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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.

EDITORIAL HIGHLIGHT
ISSUE DATE - September 28, 2009
COVER STORY: - Is Pot Already Legal?

Medical marijuana is doing more than changing the way
the drug is perceived. It’s giving activists a chance to
show how a legitimized pot business could work.


In this issue:
The Lehman Crisis: One Year Later

- Lessons of the Crash of ’08 -It would be nice to say we’ve
learned something. But, sorry to say, Wall Street will always be
Wall Street.

・ ”We Were Looking at the Abyss”-Treasury Secretary Tim Geithner
recalls the anxious meetings among top bankers and officials racing
to contain the damage.

・ When Wall Street Nearly Collapsed -A year after the fall of Lehman,
the people at the center of the storm share what they were thinking.

・ There is Life After Lehman -Kevin White and other alumni still
profitably ply their trade.

・ Is Anyone Going to Jail for This? -Why vengeance is elusive.



The 50 Most Powerful Women

・ The 2009 List -Our 12th annual ranking. PLUS International Power 50:
Cynthia Carroll of Anglo American tops the list.

・ Queen of Pop -A talk with Indra Nooyi, the No. 1 Most Powerful Woman.

・ My Work/Life Philosophy -Three women in power share their strategies.

・ The 10 Most Powerful Women in Washington

・ The Capitalist Who Loves North Korea -After making it as an entrepreneur
in the U.S., James Kim is returning to Pyongyang to open a university that
will offer, of all things, an MBA.

EDITORIAL HIGHLIGHT

ISSUE DATE - September 14, 2009




COVER STORY: -
Luxury Fights Back
How Francois-Henri Pinault, CEO of PPR (Think Gucci and Yves Saint Laurent),
is Reinventing His Fashion Empire


Other Features:
-The Fate of Legendary Cars ・Tata owns Jag, Volvo is being shopped to
the Chinese. We follow the winding road of those and other heritage brands.

-The Amazon of Fashion ・Chic digital merchant Net-a-porter is proving that
women will buy a $2,000 dress with just a click of a BlackBerry. High-end
retail may never be the same.

-Partners in Style ・Collaboration is never easy. Fortune salutes the teams
who make hard work look smooth.

-The Best New Idea in Business ・Zipcar has already persuaded hundreds of
thousands of young urbanites to share wheels. Now the movement is going
mainstream-and players like Hertz and Ford want in.

-Checkmate for a Wall Street Wizard? ・When Lehman, AIG, and Merrill Lynch
were in crisis, Chris Flowers could be found at the scene. He survived the
maelstrom-but now he has his own billion-dollar problems.

-Nothing Blue About This Airlines ・In a chronically troubled industry,
Jet Blue focuses on a culture of low costs, great service, and a certain
fun factor.

EDITORIAL HIGHLIGHT
ISSUE DATE - August 31, 2009
COVER STORY: - BlackBerry vs. iPhone
Whose Side Are You On?
In this issue:

- Inside the Trillionaires-Club -With over $3 trillion in assets,
Larry Fink and his team at BlackRock are the world’s largest money
managers. Fink thinks he’s just getting started.

- Defying the Downturn -Even amid the worst economic slump since
the Great Depression, some companies just keep growing. For the first
time, we’ve opened Fortune’s 100 Fastest-Growing Companies list to
business around the world.

- China’s Amazing New Bullet Train -This year Beijing will spend
$50 billion on what will soon be the world’s biggest high-speed
train system. Here’s how it works.

- My (Recovery) Playbook -When will the business climate improve?
That’s exactly the wrong question to be asking. Jeff Immelt,
Andrea Jung, and other top CEOs are ditching the waiting game-and
writing their own rules for a rebound.

- The Medical Mafia -Prosecutors say a group of top Las Vegas lawyers
and doctors conspired to collect millions in inflated damages by pushing
accident victims into dubious surgery.

- Pfizer’s Home Remedy -CEO Jeff Kindler’s plan to keep profits
growing: Think small. A Fortune 500 Series feature.

- Corner Office Confidential -Behind the doors of the Seraphic Society,
the secretive club of assistants to high-profile CEOs.

EDITORIAL HIGHLIGHT
ISSUE DATE - July 20, 2009
COVER STORY: -
Global 500

- China Inc. Takes Off ・Chinese industries are the big news in
this year’s Global 500 list.
- Meet Shell’s New CEO
- Dieter Zetsche’s Plan to Fix Mercedes
- World’s Most Admired Companies ・BASF finds a way to retain older workers
- The List
・The World’s Largest Corporations
・How the Companies Stack Up
・Index to the 500


Other Features:
- C-Suite ・Fortune’s Geoff Colvin talks with Amgen CEO Kevin Sharer,
whose job is to produce blockbuster drugs.

- Inside the Takeover Battle for America’s Electricity ・Fortune exclusive:
What happens behind the scenes when one company refuses to be swallowed by
a bigger rival?

- Bob Shiller Didn’t Kill the Housing Market ・He just predicted its demise.
Now he痴 seeing some tentative signs of hope.

Brainstorm: Tech 2009
- Marc Andreessen Puts His Money Where His Mouth Is ・The original web whiz
kid has a new venture fund. Will he bankroll the next Netscape?

- The Chip Company That Dares to Battle Intel ・ARM has become a power in
chip design for iPhones and other devices.

- No Free Lunch ・Futurist Stewart Brand was first to say 的nformation
wants to be free.・People forget he also said it 努ants to be expensive.・

EDITORIAL HIGHLIGHT
ISSUE DATE -
July 6, 2009
COVER STORY: -
The Best Advice I Ever Got


In this issue:
- Gates on Gates ― The father-and-son duo talk about what it was like
growing up Gates as they reflect on the advice that’s influenced their
work and their relationship.

- More Best Advice ―Influential leaders from sports (Tiger Woods) to
banking (Lloyd Blankfein) to tech (Eric Schmidt) share with us the wise
words that changed their careers and lives forever.

- Derivatives: The Risk That Still Won’t Go Away ・Washington wants
to step up regulation of these instruments, but new rules may not be
enough to tame them.

- Marriott Gets a Wake-Up Call ― Shaken by the plunge in travel, the
hotel giant presses ahead with a total makeover. A Fortune 500 Series feature.

- Sony―Lost in Transformation ― Sir Howard Stringer has been pushing
for years to revive the Japanese company. Will a new team help him realize
his digital dream?

- How the Bailout Bashed the Banks ― They were rescued from a crisis of their
own making, but the political thrashing left bad blood between business and
government. An inside look at the trouble with TARP.

- Toyota’s New Man at the Wheel ― President Akio Toyoda outlines his
vision for the company’s future in his first interview with an American
publication in his new role.

- Field General ― Triumphant just a few years ago, the ethanol industry
now finds itself embattled. Environmentalists have turned against it, and
it’s being blamed for higher food prices. Enter Wesley Clark to rally the
troops.

EDITORIAL HIGHLIGHT

ISSUE DATE -
June 22, 2009

COVER STORY: -

Retire Rich
How To Get Back On Track
- 50 Great Stocks and Funds
- Retirement Home Bargains ・Why Farmland is Hot

In this issue:
- The Big Picture ・Grin and bear it: Bill Gates and Warren Buffett share
a joke in the face of a combined $250 billion drop in the market cap of
their companies.

- The Fortune 40 Best Stocks to Retire On ・After a bleak 2008, equities
are looking up. But whatever the market, our trademark long-term portfolio
can help you build a nest egg for a secure future.

- The Ultimate Mutual Fund Portfolio ・Our collection of five funds and
five ETFs provides broad diversification and leaves the hard work to
some of the smartest managers in the business.

- We Owe What? The Next Crisis: America痴 Debt ・At this rate, your share
of the load will be $155,000 in a decade. How chronic deficits are putting
the country on a path to fiscal collapse.

- What Happened in Phoenix ・Real estate prices in the Arizona desert got
hit harder than anywhere else. So can you get your dream retirement home
for a song? It depends on where you look. Plus: Where the Deals Are ・
A look at some of the markets with the most dramatic price drops.

- Getting It Right ・The feds refused to buy troubled assets with TARP cash.
It痴 one of the smarter moves they致e made.

- I値l Take That Job! ・You池e retired. You致e got time. The working world is now your oyster, if you can still digest one.

EDITORIAL HIGHLIGHT

ISSUE DATE -
June 8, 2009

COVER STORY: -

Amazon痴 Next Revolution
CEO Jeff Bezos used the web to reinvent the book business. Now he痴 at
it again. Can he make the Kindle the iPod of print?

In this issue:
- The Upside of the Downturn ・This recession will change the course of
your career. Whether you池e damaged or strengthened depends on the way
you respond. Can you rise to the challenge?

- My Business Is Booming ・Got a bright idea? There痴 $787 billion in
stimulus money up for grabs. These businesspeople are thriving because
of the climate, not in spite of it.

- The Job Squad ・Obama vowed to create or save 3.5 million jobs in fields
like infrastructure and IT. We tracked down a few new hires.

- A Big New World to Engineer ・Recession aside, a growing population will
trigger lots more construction. How a gung-ho firm from Colorado is winning
a major piece of the action. A Fortune 500 series feature.

- Palm fights Back ・The beleaguered handset maker says its new smartphone,
the Pre, is an iPhone killer. Apple isn稚 laughing.

- Food Tales ・Think food distribution is a low-tech enterprise? Try getting perishables across the country without sophisticated software and systems.
- Luxury for Less ・Looking to get away? Rates at high-end hotels have rarely
been this low. From the Caymans to the U.S. capital, we found spots to suit
any budget.

EDITORIAL HIGHLIGHT

ISSUE DATE -
May 25, 2009

COVER STORY: -
Ford痴 Comeback Kid
CEO Alan Mulally has been charged with saving one of America痴 storied
companies. Here痴 how he痴 beating the Motor City blues

In this issue:
- Ireland痴 New Troubles ・Dark clouds have descended upon Eire, once the
go-to place for foreign investors but now hard hit by a housing bubble and
the global slowdown.

- Intel痴 Secret Plan ・Can the company inside millions of PCs find a way
to power billions of phones and other gadgets?

- Hitting the Wall ・A look at an array of companies that are fighting to
live another day or have gone belly-up in recent months.

- A Banker of the Old School ・After Barack Obama won Peter Fitzgerald痴
Senate seat, the former politician took $4 millions of his own money and
opened a bank. His approach to finance is a far cry from the practices
that brought the big boys to their knees.

- The Public Pension Bomb ・For years, states all across the country have
been starving their retirement plans. In New Jersey the bill is coming
due, and the state doesn稚 have the money to pay it.

- The Next Iron Rush ・Once, Minnesota痴 Iron Range was famous for minting millionaires. Thanks to new technology that promises to turn refuse into
usable iron, history might repeat itself.

EDITORIAL HIGHLIGHT

ISSUE DATE -
May 4, 2009

COVER STORY: -
The FORTUNE 500
WHO｡ｯS THE NEW NO. 1?
JAMIN DIMON On the Return of Banking
IBM Making Money Making the Planet Smarter
JOHNSON & JOHNSON Secrets of Success

In this issue:
｣ｭ The Lessons of Adversity ｨC What has corporate America learned from
the economic crisis? The survivors have been taught a few things about
thinking long term and sticking to principles.

｣ｭ Viewpoints on the Crisis ｨC Leaders from finance, business, and
politics｡ｪfrom President Obama to PepsiCo｡ｯs Indra Nooyi｡ｪweigh in on the
future of the U.S. economy.

｣ｭ Riders on the Storm ｨC Wells Fargo avoided the reckless tactics
of other banks and quietly built a powerhouse in the West. Now its takeover
of Wachovia makes it a national force, but how much toxic waste is aboard
the stagecoach?

｣ｭ IBM｡ｯs Plan to Save the Planet ｨC CEO Sam Palmisano｡ｯs formula:
Find problems, toss in billions in R&D, add consultants and an earnest
ad campaign｡ｪand watch the profits roll in.

｣ｭ Rating McGraw-Hill ｨC CEO Terry McGraw kept a low profile as
he built McGraw-Hill｡ｯs financial, educational, and media holdings
into a moneymaking machine. But that was before its Standard & Poor｡ｯs
subsidiary went from cash cow to a catalyst of the economic meltdown.