December 15, 2016 / Fortune Asia / Volume 174 / Number 8 / 2017 INVESTOR'S GUIDE

SECTION

FEATURES

INVESTOR'S GUIDE 2017

Stay Cool and Stay Invested
By MATT HEIMER
Gut-churning events won't necessarily add up to a bad year for your portfolio. Here's how investors can have a panic-free and profitable 2017.
PAGE NO. 36

Why the Stock Market Is Stacked Against Trump
By SHAWN TULLY
U.S. stocks enjoyed a few weeks of exuberance after Donald Trump's surprise win. The honeymoon won't last. Here's what investors should do when it's over.
40

Where Should Investors Turn Now?
Interview by MATT HEIMER
Stocks look expensive, and the bond market has turned volatile. But our panel of market experts continues to see profitable opportunities ahead.
46

Stocks to Keep a Nest Egg Growing
By JEN WIECZNER
Unpredictability may be the only constant in the market in 2017. We found 21 stocks and two funds poised to reward investors no matter how turbulent it gets.
PAGE NO. 56

Why Colleges Are Getting a C in Investing
By ROGER LOWENSTEIN
After Yale's endowment fund soared, universities across America eagerly tried to copy its esoteric investment model. Now, as the copycats struggle, it may be time for a change in tactics.
66

A Fund Giant Flexes Its Muscles
By ERIKA FRY
By championing low-cost investing, Vanguard has emerged as a true financial services colossus, with $3.8 trillion in assets. The big question: How will it use the clout that comes with all that money?
72

INVESTOR'S GUIDE 2017

Untangling Dividend Stocks
By CHRIS TAYLOR
Finding strong income in equities is getting trickier. Here are the top ideas from five of the best fund managers in the business.
PAGE NO. 78

China Spreads the Wealth Around
By SCOTT CENDROWSKI
China's political ambitions are taking a new shape with "One Belt, One Road," a $3 trillion infrastructure campaign in Europe, Asia, and Africa. Here's what it means for the global economy.
84

Reinventing the American Mall
By PHIL WAHBA
Simon Property Group built the country's biggest mall empire around major department stores. As those giants stumble, Simon is racing to adapt to 21st-century shopping habits.
PAGE NO. 92

Buffett's All-In Clean Energy Bet
By STEPHEN GANDEL and KATIE FEHRENBACHER
Wind power is a booming business, and Berkshire Hathaway is one of its biggest players. But Trump may strip away some of its financial advantages. Will Warren Buffett's big investment get blown off course?
100

Invasion of the Punks
By BERNHARD WARNER
BrewDog is an oxymoron: a small craft brewer seeking to become a global presence. Can the Scottish brand find a niche in the U.S., where craft-beer lovers prize local roots?
110

The Magic in the Warehouse
By NEAL GABLER
Costco became a phenomenon by doing things its own way. But with Amazon ever more powerful, and a new generation of leaders awaiting its turn, the company is under pressure to preserve its edge.
116

DEPARTMENTS

FOREWORD
6 No Time to Wait
When it comes to living, waiting to start has always been a sucker's game. Apparently, the same goes for investing.
By CLIFTON LEAF

BRIEFING
7 Cannabiz Hype Is About to Go Up in Smoke
Voters love legal weed, but Trump's White House and market economics could harsh the industry's mellow.
By JENNIFER ALSEVER
10 The Best in Business 2016
Amid the turmoil, a few business leaders and companies stood out. Fortune highlights the winners (and some losers) from a tumultuous year.

FOCUS
TECH
16 Supersonic Travel Is Booming
A new generation of ultrafast jetliners could kick off the next age of supersonic passenger flight.
By CLAY DILLOW
18 "I Passed on Tesla"
Venture capitalists share their biggest regrets: a roundup of the startups they declined to invest in.
By POLINA MARINOVA
19 Person of Interest
TaskRabbit CEO Stacy Brown-Philpot on culture, governance, and the future of work.
By KIA KOKALITCHEVA
20 Salesforce Sets Its Sights on $20 Billion
Key to unlocking the cloud-software king's audacious revenue target? An elite team of evangelists winning over companies on the digital precipice.
By HEATHER CLANCY
22 Now Trending: Ethical Problems
For Twitter, the business of selling social data is booming. But pitfalls of the practice have the company rethinking its role.
By JEFF JOHN ROBERTS
VENTURE
23 Fortune's Blue Ribbon Companies 2016
The 34 top corporations that appeared on four or more of our rankings this year.
24 Mastering the Journey
Ron and Marty Cordes launched their charitable foundation a decade ago. And after some soul-searching, their daughter is preparing to someday take the reins.
By RYAN DEROUSSEAU
26 How We Got Started
It's hard to tell which was more improbable: the lawyer founders of California Pizza Kitchen—or the item that made the chain a hit.
Interview by DINAH ENG
28 Facing the Darkness
Depression still carries a stigma for entrepreneurs, who are expected to be energetic optimists. But the problem is emerging from the shadows.
By LAURA ENTIS

PASSIONS
31 Making It on Broadway
Mobile ticketing app TodayTix is turning millennials on to theater.
By TOM HUDDLESTON JR.

FORUM
34 A Boom With a View
The company behind Snapchat defies industry wisdom with novel "smart" eyewear and IPO plans. The crazy part? It's working.
By ERIN GRIFFITH
35 Disrupted
You might think a tech company has to forgo profits for years in order to grow. Don't buy it.
By DAN LYONS
BACK PAGE

LAST BYTE
124 Where to Spend on Infrastructure
Public transportation, power plants, highways—where to begin? Identifying those sectors most in need.
Text by BRIAN O'KEEFE; graphics by NICOLAS RAPP

CORRECTION
In "Out of the Box" (Dec. 1), we incorrectly identified the material Amazon uses for its gift bags. It is organza, not velvet. Fortune regrets the error.
ON THE COVER: PHOTOGRAPH BY TERU ONISHI
[IMAGES]

SPENCER LOWELL
TOM COOPER—GETTY IMAGES FOR BOOM TECHNOLOGY
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