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September 5, 2011 Vol. 164 No. 4 / Fortune Asia

34 MARKETS

Relief From Economic Turmoil
The economic debate has been taken over by fanatics. Fix that, and maybe you fix
the economy.
BY ALLAN SLOAN

Anatomy of a Soft Economy
39 A graphic look at how this recovery compares with recessions past.
BY NICOLAS RAPP AND KATIE BENNER

Will Europe Come Tumbling Down?
40 The debt crisis that started in Greece now threatens the whole continent窶蚤nd
the weak recovery in the U.S. Inside the race to fix the euro economy.
BY SHAWN TULLY

46 EXECUTIVE DREAM TEAM
Why McDonald's Wins in Any Economy
Thanks to CEO Jim Skinner's no-nonsense leadership, the global restaurant
juggernaut is doing better than ever.
BY BETH KOWITT

55 Fortune's Fantasy Executive League
Turbulent times call for all-star leadership. Meet our Executive Dream Team.
BY GEOFF COLVIN, WITH JOSH DAWSEY AND SAM SILVERMAN

62 Sandler O'Neill's Journey From Ground Zero
The Wall Street firm is thriving窶馬ot in spite of the horror it endured, but
because of it. A story of loss, love, rejuvenation, and disquiet.
BY DAVID WHITFORD

6 FIRST
By the Numbers
Growth business: the Department of Homeland Security.
BY ANNE VANDERMEY

9 FIRST
The Chartist
Dunkin' Donuts' complex and tasty history.
BY BETSY FELDMAN

10 FIRST
Closer Look
Fast-growing Green Dot, a provider of prepaid debit cards, has Wal-Mart as an
investor. But its stock keeps falling.
BY CHARLES P. WALLACE

12 FIRST
The Briefing
Washington's job-killing act, the Borders gift card question, Chinese megacities,
and more.

14 TECH
The Smartest People in Tech
They are innovators, to be sure, but they also know how to turn a great idea into
a great business.
BY JP MANGALINDAN AND JESSICA SHAMBORA

18 TECH
Tech@Work
The hot new gig: Companies are hiring so-called data scientists窶琶f they can find
any.
BY MICHAL LEV-RAM

19 TECH
Mobility@Work
Workers who choose their own gadgets are a headache for tech support. But new
software is here to help.
BY MICHAL LEV-RAM

20 INVEST
Finding Value in Chaotic Markets
Roger Ferguson, CEO of retirement giant TIAA-CREF, says his firm is buying right
now.
BY KATIE BENNER

22 INVEST
Wealth Adviser
Beware of structured notes, which promise the upside of stocks with little risk.
BY JANICE REVELL

72 Bing!

24 FORTUNE 500 SERIES
THE NEW GM: A REPORT CARD
BY ALEX TAYLOR III

"Ninety percent of the GM way is great, and 10% should be totaled."

窶濡M CEO Dan Akerson

OPINION

30 John Cassidy
Let's be realistic about what the Fed can do about the economy.

31 Nina Easton
Politicians need to face harsh realities about the U.S. jobs crisis.

33 Shriti Vadera
The debt crisis: Expect more trouble across the pond.

CORRECTION: In "Startup Stars" (Aug. 15), we stated that Kayak's revenues were
currently growing at 51%; in fact, Kayak's revenues grew by 51% in 2010 over the
prior year. Fortune regrets the error.

ON THE COVER ILLUSTRATION BY SEAN MCCABE

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August 15, 2011 Vol. 164 No. 3 / Fortune Asia

26 The Enforcer
U.S. attorney Preet Bharara developed a sense of right and wrong at a very early
age. Which is too bad for Raj Rajaratnam and countless others.
BY WILLIAM D. COHAN

32 The Trouble With Green Product Ratings
When Wal-Mart said it would sponsor a "sustainability index" to rank the planet-friendliness of consumer goods, it had no idea how hard that would be.
BY PAUL KEEGAN

40 Inside Pfizer's Palace Coup
Did CEO Jeff Kindler get pushed out because he was shaking up the dysfunctional
pharmaceutical giant窶俳r because he was an ineffective leader?
BY PETER ELKIND AND JENNIFER REINGOLD, WITH DORIS BURKE

58 EOG's Big Gamble on Shale Oil
The Houston company made a bold move away from natural gas. Will its good fortune
lead to more riches?
BY JON BIRGER

64 Startup Stars
The IPO market is heating up, offering new opportunities for investors, like
LinkedIn and soon Groupon and Zynga. But what about those not-so-famous, small,
innovative companies? Fortune has profiled 11 planning to go public窶俳r rumored
to be窶杯hat show lots of promise.

4 FIRST
By the Numbers

A city in the sea: Urban development in Abu Dhabi.
BY ALEX KONRAD

6 FIRST
Closer Look

How China hurts its own economy.
BY BILL POWELL

8 FIRST
The Chartist

Who's most in debt?
BY BRIAN DUMAINE

9 FIRST
The Briefing

Another chapter in the Bear Stearns saga, Chrysler revs up, and more.

10 FIRST
Executive Dream Team

Technological change and profit-minded CEOs call for risk-taking marketing
chiefs.
BY JESSICA SHAMBORA

12 FIRST
The Forbes Family's Big Deal Causes Big Trouble

After default, emergency restructuring was needed to satisfy lenders.
BY KATIE BENNER

15 TECH
Brainstorm Tech 2011

At its annual conference in Aspen, Colo., Fortune assembled more than 400
executives and entrepreneurs for smart talk on tech, the economy, and more.

23 INVEST
Mutual Funds

Should you trust a fallen star?
BY SCOTT MEDINTZ

25 INVEST
Wealth Adviser

Having a will isn't enough.
BY JANICE REVELL

OPINION

38 Geoff Colvin
Behind the Murdoch scandal? Scandalous governance.

72 Bing!

CORRECTIONS: In our July 25 issue, Fortune erroneously omitted Chrysler Group
from the Global 500 list. With revenue of $41.9 billion, Chrysler ranks No. 205
among all the companies in the world and is 61st in the U.S. Further, once Chrysler
is added, Bristol-Myers Squibb, which had been No. 500, falls off the list. An
updated version of the Global 500 list, the rankings by country, and the list
of arrivals may be found at fortune.com/global500. Also, in the introduction to
the Global 500 identifying the next business hot spots, it was consultants from
Booz & Co., not Booz Allen Hamilton, who identified emerging innovation hubs.
And in "Don't Call It the Next Tech Bubble窶悩et" (July 25), Zetta.net, a data
backup and storage company, was misnamed Zetta.com. In addition, in The Briefing
(July 25), a caption for a photograph of Triton Logging's SHARC system described
it as removing trees in Lake Volta, Ghana; it was in Lois Lake in British Columbia.
Fortune regrets the errors.

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July 25, 2011 Vol. 164 No. 2 / Fortune Asia / THE GLOBAL 500 ISSUE

48 Tech Bubble 2.0
Signs of exuberance are everywhere: Tesla roadsters, soaring real state,
overpriced vinegar! So why is Silicon Valley reluctant to use the B-word?
BY DAVID A. KAPLAN

59 Skype: The Inside Story of the Boffo $8.5 Billion Deal
How executive shuffles, product changes, and a delayed IPO paid off for a couple
of private equity firms.
BY KEVIN MANEY

92 Can This Man Fix America's Biggest Bank?
Bank of America is still reeling from the financial crisis. But CEO Brian Moynihan
may be the right guy to turn it around.
BY SHAWN TULLY

101 FORTUNE GLOBAL 500
The Best New Cities for Business
Looking for smart labor, solid infrastructure, and potential customers? Here are

15 markets to put on the map.
BY JOSH DAWSEY AND RUPALI ARORA

The List
109 The World's Largest Corporations
F--11 Arrivals and Departures
F--12 Definitions and Explanations
F--13 How the Companies Stack Up
F--15 Ranked Within Countries
F--21 Index

10 FIRST
By the Numbers

County fairs: Livestock shows, carnival games 窶蚤nd food!
BY TARA MOORE

13 FIRST
The Chartist
The battle for bandwidth.
BY TARA MOORE

15 FIRST
Closer Look
Banks窶杯he new post-reform reality.
BY CHARLES P. WALLACE

18 FIRST
The Briefing
Water-logged in Ghana, the Kong chronicles, a tense situation for News Corp.,
and more.

19 FIRST
100 Best Companies to Work For
Kimpton Hotels & Restaurants gives five-star treatment to its employees.
BY CHRISTOPHER TKACZYK

20 FIRST
Road Warrior
Accel Partners' Theresia Gouw Ranzetta keeps cool on two coasts.
BY JESSICA SHAMBORA

21 FIRST
Executive Dream Team
These days chief financial officers wear many hats窶巴ut not green eyeshades.
BY SCOTT CENDROWSKI

22 FIRST
World's Most Admired Companies
Samsung's a lot sexier lately. Here's how it executed its makeover.
BY SHERIDAN PRASSO

25 INVEST
We Buy High and Sell Low
That's what most companies do when they buy their own stock.
BY SCOTT CENDROWSKI

34 INVEST
Anatomy of a Trade
Nik Lalvani is arming his fund with Raytheon.
BY SCOTT MEDINTZ

OPINION
39 Geoff Colvin
The next management icon: Would you believe he's from China?

40 Dan Primack
Why a Mitt Romney nomination could spell trouble for private equity.

47 John Cassidy
Forget deficit reduction: Here comes another stimulus package.

36 INVEST
Wealth Adviser
The rising impact of stealth taxes.
BY JANICE REVELL

136 Bing!
ON THE COVER ILLUSTRATION BY MICHAEL MYERS

July 4, 2011 Vol. 164 No. 1 / Fortune Asia

40 REINVENT YOUR CAREER!
Job security has gone the way of the three-martini lunch. Here's how five gutsy professionals turned job setbacks into new, satisfying, sustainable careers.
BY DOUGLAS ALDEN WARSHAW

50 BIG OIL'S BIG MAN IN WASHINGTON
Lobbyist Jack Gerard wants to make the oil industry seem kinder and friendlier.
His largest obstacle? Oil companies.
BY TORY NEWMYER

58 MILLIONS OF ANDROID FANS CAN'T BE WRONG
The inside story of how Google conquered the smartphone world.
BY BETH KOWITT

65 ONE HUNDRED GREAT THINGS ABOUT AMERICA
Sometimes it's easy to overlook our country's glory. For the second year running,
we present 100 outstanding things about the U.S.A.
FIRST

8 | BY THE NUMBERS
Tourism in China.
BY DANIEL ROBERTS

10 | THE CHARTIST
Bytes beat bricks and mortar.
BY SCOTT CENDROWSKI

12 | GIVING PLEDGE
The first anniversary of the Gates-Buffett challenge.
BY CAROL J. LOOMIS

14 | THE BRIEFING
For 007, a license to print; CEO perk walk; and more.

16 | BRAINSTORM
The outlook brightens for green tech.
BY BRIAN DUMAINE

17 | EXECUTIVE DREAM TEAM
CIOs = strategic thinkers.
BY ADAM LASHINSKY

18 | ROAD WARRIOR
Rosetta Stone's Tom Adams.
BY SHERIDAN PRASSO

72 | BING!
VENTURE

19 | HOW I GOT STARTED
Nine West founder Vince Camuto looks back.
BY DINAH ENG

21 | VERNE HARNISH
Put down that BlackBerry! You can run a business窶蚤nd stay happily married.

22 | DAVID VS. GOLIATH
For the customers of these three small companies, the combination of service and
quality is hard to resist.
BY ELAINE POFELDT

TECH

23 | THE FUTURE IS NOW
Window glass that does it all.
BY JESSI HEMPEL

24 | MOBILITY@WORK
Your company's own app store.
BY MICHAL LEV-RAM

26 | TECH STAR
Quora's top designer, Rebekah Cox, makes sharing information addictive.
BY JESSI HEMPEL

INVEST

28 | INVESTOR Q&A
Carl Icahn is still looking for trouble. He sees plenty of poor management, but
that's just opportunity for him.
BY SHAWN TULLY

30 | WEALTH ADVISER
Getting married? Get a prenup窶杯hey're no longer just for the wealthy.
BY JANICE REVELL

OPINION

31 Doomed to fail? Why Washington's plan to break up big banks in a crisis won't
work.
BY ALLAN SLOAN

32 How smart companies like Caterpillar avoid getting burned by wild dollar
swings.
BY BECKY QUICK

LEADERSHIP

34 | THE FORTUNE INTERVIEW
Can Sanjay Jha revive Motorola's cellphone business?
BY GEOFF COLVIN

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June 13, 2011 Vol. 163 No. 8 / Fortune Asia / SPECIAL INVESTORS ISSUE

RETIREMENT GUIDE

38 | TAKE CONTROL AND WIN
You don't have to be a genius to retire in style. Just don't outsmart yourself.
Here's how to master the basics, and prosper.
BY GEOFF COLVIN

42 | FIVE BIG TRENDS AND 25 STOCKS
Investing over the long run: We've identified powerful, durable themes to
construct a portfolio you can retire on.
BY JON BIRGER AND SCOTT CENDROWSKI

50 | DO YOU NEED A RETIREMENT COACH?
For retiring baby boomers, the dimming of the Age of Aquarius can present
challenges. Professionals are standing by to help.
BY PAUL KEEGAN

56 | THE MAN WHO SEES DISASTER
Bob Rodriguez predicted the last two market crashes. So why aren't people
listening to his latest warnings?
BY MINA KIMES

64 | WHERE SHOULD YOU RETIRE?
Here are 12 options for where to spend the golden years.
BY JIM RENDON

FIRST

8 | BY THE NUMBERS
Alaska's salmon run.
BY TARA MOORE

10 | THE CHARTIST
Investors' love affair with gold.
BY TARA MOORE

12 | CLOSER LOOK
America needs more tourists窶罵et's make it easier to visit.
BY BILL MARRIOTT JR.

14 | WORLD'S MOST ADMIRED COMPANIES
Discount broker Charles Schwab.
BY SHERIDAN PRASSO

16 | THE BRIEFING
Wal-Mart on sale, don't mess with Darla Moore, assault on an all-male bastion,
and more.

22 | EXECUTIVE DREAM TEAM
What makes a CEO an MVP?
BY GEOFF COLVIN

TECH

25 | COMPUTING
Is Michael Dell making the bold moves needed to compete with IBM and Apple?
BY KATIE BENNER

28 | MOBILITY@WORK
The best apps for business.
BY MICHAL LEV-RAM

30 | HAVE YOU GOT A PIECE OF THIS LAWSUIT?
The bitter environmental suit against Chevron in Ecuador opens a window on a
troubling new business: speculating in court cases.
BY ROGER PARLOFF

Opinion
36 | A money maven's formula for investing in strange and perilous times.
BY ALLAN SLOAN

37 | Is it time to start talking about a double-dip recession? It just might be.
BY JOHN CASSIDY

7 | EDITOR'S DESK

72 | BING!

ON THE COVER

Photograph by Catherine Ledner

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PHOTO:ﾂRODNEY SMITH

PHOTO:ﾂJOHAN BﾃХMAN窶燃EDUX PICTURES

THREE PHOTOS

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May 23, 2011 Vol. 163 No. 7 / Fortune Asia / FORTUNE 500

34 | INSIDE APPLE
How America's most successful窶蚤nd secretive窶巴ig company really works.
BY ADAM LASHINSKY

44 | CATERPILLAR IS ABSOLUTELY CRUSHING IT
Thanks to astute planning, the company came blazing out of the downturn.
BY GEOFF COLVIN

52 | J.P. MORGAN'S HUNT FOR AFGHAN GOLD
A team of bankers starts to tap the country's vast mineral riches, with help from
the Pentagon.
BY JAMES BANDLER

FORTUNE 500

64 | THE INSIDE MAN
Can onetime corporate executive Bill Daley restore President Obama's ties to
business?
BY NINA EASTON

70 | THE DIRECTORS
Our annual look, in pictures, at seven of the most photogenic boards in the U.S.
PHOTOGRAPHS BY GREGG SEGAL REPORTING BY JESSICA SHAMBORA

84 | GENERAL MILLS' GLOBAL SWEET SPOT
The food giant's key overseas brand isn't Cheerios. It's Hﾃ､agen-Dazs.
BY DAVID A. KAPLAN

92 | THE WAR OVER LIPITOR
Uncertainty over the rights to a generic version of the drug has resulted in market
mayhem.
BY KATHERINE EBAN

F--1 The 500 Largest U.S. Corporations | F--27 Arrivals and Departures | F--28
Definitions and Explanations

10 | EDITOR'S DESK

132 | BING!

FIRST

14 | BY THE NUMBERS
In Google data centers around the U.S., computer networks respond to millions
of commands instantaneously.
BY TARA MOORE

16 | CLOSER LOOK
While attention is focused on the Middle East, euroland's financial troubles are
worsening.
BY CHRIS REDMAN

18 | THE CHARTIST
Forty years ago, Harold Geneen put omnivorous conglomerate ITT into the top 10
of the 500. Then shrinkage begannd it's never stopped.
BY CAROL LOOMIS

20 | THE BRIEFING
Derivative cinema, Android on the rise, and more.

22 | EDUCATION
Forget politics. The big threat to teachers unions is the digital revolution and
distance learning, which will bury the AFT and NEA.
BY DAVID A. KAPLAN

TECH

25 | THE FUTURE IS NOW
Manufacturing 2.0: Three-dimensional printers are coming to a desktop near you.
Should designers and factories be worried?
BY JOHNNY RYAN

INVEST

29 | INVESTOR INTERVIEW
Anne Gudefin, Pimco's top stock picker, sees bargains in the consumer sector and
safety in precious metals.
BY MINA KIMES

ON THE COVER Illustration by Carl DeTorres

[IMAGES]

ILLUSTRATION:ILLUSTRATION BY MICHAEL MYERS

THREE PHOTOS

In this issue
May 2, 2011 Vol. 163 No. 6 / Fortune Asia

30 LEADERSHIP Q&A: THE AIRLINE KING
How will new CEO Jeff Smisek make the United/Continental marriage work?

INTERVIEW BY GEOFF COLVIN

37 PROMOTING THE SPIRIT OF BERMUDA
Malcolm Gosling Jr.'s mission is to export the family rum窶蚤nd protect the
trademark on a certain cocktail.
BY DAVID WHITFORD

40 TROUBLE@TWITTER
Boardroom power plays, disgruntled founders, and CEO switcheroos are clipping
the wings of this tech highflier.
BY JESSI HEMPEL

49 ASIA BUSINESS
ASIA'S 25 MOST POWERFUL BUSINESSPEOPLE
Our list reflects a major power shift in the region, from Japan to China, India,
and beyond.

58 TATA TAKES ON THE WORLD: BUILDING AN AUTO EMPIRE IN INDIA
Chairman Ratan Tata has transformed the company founded by his great-grandfather.
BY ALEX TAYLOR III

66 GOOGLE AND ITS ORDEAL IN CHINA
In a new book, Steven Levy looks at Google's past five years in China窶蚤nd where
it went wrong along the way. A Fortune book excerpt.

72 | BING!

FIRST

8 | BY THE NUMBERS
Texting at 17,060 feet.
BY TARA MOORE

10 | THE CHARTIST
Rising food prices could spell trouble for fast-food chains.
BY ANNE VANDERMEY

12 | CLOSER LOOK
Sailing goes mass market.
BY PAUL V. OLIVA

14 | GUEST COLUMN
Here's how to come up with the political will to deal with the budget deficit.
BY ERSKINE BOWLES AND ALAN SIMPSON

VENTURE
15 | HOW I GOT STARTED

Cheesecake Factory's winning formula.

INTERVIEW BY DINAH ENG

18 | DAVID VS. GOLIATH
Three nimble small businesses challenge the giants.
BY ELAINE POFELDT

TECH

19 | BRAINSTORM: THE FUTURE IS NOW
The voice of a new machine.
BY JESSICA SHAMBORA

20 | TECH@WORK
Social pioneer Ning switches its focus to paying customers.
BY MICHAL LEV-RAM

INVEST

21 | INVESTOR Q&A
Chris Davis makes the case for financial and energy stocks.
BY SCOTT CENDROWSKI

24 | INSIDE WALL STREET
A fund manager uses his skills to research autism.
BY SCOTT CENDROWSKI

Opinion
25 | The hocus-pocus behind Rep. Paul Ryan's proposed Medicare "reform."
BY ALLAN SLOAN

26 | Order from chaos: Why we shouldn't panic over the world's many crises.
BY MICHAEL ELLIOTT

28 | The biggest problem for developing economies: corruption.
BY GEOFF COLVIN

CORRECTIONS

April 11, 2011 Vol. 163 No. 5 / Fortune Asia

40 CHRIS WHITTLE'S PLAN TO MAKE A WORLD-CLASS PRIVATE SCHOOL
His Edison project got mixed grades. But Whittle's new for-profit venture aims
to revolutionize K--12 education.
BY DAVID A. KAPLAN

46 IT'S TIME TO BUY AGAIN
Forget stocks. Don't bet on gold. After four years of plunging home prices, the
most attractive asset class in America is housing.
BY SHAWN TULLY

54 GREEN FORUM
WHAT'S NEXT FOR NUCLEAR POWER?
The Fukushima disaster is raising antinuclear sentiment around the world. But
can society afford to live without this carbon-free energy source? Six experts
weigh in.

64 CAN JAMES GORMAN MAKE MORGAN STANLEY GREAT AGAIN?
He's been CEO of the storied but bruised investment bank for a year. Now all he
has to do is reduce risk and restore profits at the same time.
BY DUFF MCDONALD

72 | BING!

FIRST

14 | BY THE NUMBERS
Russia invests in American steel.
BY DANIEL ROBERTS

16 | CLOSER LOOK
Major League Baseball commissioner Bud Selig: Ready to play ball.
BY DAVID A. KAPLAN

17 | THE CHARTIST
GM's recycling boom.
BY DANIEL ROBERTS

18 | WORLD'S MOST ADMIRED COMPANIES
Oracle's bold moves.
BY SHERIDAN PRASSO

20 | BRAINSTORM
Fixing the mortgage mess.
BY JOHN STUMPF

VENTURE

23 | LEADERSHIP
Looking for new ways to manage your troops? Some tips from New York Philharmonic
conductor Alan Gilbert.
BY JESSICA SHAMBORA

26 | VERNE HARNISH
Five ways to get your strategy right.

TECH

27 | THE PROBLEM WITH MICROSOFT ...
No one questions CEO Steve Ballmer's drive or intentions窶巴ut is his devotion
to the company and its Windows business hurting its ability to innovate?
BY GARY RIVLIN

INVEST

33 | INVESTOR Q&A
John Calamos's quest for growth.
BY MINA KIMES

35 | ANATOMY OF A TRADE
Jerry Jordan is betting on a magical ride at Disney.
BY SCOTT MEDINTZ

36 | WEALTH ADVISER
Taxes: saving money at home.
BY PAUL SULLIVAN

37 | ANALYST FACE-OFF
Is drilling rig operator Diamond Offshore a buy?
BY ANNE VANDERMEY

Opinion

38 | How to tackle the problem of economic inequality without hurting the
recovery.
BY GEOFF COLVIN

39 | The Fed has the authority to curb unemployment. Here's why it shouldn't.
BY BECKY QUICK

CORRECTIONS: In "The Great Online-Radio Race" (March 21, 2011), we misidentified
two executives. Tim Westergren is chief strategy officer of Pandora and Bob
Pittman is chairman of media and entertainment platforms for Clear Channel.
Fortune regrets the errors.

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Photograph by Peter Adams窶濡etty Images

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March 21, 2011 Vol. 163 No. 4 / Fortune Asia / The WORLD'S MOST ADMIRED Companies

29 THE FUTURE OF BOWLING? IT GLITTERS.
A Dallas businessman plans a chain of luxury tenpins clubs窶敗tarting with the
one at his house.
BY PETER ELKIND

32 SEARCHING FOR PROFITS IN PATAGONIA
Warren Adams has an idea for land preservation that actually makes money. Now
he just has to prove it.
BY BRIAN DUMAINE

THE WORLD'S MOST ADMIRED COMPANIES
After the tumult of the recession, our annual survey finds a new world order.
BY GEOFF COLVIN

44 IBM'S SUPER SECOND ACT
CEO Sam Palmisano has restored Big Blue's focus on innovation.
BY JESSI HEMPEL

52 THE NEXT OIL COLOSSUS
Brazil's Petrobras is on track to eclipse Exxon.
BY BRIAN O'KEEFE

61 THE LIST OF INDUSTRY STARS

70 THE BALLAD OF RICHARD JAY CORMAN
This Kentucky railroad baron isn't a household name. But his story is one of
extraordinary success, generosity, grit, and sadness.
BY CAROL J. LOOMIS

10 | EDITOR'S DESK

80 | BING!

FIRST

11 | BY THE NUMBERS
The coming boom in joint replacements.
BY TARA MOORE

12 | THE CHARTIST
The price of an airline ticket: Where the money goes.
BY ANNE VANDERMEY

14 | CLOSER LOOK
Pakistan's richest man speaks.

INTERVIEW BY ISMAT SARAH MANGLA

TECH

17 | FUTURE IS NOW
Motion-sensing technology brings a wave of innovation.
BY MICHAL LEV-RAM

18 | CARS + TECH
The great online-radio race.
BY STEVE KNOPPER

19 | TECH@WORK
Can Nokia and Microsoft win in the workplace?
BY MICHAL LEV-RAM

INVEST

21 | INTERVIEW
Oakmark International's David Herro: Going against the grain to find value
globally.
BY SCOTT CENDROWSKI

24 | ANATOMY OF A TRADE
Pepsi stock provides Rob McIver of the Jensen Fund with the steady performance
he craves.
BY SCOTT CENDROWSKI

25 | INSIDE WALL STREET
Are bigger stock exchanges better?
BY CHRIS REDMAN

Opinion

26 | Don't blame turmoil in the Middle East for the world's oil woes.
BY MICHAEL ELLIOTT

28 | Why a conservative and a liberal governor are singing the same tune.
BY ALLAN SLOAN

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ON THE COVER

Photograph by Jill Greenberg

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February 28, 2011 Vol. 163 No. 3 / Fortune Asia

36 TED FORSTMANN'S BAD BET
Allegations of sports betting and more have cast a pall over the buyout king's
comeback. True or not, it doesn't look good.
BY WILLIAM D. COHAN

44 AMERICA'S HOTTEST EXPORT: WEAPONS
Arms sales to the Middle East are booming. The defense industry's surprising
partner in the race to arm the world? President Obama.
BY MINA KIMES

56 GRADING JEFF IMMELT
The GE chief executive has been at the helm for almost a decade. How has Obama's
jobs council czar done? Not so great by a number of measures.
BY GEOFF COLVIN

64 CONAN 2.0
How a late-night Luddite accidentally fought his way back into bedrooms (and
computers, smartphones, and tablets) across America.
BY DOUGLAS ALDEN WARSHAW

FIRST

7 | BY THE NUMBERS
'Tis the season for dog lovers.
BY DANIEL ROBERTS

8 | WASHINGTON WATCH
Google woos the Republicans.
BY TORY NEWMYER

10 | THE CHARTIST
The secretive process of FDIC receivership has all the makings of a heist flick.
BY DANIEL ROBERTS

11 | THE BRIEFING
The Mongolian tugrik, 2010's best-performing currency; Hollywood product
placement; and more.

12 | WORLD'S MOST ADMIRED COMPANIES
How Amazon made its debut in the top five of Fortune's Most Admired rankings.
BY SCOTT CENDROWSKI

VENTURE

15 | CREATING A CULT BRAND
The secret of the Van Winkle family's success in the bourbon business? Make prize-winning spirits and keep supply really low.
BY BRIAN DUMAINE

18 | DAVID VS. GOLIATH
Three small companies aim to upstage their larger rivals by giving consumers what
they really want.
BY JESSICA SHAMBORA

TECH

19 | TECH STAR
Home dﾃｩcor site One Kings Lane wants to be the Gilt Groupe of throw pillows and
footstools.
BY JESSICA SHAMBORA

22 | TECH TRANSFER
AeroVironment is applying its environmentally friendly research to military
drones.
BY DORON LEVIN

23 | WIRELESS WARS
How to switch to the Verizon iPhone.
BY JESSICA SHAMBORA

INVEST

25 | INVESTOR Q&A
Tom Marsico of Marsico Capital is betting on banks.
BY JON BIRGER

27 | ANATOMY OF A TRADE
Thomas Forester likes Marathon Oil.
BY SCOTT MEDINTZ

28 | WEALTH ADVISER
Now is a great time to grab a second-home bargain.
BY PAUL SULLIVAN

29 | ANALYST FACE-OFF
Is News Corp. worth buying?

INTERVIEWS BY SCOTT CENDROWSKI

72 | BING!

Opinion

30 | Banker Arthur Snyder's life was proof that you can do God's work while also
doing Mammon's.
BY ALLAN SLOAN

32 | We need a new concept of American greatness that relies more on political
ideals than GDP.
BY GEOFF COLVIN

34 | Excessive taxation is a big reason airlines have had so much trouble earning
healthy profits.
BY BECKY QUICK

35 | The largest private equity firms no longer return enough bang for the buck.
BY DAN PRIMACK

February 7, 2011 Vol. 163 No. 2 / Fortune Asia / THE 100 BEST COMPANIES TO WORK
FOR

51 "AN ACCIDENT WAITING TO HAPPEN"
A Fortune investigation into BP's Deepwater Horizon disaster reveals a saga of
hubris and ambition.
By PETER ELKIND and DAVID WHITFORD with DORIS BURKE

28 THE KING OF HOME EQUITY FRAUD
How a con artist manipulated lenders to siphon millions out of the accounts of
homeowners.
BY LUKE O'BRIEN

34 100 BEST COMPANIES TO WORK FOR: UNDERCOVER EMPLOYEE
A day on the job at three Best Companies.
By DAVID A. KAPLAN

43 THE 2011 BEST COMPANIES LIST
These highly rated companies hope to hire more than 150,000 people this year.
By MILTON MOSKOWITZ, ROBERT LEVERING, and CHRISTOPHER TKACZYK

FIRST

10 | BY THE NUMBERS
Is the Southwest all dried up?
BY ANNE VANDERMEY

12 | THE BRIEFING
The best (or worst?) perks of 2010, and more.

13 | THE CHARTIST
Fortune's top networker.
BY JESSICA SHAMBORA

14 | WORLD'S MOST ADMIRED COMPANIES
Nike, the sports juggernaut, dominates its industry.
BY SCOTT CENDROWSKI

16 | BRAINSTORM
A new American energy plan.
BY FREDERICK W. SMITH, CEO, FEDEX

TECH

17 | TECH STAR
Jack Dorsey, the creator of Twitter, has a new bold idea: make accepting a credit
card as easy as sending a tweet.
BY MICHAL LEV-RAM

INVEST

21 | INVESTOR Q&A
Richard Gao of the Matthews China Fund is betting on the consumer.
BY KATIE BENNER

23 | WEALTH ADVISER
Transfer great wealth to your heirs tax-free窶背hile you're still alive.
BY PAUL SULLIVAN

24 | ANALYST FACE-OFF
Netflix's stock has tripled in a year. Will it go higher?

INTERVIEWS BY SCOTT MEDINTZ

Opinion

25 | The government's rescue of GMAC has left its old shareholders with a
multibillion-dollar windfall.
BY ALLAN SLOAN

26 | History doesn't have to miserably repeat itself. This year, there's much
to look forward to.
BY MICHAEL ELLIOTT

27 | The commodities crunch is corporate America's dirty little secret.
Inflationary pressure is creeping in.
BY BECKY QUICK

8 | EDITOR'S DESK

72 | BING!

ON THE COVER: Photograph by Fredrik Broden.

[IMAGES]

ILLUSTRATION:ﾂCarl DeTorres

SIX PHOTOS

In this issue
January 17, 2011 Vol. 163 No. 1 / Fortune Asia

31 DIARY OF AN ELECTRIC COMMUTER
Living with Nissan's charming Leaf is a journey from range anxiety to energy
smugness to charging perplexity.
BY SUE CALLAWAY

34 ON HISTORY'S STAGE: CHIEF JUSTICE JOHN ROBERTS JR.
As the youngest leader of the high court in two centuries, he has the energy,
the intellect窶蚤nd the votes窶杯o reshape our world.
BY ROGER PARLOFF

50 WHAT THE HELL IS GOING ON WITH TV?
Google TV. Xbox. Apple TV. Roku. All these gadgets promise to make television
more like the web. There's just one problem: None of them are ready for primetime.
BY JESSI HEMPEL

58 P&G'S NEW MISSION: MAKE MONEY IN PLACES WHERE PEOPLE EARN $2 A DAY
As Western companies duke it out for a piece of the developing-markets pie,
Procter & Gamble is courting not just the newly rich but also the very poor.
BY JENNIFER REINGOLD

64 THE NORTH CAROLINA POWER GRAB
The battle between a rural county and giant Alcoa over rights to the company's
dams.
BY KEN OTTERBOURG

7 | EDITOR'S DESK

72 | BING!

FIRST

8 | BY THE NUMBERS
When crime pays.
BY JESSICA SHAMBORA

10 | WASHINGTON WATCH
The big political player you've never heard of.
BY TORY NEWMYER

12 | THE BRIEFING
The great light bulb war, our communist founding fathers, and more.

14 | THE CHARTIST
Where the BCS bowl money goes.
BY DANIEL ROBERTS

TECH

15 | BRAINSTORM
Sun spots: Solar power across the nation.
BY SHELLEY DUBOIS

16 | TECH@WORK
Intel's sunny vision for the cloud.
BY MICHAL LEV-RAM

18 | MOBILITY
Phil Falcone hedges his mobile bet.
BY SCOTT WOOLLEY

INVEST

19 | HOW A BRIDGE CHAMP BEATS THE MARKET
Brad Moss uses his gaming skills to make his hedge fund prosper.
BY ADAM LASHINSKY

21 | ANALYST FACE-OFF
Mexican food chain Chipotle's stock is hot. Can it keep sizzling?

INTERVIEWS BY SCOTT CENDROWSKI

VENTURE

23 | GOLDMAN'S GIFT
In late 2009, the pilloried bank launched a half-billion-dollar program to help
entrepreneurs in distressed communities. Was it real?
BY RICHARD MCGILL MURPHY

26 | VERNE HARNISH
Five business myths to ditch now.

27 | HOW I GOT STARTED
Fred Carl Jr., the creative spark behind the Viking oven.

INTERVIEW BY DINAH ENG

Opinion

28 | Next time a slick salesman like Bush or Obama tells you how much he'll save
you in taxes, be skeptical.
BY ALLAN SLOAN

29 | Risk taking got us into this mess. But unless we embrace risk taking again,
we face a darker prospect.
BY NINA EASTON

30 | David Stockman is back and criticizing tax cutters. Why should we listen
to a man with his track record?
BY DAN PRIMACK

+ FORTUNE.COM

Everything we know, the minute we know it.

ON THE COVER

Photograph by Benjamin Lowy

[IMAGES]

TEN PHOTOS

TWO ILLUSTRATIONS

December 27, 2010 Vol. 162 No. 10 /
Fortune Asia / SPECIAL ISSUE / INVESTOR'S GUIDE 2011

INVESTOR'S GUIDE 2011

10 BEST STOCKS FOR 2011 30 Investor fear has made for some surprising bargains.
By Jon Birger

STRATEGY SESSION 42 Five top money managers offer advice on where to invest.

Interview by Geoff Colvin

GOLD FEVER 50 Everybody's catching it. A dispatch from the zone of contagion.
By Paul Keegan

THE MEGAMIND OF MIAMI 62 Meet the star founder of the $18 billion Fairholme Fund.
By Scott Cendrowski

THE DANGER IN BONDS 72 With bonds moving into bubble territory, here's how to
adjust your strategy.
By Shawn Tully

STOCKS FOR A CLEAN PLANET 85 After the downturn, it might be a great time to buy
green shares.
By Brian Dumaine

12 | EDITOR'S DESK

88 | BING!

FIRST

13 BY THE NUMBERS THE BIG BOARD IN 1962.
By Anne Vandermey

14 CLOSER LOOK THE DEATH TAX SPRINGS BACK TO LIFE.
By Michael V. Copeland

18 THE BRIEFING GARY WINNICK REBUILDS, CURE FOR A STRESSED NATION, AND MORE.

TECH

21 VIDEOGAMING'S ONLINE EXPLOSION ACTIVISION BLIZZARD'S INTERNET VENTURE.
By Stephanie N. Mehta

OPINION

28 A MODEL DIVIDEND POLICY THE FEDS AND BIG BANKS SHOULD PAY ATTENTION.
By Allan Sloan

CORRECTION

In "Sing Happy Birthday, Pay Up" (First, Nov. 15), we wrote that Justin Bieber
was paid for an American Cancer Society ad. He volunteered his time.

+ FORTUNE.COM Everything we know, the minute we know it.

ON THE COVER: Photograph by TOM SCHIERLITZ

December 6, 2010 Vol. 162 No. 9 / Fortune Asia / The 2010 BUSINESS PERSON of the
YEAR

46 BRAND-NEW GUMSHOE
Jules Kroll invented the modern corporate investigations industry. Now his son
Jeremy wants to bring it into the 21st century.
BY DUFF MCDONALD

50 BUSINESSPERSON OF THE YEAR
REED HASTINGS: LEADER OF THE PACK
The secret to the Netflix CEO's success? He never stops looking over his shoulder
BY MICHAEL V. COPELAND

60 THE LIST: 2010'S TOP PEOPLE IN BUSINESS
What does it take to be at the top in business in these times? The ability to
create opportunities out of turmoil.
BY PETER NEWCOMB

76 CHANOS VS. CHINA
The influential short-seller is betting that China's economy is about to implode
in a spectacular real estate bust. A lot of people are hoping that Chanos is wrong.
BY BILL POWELL

12 | EDITOR'S DESK

14 | LETTERS

86 | BING!

FIRST

15 | BY THE NUMBERS
Holiday hope?
BY DANIEL ROBERTS

16 | CLOSER LOOK
Narco-terror and U.S. business.
BY SCOTT CENDROWSKI

18 | THE CHARTIST
All about gift cards.
BY JESSICA SHAMBORA

20 | BRAINSTORM
How seven executives, from Jeff Immelt to Ursula Burns to Chad Holliday, hope
to work with the feds to create a green economy.
BY BRIAN DUMAINE

22 | EDUCATION
School reform: One size can't teach all.
BY DAVID A. KAPLAN

25 | PURSUITS
Fortune's 2010 gift guide: What the bosses are giving.
BY KATE FLAIM

TECH

31 | THE FUTURE IS NOW
Building a better golf club.
BY JESSICA SHAMBORA

32 | TECH STAR
Frog Design's Jan Chipchase: Technology's roving R&D man.
BY JESSI HEMPEL

34 | VALLEY TALK
Kleiner Perkins gets its digital groove back on.
BY ADAM LASHINSKY

INVEST

39 | SHOPPING FOR TECH
Big companies have started spending money on information technology again. Who
will be the big winners in the new replacement cycle?
BY JOHN CURRAN

42 | ANATOMY OF A TRADE
David Winters is still sweet on Nestlﾃｩ's stock.
BY SCOTT MEDINTZ

Opinion

44 | Is the bipartisan debt-reduction commission for real? Here are four easy
ways to find out.
BY GEOFF COLVIN

45 | The U.S. isn't falling behind. The rest of the world is just catching up.
Get over it.
BY MICHAEL ELLIOTT

+ FORTUNE.COM

Everything we know, the minute we know it.

ON THE COVER

Photograph by Gregg Segal

[IMAGES]

SEVEN PHOTOS

TWO ILLUSTRATIONS

November 15, 2010 Vol. 162 No. 8 / Fortune Asia

88 BOOK EXCERPT
COUNTRYWIDE: HOW THE ROOF FELL IN
CEO Angelo Mozilo saw a subprime mortgage crisis coming窶破ust not for his own
company. From the new book All the Devils Are Here.
BY BETHANY MCLEAN AND JOE NOCERA

94 THE DREAM PHONE
The soon-to-be-unveiled Verizon iPhone is the answer to many consumers' prayers.
But a deal with Apple will test the company that Ivan Seidenberg has spent his
career building.
BY SARAH ELLISON

103 WHERE ARE THEY NOW?
They once made headlines. Now they thrive behind the scenes. Fortune catches up
with business leaders who shook things up, from "Chainsaw Al" to "Unruly Julie."

114 THE PATRIOT
Robert Kraft has turned the New England Patriots into a football juggernaut. Now
all he has to do is save the NFL.
BY WILLIAM D. COHAN

FIRST

8 | BY THE NUMBERS
Container city.
BY BETH KOWITT

12 | CLOSER LOOK
Where Michael Dell is winning.
BY KATIE BENNER

15 | THE BRIEFING
Bambi vs. the American motorist, a kinder, gentler Goldman, and more.

16 | THE CHARTIST
Annals of toilet tissue: When less is ... less?
BY BETH KOWITT

18 | BRAINSTORM
Electricity storage窶把an it work?
BY BRIAN DUMAINE

20 | EDUCATION
How the documentary Waiting for "Superman" misses.
BY DAVID A. KAPLAN

25 | PURSUITS
The best new business hotels.
BY DIANE TEGMEYER AND SARA HENRICHS

TECH

29 | VISIONARIES
Developer and two-time space tourist Charles Simonyi has a far-out plan to change
the way software is made.
BY ADAM LASHINSKY

32 | PERSONAL TECH
A gizmo maker's logical move upmarket.
BY MICHAEL V. COPELAND

INVEST

35 | IS GOLDMAN A DINOSAUR?
Goldman Sachs claims it can still deliver big returns. But new post-crisis rules
mean it can't operate the way it used to. The surprise: There may be hope for
investors.
BY SHAWN TULLY

VENTURE

42 | BIOTECH PIONEERS
How two unlikely partners plan to unleash China's young pharma industry.
BY BILL POWELL

Opinion

47 | Want to get away with murder? Become a bank. If a bank screws up bigtime,
all it gets is a do-over.
BY ALLAN SLOAN

50 | It's the ultimate economic experiment: Europe's cutting vs. America's
spending. Who's right?
BY GEOFF COLVIN

6 | LETTERS

122 | BING!

+ FORTUNE.COM

Everything we know, the minute we know it.

ON THE COVER

Photo illustration by Matt Mahurin