November 18, 2013 / U.S. Edition / Volume 168 / Number 8

90 CHINA GETS READY FOR TAKEOFF
Can a state-owned company that’s just five years old take on Boeing and Airbus? Comac, China’s aircraft maker, has exceedingly lofty ambitions.
BY SCOTT CENDROWSKI

106 REINVENTING FOOTBALL
Led by youthful owner Jed York and a team of Silicon Valley veterans, the San Francisco 49ers are bringing big data to the business of football and building a cutting-edge stadium in Santa Clara that will redefine the fan experience.
BY BRIAN O’KEEFE

117 THE BEST ADVICE I EVER GOT
Wisdom isn’t cultivated just over time, but through relationships. Fortune spotlights business partners, government leaders, heads of foundations, mentors, and others with a willingness to learn from one another.

136 THE BIG HANDOFF AT HEARST
Legendary CEO Frank Bennack Jr. remade the publishing company by pushing into new businesses (and grabbing a chunk of ESPN). Can successor Steven Swartz keep it going?
BY BETH KOWITT

146 THE FORTUNE INTERVIEW: LARRY SUMMERS
The controversial economist talks about markets, the two Presidents he has served, his years at Harvard, ”the power of careful thought,” and much more.
INTERVIEW BY DAVID A. KAPLAN

156 AN OUTSIDER IN THE FAMILY CASTLE
For six decades the Estée Lauder clan ruled in cosmetics. Then they realized they needed a different kind of leader to carry on the dynasty.
BY SHAWN TULLY

16 FIRST
Closer Look
High-tech medical devices for pets may help save humans.
BY RYAN BRADLEY

18 FIRST
Chartist
The Budweiser Clydesdales vs. Wells Fargo’s stagecoach horses.
BY DANIEL ROBERTS

18 FIRST
Off the Field
Billy Beane scores with NetSuite.
BY ADAM LASHINSKY

20 FIRST
Great Workplaces
Scottrade’s family-like workplace of ice cream socials and cook-offs.
BY CATHERINE DUNN

22 FIRST
Face to Face
Siblings build a Fair Trade tea empire.
BY CATHERINE DUNN

24 FIRST
World’s Most Admired Companies
St. Jude Medical returned to growth by promising innovative new products.
BY CRAIG GIAMMONA

26 FIRST
The New Metropolis
How Seattle cut municipal waste and saved money.
BY ERIKA FRY

29 VENTURE
How I Got Started
Marie Gray went from refugee to model to founder of dressmaker St. John.

INTERVIEW BY DINAH ENG

34 VENTURE
David vs. Goliath
Three small businesses show how a tiny player can rock a giant.
BY ELAINE POFELDT

37 VENTURE
Verne Harnish
The five most important business books of the past year.

39 TECH
Entrepreneurs
Iliad founder Xavier Niel wants to shake up France’s education system.
BY VIVIENNE WALT

44 TECH
Mobility@Work
Samsung is spending big to win over Silicon Valley.
BY MICHAL LEV-RAM

46 TECH
The Future Is Now
The Internet of things is coming to an appliance near you.
BY JESSI HEMPEL

49 TECH
The Fortune 500 Series
MetLife is using data and software to improve its business and change corporate culture.
BY JENNIFER ALSEVER

51 INVEST
Activism
ValueAct’s Jeffrey Ubben has some ideas for Microsoft.
BY STEPHEN GANDEL

54 INVEST
Face-Off
Alcoa: Buy or sell?

INTERVIEWS BY NIN-HAI TSENG

56 INVEST
Anatomy of a Trade
Why Anthony Lombardi of Delaware Value Fund is betting on Broadcom.
BY SCOTT MEDINTZ

59 INVEST
21st-Century Investing
What’s missing from Twitter’s IPO: profits.
BY LAUREN SILVA LAUGHLIN

64 INVEST
Wealth Adviser
Retailers are duking it out with aggressive discounting. Here’s how investors can survive.
BY JANICE REVELL

66 LEADERSHIP
Advice for Curing an Ailing Medical System
Mayo Clinic CEO John Noseworthy aims to make health care more efficient.

INTERVIEW BY GEOFF COLVIN

72 SMALL BIZ
Grow the Right Way
Three ways entrepreneurs can hone their strategy to land new business.
BY ELAINE POFELDT

8 Editor’s Desk

10 Letters

168 Bing!
INSIGHTS

81 Allan Sloan
Why we need leaders with some sense of shame.

82 Sheila Bair
We’re still on the hook for Fannie Mae and Freddie Mac. Let’s abolish them.

84 Nina Easton
A ”Buffett rule” GOP leaders should heed.

86 John Cassidy
The biggest threat to the U.S. economy? Washington dysfunction.

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117 Fortune asked powerful pairs to reveal their best advice.

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