FORTUNE（フォーチュン） 発売日・バックナンバー

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

FORTUNE.COM

Everything we know, the minute we know it.

ON THE COVER

Photograph by Art Streiber

[IMAGES]

11
PHOTO

19
ILLUSTRATION

24
ILLUSTRATION

27
ILLUSTRATION

SEVEN PHOTOS

ILLUSTRATION

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

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

ON THE COVER
Photograph by Catherine Ledner

[IMAGES]
SEVEN PHOTOS
FOUR ILLUSTRATIONS

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

EDITORIAL HIGHLIGHT
ISSUE DATE - December 21, 2009
COVER STORY: -
2010 Investor’s Guide
Aiming For Secure Growth
10 Essential Stocks for Next Year
In this issue:

- Superstar Investor Mohamed El-Erian -Why the Pimco CEO-and former
Harvard endowment manager-sees turbulence ahead for individual investors. An
interview by Fortune’s Geoff Colvin.

- The Best Stocks for 2010 -It’s unlikely that equities will enjoy a repeat of the
mass revival of 2009. But we’ve found 10 stocks that should prosper even if the
markets don’t.

- Stock Picks From the Expert Roundtable -With economic uncertainty near an
all-time high, we sought the advice of five of the sharpest market watchers we
know.

- Can You Outsmart the Market? -Academic theory, historical data, and-face
it-our own experience suggest you can’t. But at times the market acts the fool.
Protecting yourself from its folly is simpler than you might think.

- The Wide World of Index Funds -A sampling of the largest passive portfolios.

- Getting Even Isn’t Good Enough -Your 401(k) may have returned to pre-crash
levels. But just treading water won’t power you to a comfortable retirement. These
four moves will.

- Playing the China Boom -It’s not too late to buy into the Asian giant’s stock rally.
But China’s domestic equities market is highly volatile, so just be prepared for
some whiplash.

Table of Contents:VOL. 160, NO. 10 - December 07, 2009

Top Companies for Leaders
Building great leaders
To help prepare promising leaders for the future, top companies are forcing
their employees to take on new (global) risks. By Geoff Colvin


The global list
The world’s best businesses know that developing talent is their top priority.
Here are 25 that are doing it right. By Beth Kowitt and Kim Thai


How Procter & Gamble picked a new CEO
Secret meetings. A binder full of top talent. Behind the scenes at P&G, where A.G. Lafley and prot馮・Bob McDonald are navigating the sweet science of succession. By Jennifer Reingold


Features
The king of natural gas
John Arnold has made billions as an energy-trading phenom. But the rules of
his game are about to change. By Telis Demos


Best Buy wants your junk
The company’s massive recycling program seems expensive to run, until you
look at all the benefits. A Fortune 500 Series feature. By Marc Gunther

The future of water
As the world’s population grows, freshwater resources are getting increasingly
scarce. That’s driving a global boom in the business of desalination.
By Beth Kowitt


First
Free Dennis Kozlowski?
Tyco’s former CEO is serving up to 25 years for his sins. But in the age of
Wall Street chicanery, it may be time to rethink who’s really a criminal.
By David A. Kaplan


Dump the dollar! Buy gold!
Master trader Chris Pia explains the market. By Shawn Tully The deal

Turkeys of the year. By Allan Sloan

Enron takes the stage
A British hit based on the 2001 scandal is set to come to Broadway
this spring. By Beth Kowitt

The big financial pay pie
The basic issue is profits, not bonuses. By Carol J. Loomis and Doris
Burke

Education
The standardized-test smackdown. By David A. Kaplan

Report from Europe
A deal on climate change? Not exactly. By Peter Gumbel


Technology
The billionaire Buddhist who invented the netbook
A few years ago, rivals mocked Asustek’s Jonney Shih and his purse-size laptops.
Shih is having the last laugh. By Michael V. Copeland


Life at the top
Holiday gift guide
Take the stress out of holiday shopping with our picks for everyone on your
list. By Kate Flaim and Chloe Lieske

Book review
Fan of letters. By Daniel Okrent
Scandal


Bunky Hearst’s trust issues
When the marriage of William Randolph Hearst’s grandson hit the skids, the
ensuing legal battle threatened to reveal secrets of the family’s media empire.
By Mark Fass

Bing!

Investing
The Yacktman fund rules
Racking up big returns, the celebrated value portfolio shows how patience and a contrarian bent can pay off. By Mina Kimes

Updating Buffett’s bet
The hedge funds take an early lead as they lose less than the S&P 500 in a
bad market. But there are nine years to go. By Carol J. Loomis

Table of Contents:VOL. 160, NO. 9 - November 23, 2009
Jump to: Features|First|C-suite|Investigation|Investing
Cover story
- CEO of the decade
Why him? Steve Jobs revived Apple and remade entire industries, defying
the worst economic conditions since the Great Depression - and his own
serious health problems.

- The decade of Steve
How Apple’s imperious, brilliant CEO transformed American business.
By Adam Lashinsky

Features
- The Apple ecosystem
From the candy-colored iMac to the ultra-sleek MacBook Pro, Steve Jobs
turned geeky PCs into lusted-after objects. By Michael V. Copeland

- Character builders
Using massive computing power to spin unforgettable stories, Pixar won
six Oscars, grossed billions, and cued an animated golden age.

- Music to their ears
Those ubiquitous white earbuds only hint at how profoundly Apple has
changed the way we hear, buy, and make music.

- Apple finds its calling
When is an iPhone not a phone? When it’s a book, a map, a game, or, thanks
to its ever-mutating DNA, some 85,000 other things.

- His legacy
Harvard professor Nancy F. Koehn shows how Steve Jobs stacks up against
other great entrepreneurs in history.

- The books of Jobs
A look at the tomes that have tried - with varying degrees of success
- to capture Apple’s elusive leader. By Daniel Okrent

- All about Steve
Eight people who rarely speak publicly about Jobs explain what makes him
one of the best business minds of our time.

First
- Balloon boot camp
Getting pumped for Macy’s Thanksgiving Day Parade. By Mina Kimes

- Fat cat pay - then and now
Does history repeat itself, or just rhyme? By Carol J. Loomis

- The deal
No! A Wall Streeter gives back. By Allan Sloan

- Will Phil Ivey be poker’s Tiger Woods?
By Scott Cendrowski

- Capital One’s reward
Why the bank is relatively unscathed. By Telis Demos

- Value driven
Leadership in a downturn. By Geoff Colvin

- 100 best companies to work for
Paychex encourages wellness to shave health-care costs. By Chris Tkaczyk

- How I got started
Jeff Lubell, founder of True Religion jeans.

- Education
Get a green job in two years. By Mina Kimes

- World economy
China is taking on record levels of debt. Some say that can’t last.
By Bill Powell

C-suite
- The Colvin interview
Linda Fisher talks with Geoff Colvin about her role as chief sustainability
officer at DuPont.

Investigation
- A scandal rocks the polo set
Tony Young was known as a brilliant investor from an old Southern family.
Then the SEC showed up, and Young’s carefully crafted fa軋de began to
crumble. By Marcia Vickers
Editor’s desk

Bing!

Investing
- Dividends for the long run
Even in tough times you can find companies with solid payouts.
By Scott Cendrowski

- Amazon: Priced for perfection
By Michael V. Copeland

- Analyst face-off
Will Caterpillar stall? By Beth Kowitt

EDITORIAL HIGHLIGHT
ISSUE DATE - November 9, 2009
COVER STORY: - Obama & Google:

A Love Story The President And The Tech Giant See Eye-To-Eye On
Almost Everything・Is That A Good Thing?

In this issue:
- The Auto Bailout: How We Did It - The man who led the rescue tells about his
shock at the state of GM and Chrysler –and gives an inside look at the
bankruptcies that shook America.

- The Fight Over Michael’s Millions - The King of Pop’s posthumous success has
produced a gusher of money. Now, where his estate is concerned, the Michael
Jackson show is just getting started.

40 Under 40
- Growth Engines - Whether they’re creating revolution in 140 characters or less or
fixing the financial system, Fortune’s 2009 40 Under 40 are ruling business.

- Twitter Hits Tweenhood - It has 55 million users and no business model. But
that’s a touchy subject.

- The List: Business’s Hottest Rising Starts – They’re innovators, value creators,
and agents of change. Are you in here?

- Big Paydays, Up-and-Comers, and Help Wanted

- Eight Over 80 - Youth isn’t everything. These titans are still cutting deals and
calling the shots.

EDITORIAL HIGHLIGHT
ISSUE DATE - October 26, 2009
COVER STORY: - China Buys the World
The Chinese Have $2 Trillion And Are Going Shopping.
Is Your Company-And Your Country-On Their List?
In this issue:

- It’s China’s World (We Just Live in It) - The Chinese have long
been on a shopping spree for natural resources. Now, with $2 trillion in
their pockets, they are aiming at automakers, high-tech firms, and real
estate. Where will they strike next?

- China Buys the World - Chinese acquirers, backed by state money, have
been doing progressively bigger and bolder deals. A map of the 122 largest
acquisitions since 2000.

- Why Obama Fired a Shot - Hitting China with a tire tariff, the President
hoped to show Americans that he’ll enforce the rules on free trade. But
he hasn’t got much room to alienate the country that finances growing U.S.
deficits.

- The Power Broker and the Biggest Bank Failure of the Year - Bobby Lowder,
a legend in Alabama, built Colonial Bank into a real estate money machine,
only to see it collapse in ruins.

- Microsoft Is Cool Again! - After the Vista debacle, Microsoft changed the
way it makes software. The result, Windows 7, is winning raves. Can a new
operating system (and a new attitude) help the company take on Google?

- A Powerful Comeback - AES, an electric-generating giant, grew so fast
it nearly sank. But with a former naval officer at the helm, the newly
disciplined company is starting to look like a global contender. A Fortune
500 Series feature.

EDITORIAL HIGHLIGHT
ISSUE DATE - October 12, 2009
COVER STORY: - GM: Do or Die
The Motor City痴 most important corporate citizen has been
thoroughly, finally humbled. The question now is whether its
journey through bankruptcy has made it strong enough to
thrive. Much depends on the answer.
In this issue:

- It’s Clutch Time for Fritz Henderson and GM - The 101-year-old
automaker has a new CEO, a new board, new owners (that would be the
American taxpayers), and a new attitude. Now it just needs to build
cars and trucks that people want to buy.

- Betting on the Volt - When GM opened a plant in Detroit 23 years
ago, the hope was that it would revitalize the city. It didn’t.
Now the facility will build the plug-in hybrid Volt. Will this time
be different?

- Motorola Gets in the Game - A new tech wizard, Sanjay Jha, is fighting
to return the ailing cellphone maker to relevance - with a little help
from Google.

- The World痴 Toughest Job - Afghanistan’s drug czar is waging a new
campaign against the heroin traffickers who fund the Taliban. The fate
of the war may hang on it. The odds? Stacked against him.

- 100 Best Companies to Work For - No. 7 Genentech: encouraging innovation.

- Netflix’s $1Million R&D Smackdown - The Netflix Prize is a case study
in usergenerated innovation. Can it help your business?

- Muscle Car Mania ・Mustang fan can rejoice this fall: Racing legend
Carroll Shelby unleashes his latest and greatest: the Super Snake.

- Five Funds on the Rebound - The five mutual funds we picked to shine
in 2009 have rallied sharply.