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November 1, 2010 Vol. 162 No. 7 / Fortune Asia / 40 Under 40

42 WHY CAN'T WASHINGTON MAGICALLY FIX THE ECONOMY?
The nation has suffered a financial trauma, and it will take years to get healthy
again. Policymakers just won't admit it in public.
BY ALLAN SLOAN AND TORY NEWMYER

52 40 UNDER 40

40 UNDER 40 PORTFOLIO
The networkers, the merchant, the economist, the trader窶杯hese are stars who have
achieved a remarkable amount at a very early age.
PHOTOGRAPHS BY JEFF MINTON

61 THE LIST
Our annual list of the most influential young people in business. Get ready to
feel old.
PLUS: Wall Street's young guns.

70 CHINA CHARGES INTO ELECTRIC CARS
Faced with scarce oil supplies and polluted cities, Beijing has ordered its
booming auto industry to make a great leap forward in technology.
BY BRIAN DUMAINE

10 | LETTERS

78 | BING!

FIRST

13 | BY THE NUMBERS
The migrant economy.
BY JESSICA SHAMBORA

14 | CLOSER LOOK
Catching up with Jamie Dimon.
BY DUFF MCDONALD

16 | THE POWER OF WOMEN
Fortune's annual Most Powerful Women Summit, this year in Washington, D.C.

18 | THE BRIEFING
Mﾃｶtley Crﾃｼe, courtesy of BP; GM staffs up; and more.

20 | EDUCATION
Death to the SAT!!!
BY DAVID A. KAPLAN

23 | PURSUITS
Skiing goes digital.
BY SCOTT CENDROWSKI

TECH

25 | VISIONARIES
BigChampagne's Eric Garland thinks he has a better music chart.
BY STEVE KNOPPER

28 | TECH@WORK
Cisco's online video gamble.
BY JON FORTT

29 | TECH STAR
Frank Quattrone is back with a new firm and big deals.
BY MINA KIMES

INVEST

31 | HOW TO PLAY THE TAKEOVER GAME
Companies are buying again, creating opportunity for investors who can sniff out
the next targets.
BY SCOTT CENDROWSKI

34 | ANATOMY OF A TRADE
Why Bill Fries is buying Canon's stock.
BY MINA KIMES

Opinion

36 | In business, regulatory uncertainty means that leaders are afraid to act.
BY GEOFF COLVIN

38 | Can the Chinese government really mandate creativity and innovation?
BY MICHAEL ELLIOTT

+

39 | FALLEN ANGELS
Fortune 500 Series: Lessons from three companies that dropped off the Fortune
500.
BY MARC GUNTHER

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ON THE COVER

Photograph by Jeff Minton

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October 18, 2010 Vol. 162 No. 6 / Fortune Asia / the 50 MOST POWERFUL WOMEN issue

A power shift toward the board is leaving a leadership vacuum at many publicly traded companies. Here, a new governance model.
BY RAM CHARAN AND GEOFF COLVIN

61 TURKISH TAFFY RETURNS
Just in time for the baby boomers' second childhood, the Bonomo candy bar is back on store shelves.
BY SCOTT CENDROWSKI

66 50 MOST POWERFUL WOMEN
OPRAH'S NEXT ACT
The queen of all media is risking everything to launch a TV network. Will Oprah's biggest gamble pay off?
BY PATRICIA SELLERS

74 THE 2010 LIST
BY JESSICA SHAMBORA AND BETH KOWITT

PLUS: The highest-paid women in business, and the most powerful women in Washington.

80 FACEBOOK'S FRIEND IN RUSSIA

DST's Yuri Milner makes big bets on social networking companies and brings new clout窶蚤long with a mysterious oligarch backer窶杯o Silicon Valley.
BY JESSI HEMPEL

10 | LETTERS

92 | BING!

FIRST

12 | BY THE NUMBERS
Digging for jobs.
BY SCOTT CENDROWSKI

16 | CLOSER LOOK
VW's grand plan.
BY ALEX TAYLOR III

18 | ENTERPRISE
China's best new cities for business.
BY SCOTT OLSTER

21 | THE BRIEFING
From B-school to begging, how to smell like an ironman, and more.

22 | THE CHARTIST
Louisville flies high.
BY ALEX KONRAD

24 | EDUCATION
Climate science under attack.

DAVID A. KAPLAN

TECH

26 | THE FUTURE IS NOW
The science behind Gorilla Glass, used for damage-resistant displays.

29 | TECH STAR
When Pacific Biosciences CEO Hugh Martin learned he had cancer, he did the unimaginable. He revealed everything.
BY MICHAEL V. COPELAND

INVEST

37 | THE $6 TRILLION OPPORTUNITY
The emerging-markets infrastructure boom is just getting started. Here's how to play it.
BY MINA KIMES

41 | ANALYST FACE-OFF
Shares of Gap have slumped by 14% over the past year. Can they recover?

INTERVIEWS BY SCOTT CENDROWSKI

Opinion

43 | Will prosperous pensioners be the target of the next populist storm?
BY NINA EASTON

44 | Politics! Infighting! Gridlock! Welcome to the newly democratic corporate boardroom.
BY BECKY QUICK

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ON THE COVER

Photograph by Brigitte Lacombe

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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

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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

September 6, 2010 Vol. 162 No. 4 / Fortune Asia

38 INSIDE TRADER JOE'S
America's hottest retailer is also notoriously hush-hush. Fortune uncovers the
secrets of its success.
BY BETH KOWITT

46 WHY J&J'S HEADACHE WON'T GO AWAY
Once praised for setting the standard in crisis management, the health care giant
is reeling from a stream of recalls. An inquiry into what went wrong窶蚤nd why
it isn't getting better.
BY MINA KIMES

60 FORTUNE'S 100 FASTEST-GROWING COMPANIES RISING STARS
They may not be the next Starbucks, but here are three companies with a bright
future.
BY RICHARD MCGILL MURPHY

67 THE 2010 LIST OF RAPID GROWERS
Our collection of rising phenoms reveals who窶蚤nd what窶琶s succeeding even in a
stagnant economy.

76 DICK FULD IN EXILE
Already lampooned and vilified, the former Lehman Brothers CEO now faces
investigation and maybe a cash crunch. No wonder he's working so hard.
BY WILLIAM D. COHAN

8 | EDITOR'S DESK

84 | BING!

FIRST

9 | BY THE NUMBERS
The Empire State Building gets a green makeover.
BY SCOTT CENDROWSKI

10 | THE CHARTIST
Building a faster, cheaper startup: The growing power of technology and social
media has made starting a business easier than ever.
BY JESSI HEMPEL AND BETSY FELDMAN

12 | WASHINGTON WATCH
Meet the pro-business Democrats, who have run afoul of their party's liberal wing.
That's a good thing for Nancy Pelosi.
BY TORY NEWMYER

14 | THE BRIEFING
The official Lost memorabilia auction, the highs and lows of hemp, and more.

TECH

17 | BRAINSTORM TECH 2010
For the executives and entrepreneurs at Fortune's annual technology summit窶罵ike
Xerox CEO Ursula Burns (above)窶杯he forecast calls for growth.

19 | VISIONARIES
Always ahead of his time, Flipboard's Mike McCue builds products that make tech
easier, whether consumers are ready for them or not.
BY MICHAEL V. COPELAND

INVEST

23 | FINDING TODAY'S INVESTING BUBBLES
Even after multiple crashes, investors still tend to pile into overheated sectors.
Where are the biggest risks today?
BY STEPHEN GANDEL

Opinion

26 | One hundred thousand transistors cost less than a grain of rice. Here's why
that matters.
BY GEOFF COLVIN

28 | Guess who's embracing a carbon tax? The answer (hint: think red, not green)
may surprise you.
BY NINA EASTON

31 | BILL GATES' FAVORITE TEACHER
The homemade tutorials of the one-man Khan Academy are sparking a revolution.
BY DAVID A. KAPLAN

34 | CHRYSLER'S SPEED MERCHANT
CEO Sergio Marchionne is racing to fill a dry product pipeline.
BY ALEX TAYLOR III

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In this issue
August 16, 2010 Vol. 162 No. 3 / Fortune Asia

42 GOOGLE: THE SEARCH PARTY IS OVER
The company is still growing at rates others would kill for. But its core business
is slowing, and its stock is down. Can Google find its footing in this brave new
world?
BY MICHAEL V. COPELAND, WITH SETH WEINTRAUB

50 CAREERS
BUILDING YOUR BRAND (AND KEEPING YOUR JOB)
In a shaky economy, personal branding is supposed to build a measure of employment
security. It can窶巴ut there's a right way to do it.
BY JOSH HYATT

56 BUFFETT'S MR. FIX-IT
When a Berkshire Hathaway business needs help, it's often David Sokol who gets
the call. His latest assignment: NetJets.
BY BRIAN DUMAINE

64 THE NEW FORCE ON WALL STREET
Upstart investment banks are taking business and bankers from battered larger
competitors. The hottest boutique, Evercore, is grabbing a growing share of the
biggest deals.
BY SHAWN TULLY

68 FORTUNE 500 SERIES
THE MAKING OF A FUTURE 500 COMPANY
Smucker's secret ingredient for growth? Keeping the business in the family.
BY MARC GUNTHER

72 | BING!
FIRST

5 | BY THE NUMBERS
Logging for dollars in Madagascar.
BY MELANIE LINDNER

6 | CLOSER LOOK
The secondary market in private equity is on fire, thanks to Antoine Drﾃｩan's
Triago.
BY SHAWN TULLY

8 | THE CHARTIST
Hurricane season is here, and Home Depot is primed and ready.
BY BETSY FELDMAN

10 | 100 BEST COMPANIES
American Express focuses on making life better for its employees窶蚤nd that in
turn means happier customers.
BY CHRISTOPHER TKACZYK

14 | WORLD'S MOST ADMIRED COMPANIES
One of the banking industry's rare success stories, Northern Trust is a banker
to the wealthy.
BY SCOTT CENDROWSKI

TECH

17 | THE FUTURE IS NOW
California startup BAT helps marketers connect with sports talent and then
digitally place their images into ads.
BY PAUL KEEGAN

18 | HAS INTEL FINALLY MET ITS MATCH?
Nvidia CEO Jen-Hsun Huang thinks Intel is a bully. And he's going to court to
prove it.
BY ROGER PARLOFF

INVEST

20 | THE RETURN OF THE IPO
After a two-year freeze, there's been a resurgence in initial public offerings.
Should investors be celebrating?
BY TIM GRAY

22 | FACE-OFF
Berkshire Hathaway shares have risen 20% in 2010. Two analysts argue about whether
they can keep chugging along.
INTERVIEW BY SCOTT CENDROWSKI

22 | BOTTOM FEEDER
Office Depot's shares have dropped 89% since early 2007, but now hedge fund stars
Steve Cohen and Lee Ainslie and others are buying in.
BY SCOTT CENDROWSKI

27 | THE NEXT JETBLUE
Former JetBlue CEO David Neeleman's new airline in Brazil.
BY PATRICIA SELLERS

32 | C-SUITE
CEO Randall Stephenson on AT&T's big bet on mobile窶蚤nd more.
BY GEOFF COLVIN

40 | VISIONARIES
Philanthropist Carol Goss won't give up on Detroit's schools.
BY STEVEN GRAY

Opinion

23 | How KKR lives the tax dream that you can only ... well, dream of.
BY ALLAN SLOAN

24 | The U.S. isn't alone: High unemployment rates are the new global reality.
BY MICHAEL ELLIOTT

26 | The Dodd-Frank bill: Is it true financial reform or regulatory "kick the
can"?
BY BECKY QUICK

CORRECTIONS: In "Safe or Sorry" (First, July 26), Highline Data provided Fortune
with the incorrect figure for the total amount of direct premiums written by U.S.
insurance companies for commercial property in 2009. The figure is $76 billion,
not $475 billion. In "The 10 Smartest People in Tech" (July 26), we incorrectly
stated that Mary Meeker is 52 years old. She is 50. Also, in "Why You Need a Career
Curator" (July 5), we misspelled the name of Mary Ellen Slayter, senior editor
at SmartBrief. Fortune regrets the errors.

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Everything we know, the minute we know it.

ON THE COVER

Illustration by Joe Zeff Design

[IMAGES]

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ILLUSTRATION

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July 26, 2010 Vol. 162 No. 2 / Fortune Asia / Global 500 / THE WORLD'S LARGEST
CORPORATIONS

68 DANGEROUS LIAISONS AT IBM
How a star executive's love affair ensnared him in the biggest hedge fund
insider-trading ring ever.
BY JAMES BANDLER, WITH DORIS BURKE

80 BRAINSTORM TECH
TEN SMARTEST PEOPLE IN TECH
What constitutes tech savvy today? Intellect, ambition, and the ability to see
around corners. Some of our choices may surprise you.
BY JESSI HEMPEL AND BETH KOWITT

98 FORTUNE GLOBAL 500
THE WORLD'S NEW ECONOMIC LANDSCAPE
This year's companies know how to do business anytime, anywhere, with any
customer.
BY MARC GUNTHER

106 HOW TOYOTA LOST ITS WAY
Conquering the auto market, the company didn't globalize. It colonized. No wonder
it couldn't hear cries of alarm.
BY ALEX TAYLOR III

THE LIST

F--1 The World's Largest Corporations

F--11 Arrivals and Departures

F--12 Notes

F--13 Company Performance

F--15 Ranked Within Countries

F--21 Index

140 | BING!

FIRST

18 | BY THE NUMBERS
Safe or sorry?
BY BETH KOWITT

22 | CLOSER LOOK
Media vs. Chevron: Bring it on.
BY ALEX KONRAD

24 | THE CHARTIST
When allergies attack.
BY MELANIE LINDNER

26 | 40 UNDER 40
Omar Hamoui's startup sparked a bidding war between Google and Apple.
BY JESSI HEMPEL

28 | WORLD'S MOST ADMIRED COMPANIES
SABMiller, the second-largest brewer.
BY SCOTT CENDROWSKI

30 | THE BRIEFING
Sizing up Meg vs. Carly, a stock-car stock fund hits the wall, a summer greed
read, and more.

32 | PURSUITS
The new power watches.
BY SUE CALLAWAY

INVEST

34 | INTERVIEW
Billionaire investor T. Boone Pickens talks about the impact of the BP spill and
the buying opportunity he sees in oil shares.
BY KATIE BENNER

36 | ANATOMY OF A TRADE
Bill Nygren votes for the Comcast deal.
BY TIM GRAY

Opinion
40 | Why free trade matters: Breaking down barriers equals more U.S. manufacturing
jobs.
BY NINA EASTON
42 | Don't believe the populist hype. The government bailouts were the right thing
to do.
BY BECKY QUICK

CORRECTION: In "The Top Picks From 25 Great Investors" (June 14), we incorrectly
stated that Nektar Technologies sells specially modified drugs; in fact, Nektar
partners with other companies, which then sell the Nektar-modified drugs. And
in "Shelling Out for Coconut Water" (The Briefing, June 14), we presented market
share numbers for the coconut water industry as fact. They were, however,
estimates by an industry expert. Fortune regrets the errors.

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July 5, 2010 Vol. 162 No. 1 / Fortune Asia

44
THE $600 BILLION CHALLENGE
Bill Gates, Melinda Gates, and Warren Buffett are asking the nation's
billionaires to pledge at least half their net worth to charity. Their campaign
could change the face of philanthropy.
BY CAROL J. LOOMIS
PLUS: Warren Buffett's philanthropic pledge, and Bill Gates' life after
Microsoft.

56
GLOBAL FORUM SPECIAL
THE NEW GLOBAL OPPORTUNITY
Post-recession, you might be tempted to focus on your home market. But there's
never been a better time to scour the world for innovation and profit.
BY MICHAEL ELLIOTT

62
INSIDE AN AMERICAN DYNASTY
Jon Meade Huntsman Sr. has built two empires: an eponymous chemical company and
a large family that spans three continents and holds power positions in business
and politics. But can the sons live up to the patriarch's swashbuckling legend?
Do they want to?

BY NINA EASTON

72
FORTUNE 500 SERIES
UNION PACIFIC: "BUILDING AMERICA"
Recent woes aside, the nation's largest railroad remains a rock-solid business.
Here's how the UP's chief executive does it.
BY MARC GUNTHER

8 | LETTERS

76 | BING!

FIRST

11 | BY THE NUMBERS
Abu Dhabi's Ferrari World.
BY SCOTT CENDROWSKI

12 | CLOSER LOOK
The gulf cleanup: Who's cleaning up.
BY SCOTT CENDROWSKI

13 | THE BRIEFING
The Prime Minister's alpha-capitalist ancestor, microlending in Omaha, and more.

14 | WORLD'S MOST ADMIRED COMPANIES
Food giant Nestlﾃｩ.
BY BETH KOWITT

16 | BRAINSTORM GREEN
Lighting up Africa.
BY BRIAN DUMAINE

TECH

19 | THE FUTURE IS NOW
Making hybrids hum窶背ith synthetic car noises.

20 | VISIONARIES
Pandora founder Tim Westergren rocks the music business.
BY MICHAEL V. COPELAND

22 | TECH STAR
Ford chairman Bill Ford has a surprising side project: funding ideas that could
ease car congestion.
BY MICHAEL V. COPELAND

CAREER

24 | THE WAY WE WORK
Is your in-box jammed with networking blasts, trade group info, and random
blather? You may need a career curator.
BY VICKIE ELMER

INVEST

27 | HOW TO RIDE AN UP-AND-DOWN MARKET
Volatility is rocking stocks. But there are ways to profit from that discomfiting
trend.
BY ADAM LASHINSKY

Opinion

29 | You've seen the reaction to the Deepwater Horizon spill. Now get ready for
the overreaction.
BY ALLAN SLOAN

30 | Where are the perp walks and the jail terms? Why prosecutors are going easy
on Wall Street.
BY BECKY QUICK

32 | C-SUITE STRATEGIES
The king of water: Nalco chief executive Erik Fyrwald on the BP cleanup, how he
motivates his customers, and more.

INTERVIEW BY GEOFF COLVIN

38 | THE MILLIONAIRE BOYS' BANK
A group of Merrill alumni and other bigwigs have founded a private bank, to provide
good service窶蚤nd profits.
BY CAROL J. LOOMIS

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June 14, 2010 Vol. 161 No. 8 / Fortune Asia / Special investor's issue

44 OUR 2010 RETIREMENT GUIDE: YOU CAN STILL WIN
Are you worried? It's time for a new plan.
BY GEOFF COLVIN

48 THE TOP PICKS OF 25 GREAT INVESTORS
PLUS: Three undiscovered mutual funds.
INTERVIEW: T. Rowe Price chairman Brian Rogers: You can bet on the recovery.

62 THE SENATOR WHO WANTS TO SAVE YOUR RETIREMENT
Herb Kohl is working to fix target-date funds.
BY KATIE BENNER

66 ROBERT ARNOTT'S MAGIC FORMULA
His new approach to indexing has trounced the markets. How does he do it?
BY SHAWN TULLY

75 BRAZIL AND INDIA EMERGE
Where to invest when so many markets are uncertain.
BY TIM GRAY

78 FIVE GREAT PLACES TO RETIRE
With prices falling, now could be the time to score a sweet second home.
BY BETH KOWITT AND MELANIE LINDNER

10 | EDITOR'S DESK

11 | LETTERS

84 | BING!

FIRST

13 | ON TO THE NEXT THING
Retired, but the music never stops.
BY BRAD NELSON

14 | CLOSER LOOK
Web 2.0: The party's over.
BY JESSI HEMPEL

16 | WORLD'S MOST ADMIRED COMPANIES
Singapore Airlines.
BY SCOTT CENDROWSKI

18 | EDUCATION
The math and science challenge.
BY DAVID A. KAPLAN

20 | BRIEFING
Cuckoo for coconut water, the risks of remote working, and more.

22 | PURSUITS
The ultimate outdoor grill.
BY SHIVANI VORA

24 | BRAINSTORM GREEN
A motorcycle on a mission.
BY BRIAN DUMAINE

TECH

25 | THE FUTURE IS NOW
Touchscreens touch back: Haptic technology uses vibrations to provide feedback to users.

26 | TECH @ WORK
With the economy growing, CEOs want chief information officers to help with marketing and sales. Let's see if the techies are ready to step up.
BY JON FORTT

28 | TECHMATE
Facebook for business: Can a corporate "social" network really help employees get their work done?
BY JON FORTT AND MICHAEL V. COPELAND

CAREER

29 | THE WAY WE WORK
Many senior-level job seekers spend hours a day applying for positions on the major online job boards窶俳nly to get little feedback and fewer offers. Here's why.
BY JENA MCGREGOR

32 | COACHING
I retired. Now how do I unretire? Expert advice from Ken Dychtwald.
INTERVIEW BY BETH KOWITT

34 | FIELD TEST
Hiring, firing, motivation, management: We covered all of that in my two days at the training arm of Zingerman's, the famous deli in Ann Arbor.
BY VICKIE ELMER

36 | 100 BEST COMPANIES TO WORK FOR
REI is one of the most progressive companies around when it comes to gay employees.
BY CHRISTOPHER TKACZYK

Opinion

40 | Worried about the violent swings in the stock market? Here's the advice I give my own family.
BY ALLAN SLOAN

42 | A fresh look at immigration: What happens when the "best and brightest" leave home?
BY MICHAEL ELLIOTT

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In this issue
May 24, 2010 Vol. 161 No. 7 / Fortune Asia

34 HOW TO REALLY FIX WALL STREET
The Washington debate has turned as toxic as the securities that sank the economy.
Here are six simple steps to help do the job right.
BY ALLAN SLOAN WITH DORIS BURKE

40 THE KING OF THE SPORTS DEAL
Steve Greenberg is the son of baseball Hall of Famer Hank Greenberg. He also
happens to be the biggest rainmaker in sports.
BY DAVID WHITFORD

50 AMERICAN MADE ... CHINESE OWNED
Companies from China are spending billions to build factories in the U.S.窶蚤nd
creating new jobs for American workers.
BY SHERIDAN PRASSO

58 FORTUNE 500 SERIES
SEEDS OF DISCORD
The most important biotech gene is about to go off patent. Monsanto, DuPont,
farmers, and the Justice Department are squaring off in a battle over the future
of the world's food supply.
BY ROGER PARLOFF

68 THE TEMPTATION OF FACEBOOK
For his new book, The Facebook Effect, Fortune contributor David Kirkpatrick
gained rare access to the company and CEO Mark Zuckerberg. In this excerpt,
Kirkpatrick reveals Zuckerberg's turmoil as he resisted billion-dollar offers
from a parade of moguls.

8 | LETTERS

76 | BING!

FIRST

9 | BY THE NUMBERS
Ultimate kickoff: the 2010 World Cup.
BY SCOTT CENDROWSKI

10 | THE CHARTIST
CSI: Wall Street窶杷inding the smoking-gun documents.
BY SCOTT CENDROWSKI

12 | EDUCATION
Apps 101, the hot course on campus: New computer classes help students cash in
on Apple's products.
BY DAVID A. KAPLAN

14 | WORLD'S MOST ADMIRED COMPANIES
Top performer New York Life.
BY BETH KOWITT

TECH

17 | STAR TECH
"Deal a day" websites are changing the way we shop窶蚤nd raising tons of venture
capital. Discounter Groupon is leading the way.
BY JESSI HEMPEL

18 | TECH MATE
Will online video rock the workplace? Our senior tech writers discuss.
BY JON FORTT AND MICHAEL V. COPELAND

INVEST

21 | INTERVIEW
Already revered as a market sage, Oaktree Capital chairman Howard Marks added
to his legacy by profiting during the crisis. Here's his outlook now.
BY MINA KIMES

24 | ANATOMY OF A TRADE
Noted mutual fund manager Mario Gabelli recently bought 800,000 shares of utility
National Fuel Gas as a cheap way to play America's energy future.

INTERVIEW BY MINA KIMES

VENTURE

27 | BATTLE OF THE BUSINESS PLANS
With a record-setting $1 million in prizes at stake, student entrepreneurs
competing at Rice University are determined to make the grade.
BY JOSH HYATT

Opinion

32 | Much-maligned big banks can gain Main Street cred by lending to small business
again.
BY BECKY QUICK

33 | How Obama plans to pay for his agenda: a little tax here and a little tax
there. It adds up fast.
BY NINA EASTON

47 | ASSIGNMENT DETROIT
A Michigan success story: Can Detroit learn from Grand Rapids' turnaround?
BY ALEX TAYLOR III

ON THE COVER

Photo illustration by Sean McCabe

[IMAGES]

TEN PHOTOS

TWO ILLUSTRATIONS

In this issue
May 3, 2010 Vol. 161 No. 6 / Fortune Asia / FORTUNE 500
FORTUNE 500

42 / PROFITS BOUNCE BACK
The companies on this year's list cut costs so deeply that earnings soared.
BY SHAWN TULLY

46 / CAN ELLEN KULLMAN RESTORE DUPONT'S FADED LUSTER?
The CEO promises to jolt profits.
BY CAROL J. LOOMIS

54 / THE DIRECTORS
Fortune takes you inside six boardrooms at the heart of the U.S. economy.

PHOTOGRAPHS BY GREGG SEGAL

REPORTING BY JESSICA SHAMBORA

66 / THE OTHER GUY YOU NEED TO KNOW AT J.P. MORGAN
Could investment-banking head Jes Staley succeed Jamie Dimon one day?
BY DUFF MCDONALD

F--1 / THE 500 LARGEST U.S. CORPORATIONS

F--27 / NOTES, DEFINITIONS, AND EXPLANATIONS

FIRST

15 | BY THE NUMBERS
Planet Wal-Mart.
BY DORIS BURKE

20 | CLOSER LOOK
Wells Fargo to the feds: Thanks for nothing.
BY ADAM LASHINSKY

22 | EDUCATION
Berea College's dilemma.
BY DAVID A. KAPLAN

24 | THE BRIEFING
Mood and market volatility, Merlot's moment, and more.

INVEST

27 | INTERVIEW
Goldman fund chief Eileen Rominger says a modest economic recovery will boost U.S. stocks and believes bonds will do well too. But she's crazy about China, Brazil, and India.
BY MINA KIMES

104 | BING!
Opinion

29 | The stocks of Fortune 500 companies did great, but don't expect the glory days back.
BY ALLAN SLOAN

30 | As executive comp becomes topic A (again), the real outrage is how CEOs are paid, not how much.
BY GEOFF COLVIN

32 | Who says the economy is rebounding? Buffett, Dimon, and Welch, that's who.
BY BECKY QUICK

34 | The truth about trade: Promoting exports sounds manly. But imports are good for society too.
BY MICHAEL ELLIOTT

36 | C-SUITE INTERVIEW
Xerox's new CEO Ursula Burns is already transforming the company.
BY GEOFF COLVIN

[IMAGES]

ILLUSTRATION:ﾂCARL DETORRES

SEVEN PHOTOS

April 12, 2010 Vol. 161 No. 5 / Fortune Asia

50 C-SUITE STRATEGIES
The U.S. economy may be a bummer, but David Rubenstein, chief of private equity firm Carlyle Group, sees opportunity in China, Brazil, and other developing countries.

INTERVIEW BY GEOFF COLVIN

56 HOW LINKEDIN WILL FIRE UP YOUR CAREER
Think of it as Facebook for grownups. And now the social network is about to become even more powerful. Is your profile up yet?
BY JESSI HEMPEL

64 THERE WILL BE OIL
... Or will there? How Kleiner Perkins, Goldman Sachs, and other smart investors lost millions betting on Erlend Olson, who claimed to have a new way to find petroleum.
BY ADAM LASHINSKY

73 SPECIAL REPORT
THE TRUTH ABOUT GREEN: 25 MYTHS DEBUNKED
When it comes to what's environmentally sound and what's not, confusion reigns. Fortune clears up 25 common misconceptions about the food we eat, the products we buy, the way we travel, and the energy we use.

74 | FOOD

76 | PRODUCTS

78 | ENERGY

80 | CLIMATE

81 | WHEELS

82 | Q&A

8 | EDITOR'S DESK

84 | BING!

FIRST

9 | BY THE NUMBERS
China's wine boom.
BY SCOTT CENDROWSKI

10 | CLOSER LOOK
Should CVS Caremark split up?
BY MINA KIMES

11 | THE CHARTIST
The 2010 Census is ready to go. At stake: billions in funding.
BY BETH KOWITT

12 | MOST ADMIRED COMPANIES
Payroll processor ADP.
BY BETH KOWITT

14 | THE BRIEFING
Obama woos CEOs, the Facebook of dieting, and more.

TECH

17 | THE FUTURE IS NOW
Hewlett-Packard aims to install a trillion tiny sensors to collect data about the world around us.

18 | TECH@WORK
A new way to cut your payroll costs.
BY JON FORTT

19 | TECHMATE
Open tech systems should rule, yet closed (Apple!) always seem to win. Which model prevails?
BY JON FORTT AND MICHAEL V. COPELAND

INVEST

21 | INTERVIEW
Veteran hedge fund investor Leon Cooperman isn't "wildly bullish" but expects 10% to 12% returns for the market this year. Here's how he's playing it.
BY LAWRENCE A. ARMOUR

CAREER

27 | THE WAY WE WORK
Rewarding more employees more often with less money may work better than giving just a few a whole lot.
BY TELIS DEMOS

30 | SECOND ACT: JOEL BABBIT
Nature called, he listened: The former ad exec is now CEO of Mother Nature Network, which he co-founded.
BY BETH KOWITT

Opinion

32 | How the GOP can make America love free markets again in an era of taxpayer bailouts.
BY NINA EASTON

33 | Memo to President Obama: Fill the Federal Reserve vacancies wisely. Your legacy depends on it.
BY BECKY QUICK

34 | GUEST COLUMNIST
Current financial reform proposals won't work. A banking CEO has ideas of what will.
BY WARREN STEPHENS

FORTUNE.COM

Everything we know, the minute we know it.

ON THE COVER

Photo illustration by Phillip Toledano

[IMAGES]

TEN PHOTOS:ﾂ

ILLUSTRATION:ﾂ

March 22, 2010 Vol. 161 No. 4 / Fortune Asia / World's Most Admired Companies

56 MEET THE NEW FACE OF BUSINESS LEADERSHIP
Why companies like Wal-Mart, PepsiCo, and GE are recruiting the military's elite. BY BRIAN O'KEEFE

67 THE WORLD'S MOST ADMIRED COMPANIES
Building a sterling reputation in good times is hard enough; keeping it in tough times is almost impossible. Here's how the All-Stars do it. BY ANNA BERNASEK

73 THE LIST OF INDUSTRY STARS
Sure, admiration from consumers and executives in other industries is great, but the true test of respect is approval from the competition. Our annual ranking of corporate reputations.

82 THE FALL OF A WALL STREET HIGHFLIER
Erin Callan, once CFO of Lehman Brothers, was a media darling who soared, then crashed during the financial crisis. What happened to her? BY PATRICIA SELLERS

92 THE IPAD CHANGES EVERYTHING
Will Apple's tablet usher in a new era of computing, or simply dominate it? BY MICHAEL V. COPELAND

10 | EDITOR'S DESK

96 | BING!

FIRST

11 | BY THE NUMBERS
In Chile, 66 antennas that will form one of the world's largest telescopes. BY DORIS BURKE

12 | CLOSER LOOK
A new bill paves the way for the world's longest ethanol pipeline. BY DAVID WHITFORD

14 | THE BRIEFING
China's garlic bubble, cable bill shock, and more.

16 | THE BUSINESS LIFE
Larry Ellison's plan for the America's Cup.
BY ADAM LASHINSKY

TECH

19 | THE FUTURE IS NOW
Smartphones embrace "augmented reality," digital information layered on your screen.

20 | TECH@WORK
Software that saves money—and lives.
BY JON FORTT

22 | BRAINSTORM GREEN
Nukes in my backyard.
BY BRIAN DUMAINE

CAREER

23 | THE WAY WE WORK
How to become an exec-for-rent.
BY JENA MCGREGOR

25 | COACHING
Make your next presentation a home run. Expert advice from Mellody Hobson. BY BETH KOWITT

INVEST

27 | INTERVIEW
Mr. Distress is ready to buy: a Q&A with Wilbur Ross.
BY KATIE BENNER

29 | BUY OR SELL?
Analyst face-off: Ford's stock is up 550% over the past 12 months. Can the shares climb higher? BY SCOTT CENDROWSKI

VENTURE

31 | EDUCATION
Can you learn to be an entrepreneur? Dartmouth's Gregg Fairbrothers says entrepreneurship has a set of identifiable behaviors. The debate rages on. BY DAVID WHITFORD

CORRECTION

The footnote for "Face-Off: Gecko vs. Flo" (Feb. 8) should have read "Through 2008." Fortune regrets the error.

Opinion

34 | China knows how to grow. Now it has to prove that its companies can innovate. BY MICHAEL ELLIOTT

36 | Shocked by Wall Street's role in the Greek debt crisis? Welcome to the real world of finance in 2010. BY ALLAN SLOAN

38 | Most Admired companies invest in people and keep them employed—even during a downturn. BY GEOFF COLVIN

FORTUNE.COM

Everything we know, the minute we know it.

ON THE COVER

Photographed by Martin Schoeller in New York City, February 19-20, 2010

[IMAGES]

PHOTO: MARTIN SCHOELLER

ELEVEN PHOTOS

March 1, 2010 Vol. 161 No. 3 / Fortune Asia



34 The Future of Reading

Tablets? Smartphones? Netbooks? They could all save newspapers, books, and magazines

-or destroy them. Or both. Plus: What five media and tech luminaries think.

BY JOSH QUITTNER



FEATURES



46 Behind the Campaign Finance Dustup

The Supreme Court ruling that corporations and individuals have identical First Amendment rights

exposes an ideological rift among the justices that goes beyond political donations.

BY ROGER PARLOFF



50 My Life as a Cosmonaut

Investor ESTHER DYSON has gone where few Americans have gone before: Russian space camp! Her first-person account.



56 Alan Greenspan Answers His Critics

The former Fed chief has been the "designated goat" for the country's financial woes. Now the Maestro fights back.

BY GEOFF COLVIN



64 New! The All-Electric Car for the Masses

With the first zero-emissions car for the general market, Nissan CEO Carlos Ghosn hopes to leapfrog the hybrids.

But the battery-powered Leaf isn't all that cheap, and it doesn't go all that far. Will drivers buy it?

BY ALEX TAYLOR III



FIRST



6 Tuna, Very Rare

Decades of overfishing have resulted in the Atlantic bluefin tuna being considered for the endangered-species list.

BY BETH KOWITT



8 CEOs Get Physical

Universal health care? Try the corner office.

BY JENA MCGREGOR



10 Tough Times at Office Depot

Office Depot CEO Steve Odland is fighting a recession-and allegations from ex-employees, attorneys general, and the SEC.

BY SUZANNE KAPNER



12 Second Acts

Petra Cooper: from president of an educational publisher to founder and CEO of an artisanal cheesemaker.

BY JENA MCGREGOR



INVESTING



13 Is Gold Headed for a Fall?

Star fund manager Mark Johnson argues that the metal will stay precious.

BY KATIE BENNER



15 Emerging Markets at Home

Stocks in countries like China have become pricey. But some Western companies offer a cheap way to profit from newer economies.

BY SCOTT CENDROWSKI



TECHNOLOGY



17 Making Detroit High Tech

A business incubator in Detroit wants to launch hundreds of tech companies-and help transform the Motor City's economy.

BY MICHAEL V. COPELAND



19 Brainstorm Green

One cool skyscraper.

BY BRIAN DUMAINE



TEAMWORK



20 Meet the Disney Fire Department

Those fiery effects in Armageddon and Pirates of the Caribbean? Thank Disney's flame fighters.

BY BETH KOWITT



C-SUITE



24 Cleveland Clinic's Delos Cosgrove

What fans of healthcare reform can learn from the famous hospital's CEO.



INTERVIEW BY GEOFF COLVIN



5 LETTERS



72 BING!



SPECIAL REPORT



30 Inside the Crisis at AIG

Anastasia Kelly, the insurance giant's former chief lawyer, talks to Fortune's Carol Loomis about the company's

$180 billion bailout, death threats, and why she left amid the controversy over executive pay.



[IMAGES]



ILLUSTRATION: DAN WINTERS



13 GOLD BUG

PHOTO: BRENT HUMPHRIES



30 EYE OF THE STORM

PHOTO: ROBYN TWOMEY



8 EXECUTIVE HEALTH PLANS

ILLUSTRATION: MARK MATCHO



19 LOW-POWER TOWER

PHOTO: (c) SKIDMORE, OWINGS & MERRILL LLP 2010. ALL RIGHTS RESERVED

February 8, 2010 Vol. 161 No. 2 / Fortune Asia

FEATURES

58 Why Doing Good Is Good for Business
Dov Seidman is the hottest adviser on the corporate virtue circuit. His mission? Teach execs how to ”outbehave” the competition.
BY RICHARD MCGILL MURPHY

64 The Fed Bashers
Ron Paul (R-Texas) and Bernie Sanders (I-Vt.) are furious with the Fed. Now their anger has made them populist heroes預nd a headache for Ben Bernanke.
BY NINA EASTON

70 The Man Who Walked Away From Goldman Sachs
Jon Winkelried was on the fast track to run one of the world’s most powerful financial institutions. Then he vanished. Here, for the first time, the banker turned rancher explains what really happened.
BY WILLIAM D. COHAN

THE 100 BEST COMPANIES TO WORK FOR

36 No. 1 SAS
How do you build a tech powerhouse without offering any stock options? Give employees flexibility and perks so legendary that even Google uses the North Carolina company as a model.
BY DAVID A. KAPLAN

44 What Two Leaders Learned by Trading Places
Build-a-Bear CEO Maxine Clark swapped her kid-filled existence for a day in the orderly aisles of the Container Store, while Kip Tindell, CEO of the Container Store, stuffed monkeys, lions, and bears.
BY PAUL KEEGAN

49 The 2010 List
Employees from 343 companies helped pick this year’s winners. The 100 companies on the list are looking to hire more than 96,270 people in 2010.
BY MILTON MOSKOWITZ, ROBERT LEVERING, AND CHRISTOPHER TKACZYK

FIRST

6 Trainspotting
Train freight is expected to grow faster than truck freight over the next decade. A look at the Big Four railroads.
BY TELIS DEMOS

8 Crash Pad
New football helmet technology tracks head injuries in real time.
BY MICHAEL V. COPELAND

10 The Deal
A modest proposal to solve Wall Street’s bonus problem.
BY ALLAN SLOAN

12 How I Got Started
Klaus Schwab and the creation of the World Economic Forum in Davos.
INTERVIEW BY CARLYE ADLER

14 Cantor Fitzgerald Rolls the Dice
The Wall Street firm is bringing its trading technology to Las Vegas.
BY SCOTT CENDROWSKI

16 Value Driven
The average American’s financial woes won’t be solved by hanging business from the rafters.
BY GEOFF COLVIN

21 Green
Will China win the green-tech war?
BY BRIAN DUMAINE

INVESTING

23 Returning to Health
Health-care stocks suffered during the debate over reform. That means there are bargains to be found.
BY MINA KIMES

25 Q&A
BlackRock’s Dennis Stattman talks about risks預nd potential預round the world.
BY MINA KIMES

26 Analyst Face-Off
Will Southwest shares fly?
BY SCOTT CENDROWSKI

TECHNOLOGY

27 The Light Bulb Goes Digital
Companies for years have toyed with light-emitting diodes. Now LEDs are coming into their own.
BY MICHAEL V. COPELAND

30 Paper Chase
The office copier turns 50.
BY STEPHANIE N. MEHTA

76 BING!
CORRECTIONS
On the timeline in ”The Decade of Steve” (Nov. 23), the date for the debut of Apple’s Titanium PowerBook G4 should have been Jan. 9, 2001. And in ”How Ronald Perelman Met His Match” (Jan. 18), we referred to Samantha Perelman as Samantha Cohen. Fortune regrets the errors.

SPECIAL REPORT

31 The Smoldering Hedge Fund
Max Holmes, a brainy Wall Street star who specializes in distressed debt, founded Plainfield, a hedge fund that once managed $5 billion, at the top of the market. Now it’s his firm that’s in trouble.
BY KATIE BENNER

[IMAGES]

PHOTO:JENNIFER DANIEL

14 BETTING ON IT
PHOTO:JUSTIN FANTL

27 LIGHT HEAVYWEIGHT
PHOTO:TOM SCHIERLITZ

23 IN RECOVERY?
PHOTO:DAN SAELINGER

6 GROWTH ENGINE
PHOTO ILLUSTRATION:JOHN WILSON

VOL. 161, NO. 1 - January 18, 2010


Cover Story: The Toughest CarCompany of Them AllHyundai Is for Real Competitors Hate Them. Customers Love Them.

With best-in-class quality, marketing hustle, and aggression that borders on recklessness, Hyundai is speeding to the head
of the pack. It has given Toyota a scare, and now it is pushing its way into the luxury-car game. By Alex Taylor III


Will the real Lou Dobbs please stand up?
Good guy? Bad guy? Either way, the controversial broadcaster is looking for his next big gig. By David A. Kaplan

Let the games begin
After landing the 2010 Winter Olympics, Vancouver has struggled to meet the bare-bones $1.7 billion budget. By Scott Cendrowski

Clash of the technology titans
The biggest computing and networking companies in the world are getting bigger, and former partners are now fierce rivals.
Is tech’s new strife good for customers? By Jessi Hempel

Winter beach getaways
The high-end travel market is rebounding, but you can still find a deal on a midwinter tropical vacation. By Shivani Vora

How Ronald Perelman met his match
The pugnacious Revlon chairman has a pattern of battling his exes in court: ex-employees, ex-associates, and especially ex-wives.
But when he sued his octogenarian ex-father-in-law, he was in for a big surprise. By James Bandler