE + TIME GLOBAL FORUM
5 The Business of Humanity
Corporate and nonprofit leaders gathered with Pope Francis to forge a new social compact.
By CLIFTON LEAF

BRIEFING
9 Infrastructure, the Trump Way
He wants to invest $1 trillion in roads, bridges, and buildings. The question is, Who will pay for them?
By RYAN BRADLEY

12 Coke’s CEO Is Leaving, but Its Problems Remain
With CEO Muhtar Kent’s departure, the playbook he used may be on the way out too.
By JENNIFER REINGOLD

15 Trump and Tillerson: Conflict Ahead?
It’s only a matter of time before differences between the President-elect and the Exxon Mobil CEO affect U.S. policy.
By JEFFREY BALL

FOCUS

TECH

18 Virtual Reality’s Money Quest
Companies like Audi and IMAX are experimenting with how to cash in on VR. But so far, the public’s excitement is muted.
By JONATHAN VANIAN

19 Business in the Cloud
Shorter employee attention spans are driving companies to rethink corporate training.
By HEATHER CLANCY

VENTURE
20 The Kindle Effect
The $1 billion ebook industry is spawning a whole new ecosystem of businesses that serve the burgeoning world of digital self-publishing.
By JENNIFER ALSEVER

INVEST
22 Stock Market Sentiment
Charles Schwab strategist Liz Ann Sonders sees a welcome revival of optimism among investors. But will that euphoria turn a rally into a bubble?
Interview by MATT HEIMER

FORUM
24 Disrupted
Too often, public shareholders are left holding the bag for money-losing startups. A solution? Link founder and VC windfalls to company profits.
By DAN LYONS

25 A Boom With a View
President Trump may be good for Silicon Valley. Cue the cringe.
By ERIN GRIFFITH

BACK PAGE

LAST BYTE

64 Hackers Are Getting Bolder
No network is safe: The number and size of attacks have been growing.
Text by BRIAN O’KEEFE; graphic by NICOLAS RAPP

CORRECTIONS

”The Magic in the Warehouse” (Dec. 15) incorrectly identified Simeon Gutman’s employer. He is an analyst at Morgan Stanley. ”Facing the Darkness” (Dec. 15) incorrectly identified John Gartner as a professor at Johns Hopkins University; he is no longer affiliated with the institution. Fortune regrets the errors.

ON THE COVER: PHOTOGRAPH BY JOE PUGLIESE

[IMAGES]

GANEK: ANDREW HETHERINGTON

ｩ Time Inc