September 27, 2010 Vol. 162 No. 5 / Fortune Asia

42 MEET THE CEO OF THE BIGGEST COMPANY ON EARTH
Wal-Mart's Mike Duke. Will his colossal company be the first to hit $500 billion
in sales?
BY BRIAN O'KEEFE

53 THE FATAL DEAL
Six men died in a power plant explosion. How did three partners with limited
experience land the project窶蚤nd get financing from Goldman Sachs? A tangled tale
of politics and power.
BY KATIE BENNER

60 THE BUSINESS OF STYLE
RETAIL'S NEXT BILLION-DOLLAR MAN
How designer Michael Kors has nailed the retail formula for the times.
BY SHERIDAN PRASSO

66 THE EVOLUTION OF CHEAP CHIC
More than 100 brands have gotten in on the high-low game, offering stylish design
at affordable prices. This year new launches have dipped. Bad economy? Or trend
fatigue?
BY JP MANGALINDAN

68 THE NEW LUXURY
The recession hasn't killed the good life entirely. Meet the iconoclasts who are
redefining the meaning of luxury. A Fortune photo essay.

PHOTOGRAPHS BY BEN BAKER

TEXT BY JESSICA SHAMBORA

78 VERNON HILL IS THE BEST DAMN BANKER ALIVE (JUST ASK HIM)
The impresario who upended retail banking in the U.S. is taking his show to London.
BY SHAWN TULLY

84 | BING!

FIRST

9 | BY THE NUMBERS
Gadget gluttony.
BY KATIE BENNER

10 | CLOSER LOOK
The collective wisdom of online fashion gamers.
BY JESSICA SHAMBORA

14 | EDUCATION
New rules imperil for-profit colleges.
BY DAVID A. KAPLAN

14 | THE BRIEFING

When good bosses go bad, Wall Street vs. Facebook, and more.

TECH

17 | VISIONARIES
Genevieve Bell, Intel's cultural anthropologist, helps the chipmaker analyze a
complex system: humanity.
BY MICHAEL V. COPELAND

INVEST

21 | SHOULD YOU BUY APPLE STOCK?
An epic string of hits, a soaring share price, and analysts' predictions of a
continued rise. What could possibly go wrong?
BY SCOTT CENDROWSKI

Opinion

26 | Making mortgage payments on loans underwater? You need a break.
BY ALLAN SLOAN

28 | Predictions of the economic demise of Europe.
BY MICHAEL ELLIOTT

29 | On the deficit: Fiscal hawks and doves need to make peace.
BY BECKY QUICK

30 | C-SUITE STRATEGIES
Ernst & Young CEO Jim Turley talks about regulatory reform, tax policy, and more.

INTERVIEW BY GEOFF COLVIN

37 | 3M'S INNOVATION REVIVAL
How the company got its mojo back. A Fortune 500 Series feature.
BY MARC GUNTHER

+ FORTUNE.COM

Everything we know, the minute we know it.

CORRECTIONS: On our list of the 100 Fastest-Growing Companies (Sept. 6), revenue
for International Assets Holding (No. 19) should have been $34.7 billion. In "Dick
Fuld in Exile" (Sept. 6), we incorrectly stated that Clare Baldwin of Reuters
trespassed on Mr. Fuld's property. Fortune regrets the errors.

ON THE COVER Photograph by Peter Yang