FORTUNE（フォーチュン） 発売日・バックナンバー

May 1, 2018 / Fortune Asia / Volume 177 / Number 5 / THE WORLD’S 50 GREATEST LEADERS

FEATURES

THE WORLD’S 50 GREATEST LEADERS

Introduction: There’s Strength in Unbundling
By GEOFF COLVIN
For centuries, greater size made companies and nations more formidable. Now leaders are learning the power of a smaller scale.
PAGE NO. 20

The 2018 List
BY JONATHAN CHEW, ERIKA FRY, and the FORTUNE staff
Fortune’s fifth annual list of the thinkers, speakers, and doers who are stepping up to meet the world’s biggest challenges.
22

The Nick Saban Standard
By BRIAN O’KEEFE
The University of Alabama football coach has done more than just win. His success has influenced a whole new generation of competitors and coaches.
28

Redemption for Bitcoin’s Biggest Villain
By JEN WIECZNER
He led the world’s biggest Bitcoin exchange before a mysterious heist made it go bust. As clues emerge and Bitcoin’s price surges, Mark Karpel鑚 is on the hunt for answers.
PAGE NO. 40

Retail Reckoning
By PHIL WAHBA
Private equity has invested hugely in the retail sector-boosting some brands and crushing others. Here’s how these investors are remaking your mall.
48

Breach of Trust
By KRISTEN BELLSTROM and BETH KOWITT
For women, late-night business meetings require a leap of faith that they’ll be treated professionally. Two execs say ex-Tronc chair Michael Ferro betrayed that trust.
54

DEPARTMENTS

BRIEFING

5 Facebook Can’t Solve This Problem Alone
Even Mark Zuckerberg says more social media regulation is inevitable-but will new rules shore up today’s giants or tear them apart?
By AARON PRESSMAN

8 The First Victims of a New Trade War
U.S. farmers’ pain could be the tip of the iceberg if trade tensions escalate.
By CHRIS MATTHEWS

9 Drug Prices Are Increasing
So is Big Pharma lobbying.
By JAY HANCOCK and ELIZABETH LUCAS

FOCUS

TECH

11 A New Code of Conduct
What are the legal ramifications of a self-driving car at fault? A look into what happens when robots go awry.
By KIRSTEN KOROSEC

13 Your Next Home Could Be 3D-Printed
One Texas company wants to make it possible to download and print a livable structure.
By CHRIS MORRIS

VENTURE

15 Go on Green Light
Every entrepreneur has a ”light bulb moment.” Cole Zucker’s was quite literal.
Interview by DINAH ENG

PASSIONS

17 Aston Martin’s Next Century
James Bond may have put it on the map, but the British marque is determined to stir, not be shaken.
By JACLYN TROP

BACK PAGE

LAST BYTE

64 Raise a Glass to Equities
When it comes to long-term investing, the one asset class that even fine wine can’t beat? Stocks.
Text by BRIAN O’KEEFE; graphic by NICOLAS RAPP

ON THE COVER: COLOR TEARS BY VVOEVALE (2), AND HUDIEMM, BOTH FROM ISTOCK/GETTY IMAGES

[IMAGES]

SEAN CONNERY WITH ASTON MARTIN: COURTESY OF EVERETT COLLECTION





ｩ Time Inc.

April 1, 2018 / Fortune Asia / Volume 177 / Number 4

FEATURES

DIGITAL HEALTH
Big Data Meets Biology
By ERIKA FRY and SY MUKHERJEE
Just about everyone agrees that America’s health care system is broken. Is better data the medicine we’ve been looking for?
Fortune goes deep into tech’s next big wave.
PAGE NO. 24

Inside Bar軋’s Global Empire
By VIVIENNE WALT
Spanish soccer giant FC Barcelona has an aggressive game plan to grow its sales-especially in the U.S. At home, it remains a symbol of Catalonian pride.
PAGE NO. 36

Second to None, but Still Number Two
By LEIGH GALLAGHER
Tech firms are hiring top-performing women to be their chief operating officers. But do these jobs represent a prelude to a CEO role-or a new glass ceiling?
PAGE NO. 46

Deep in Debt
By SHAWN TULLY
The White House and U.S. CEOs’ celebration of historic tax cuts won’t last long: Government deficits are on the verge of swamping the economy.
PAGE NO. 56

DEPARTMENTS

BRIEFING

7 The Quest to Clean Up the Internet
Silicon Valley firms are hiring thousands of human moderators to help police a flood of fake and criminal content online. It won’t be enough.
By MICHAL LEV-RAM

10 Food Giants Look to Fido for Growth
Pet food sales are climbing, driving a hunger for acquisitions.
By PHIL WAHBA

FOCUS

VENTURE

11 A Very Grubby Business
Why insects might be part of the solution for a looming food crisis.
By VIVIENNE WALT

TECH

14 Is Snapchat’s Redesign Brilliant-or a Blunder?
A disruptive change to the mobile app has some users up in arms.
By CHRISTINA AUSTIN and ANDREW NUSCA

INVEST

15 Special Report: State of the Market
The Fortune investment team offers six stocks that are poised to thrive right now-along with a glimpse of what the next market reality might look like.

PASSIONS

21 Private Aisle
How travel companies are going to great lengths to keep their high rollers happy.
By SHEILA MARIKAR

BACK PAGE

LAST BYTE

64 Luxury Real Estate Is Soaring Globally
The ranks of the ultrawealthy are growing fast, and their money is driving up high-end real estate prices.
Text by BRIAN O’KEEFE; graphic by NICOLAS RAPP

CORRECTION

The 100 Best Companies to Work For list (March 1) mistakenly said that Salesforce uses its own software to identify strong performers who haven’t had promotions. In fact, an internal recruiting team performs this function.

ON THE NEWSSTAND COVER: ILLUSTRATION BY EDDIE GUY

ON THE BRAINSTORM HEALTH CONFERENCE COVER: GRAPHIC BY NICOLAS RAPP

[This article consists of an illustration. Please see hardcopy of magazine or PDF.]

Deafness

Retinitis pigmentosa

Coronary artery disease

Alzheimer’s disease

Schizophrenia

Thrombophilia

Asthma

Diabetes mellitus

Spinocerebellar ataxia

Blood group

Leukemia

Gastric cancer

Epilepsy

Obesity

Neuropathy

Breast cancer

Charcot-Marie-Tooth disease

Prostate cancer

Lymphoma

Colon cancer

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Human disease: a network of genetic connections. (For more see page 33.)

ｩ Time Inc.

March 1, 2018 / Fortune Asia / Volume 177 / Number 3 / 100 BEST COMPANIES TO WORK FOR 2018

FEATURES

THE 100 BEST COMPANIES TO WORK FOR

The 2018 List
Salesforce tops our 21st annual ranking, thanks to its bold efforts to create a Great Place to Work for All. The foundation? A ”culture of family.”
PAGE NO. 23

Politics in the Workplace
By HANK GILMAN
Preventing toxic political discourse from seeping into the workplace has always been a challenge. Our experts weigh in with four pieces of advice.
40

T-Mobile’s Big, Brash Comeback
By AARON PRESSMAN
CEO John Legere’s recipe for success at the wireless carrier includes a relentless focus on staff morale-and generous servings of confetti.
PAGE NO. 42

The Secrets of Activision Blizzard
By ANDREW NUSCA
At the gaming giant- a place where fantasy reigns-top talent is given opportunities to acquire real-world skills and the freedom to craft their careers.
50

Uncle Sam’s Secret Bitcoin Windfall
By JEFF JOHN ROBERTS
The federal government has seized billions of dollars’ worth of Bitcoin from criminals. Critics say it’s mismanaging that digital wealth.
54

The Accidental Guru
By ADAM LASHINSKY
Eric Ries’s ”lean startup” thinking has inspired countless executives to become acolytes. Not bad for a guy who doesn’t really like business.
60

DEPARTMENTS

FOREWORD

4 Building an Idea Factory Want to spark some innovation at your company? Start by putting more trust in your employees.
By CLIFTON LEAF

BRIEFING

5 New Tax Cuts Will Save Billions. But for Whom?
Dems say tax windfalls won’t work their way down to employees. Republicans say they already have. Both sides are getting it wrong.
By GEOFF COLVIN

9 Forget ”Uber for X,” Try ”X for Women”
A growing cottage industry of startups is catering primarily to women.
By VALENTINA ZARYA

10 Buckle Up, Volatility Is Back
After years of shrugging off the news, Wall Street has regained its capacity for fear.
By JEN WIECZNER

11 Trump’s Trade Wars The President thinks the U.S. has made a lot of bad deals. The alternatives could be worse.
By GRACE DONNELLY

FOCUS

VENTURE
12 Top of the Hops
How Lagunitas Brewing Co. came to be.
Interview by DINAH ENG

TECH
14 A Moonshot for Modest Times
Chronicle, the latest graduate of Alphabet’s experimental X unit, scours data to detect cyberattacks.
By JONATHAN VANIAN

INVEST
15 When a Blockchain Is Your Broker
The tech behind Bitcoin could someday change the way you invest-even if you never invest in Bitcoin.
By ROBERT HACKETT

PASSIONS

19 Finding the Perfect Blend
When America’s best chefs need a pinch of magic to take their dishes to the next level, there’s one man they call.
By STACY PERMAN

22 See Dublin Like a Local
A guide to Ireland’s cool and quirky capital, courtesy of our expert concierge.
By ADAM ERACE

BACK PAGE

LAST BYTE
68 Cash Back
Thanks to the Tax Cuts and Jobs Act, U.S. companies no longer have incentive to stash profits overseas.
Text by BRIAN O’KEEFE; graphic by NICOLAS RAPP

ON THE COVER: ILLUSTRATIONS BY JONATHAN CALUGI

[IMAGES]

User error: Tide Pods get dragged into the drain
TIDE PODS:JENNIFER TEPP-ALAMY

SPICES: KARSTEN MORAN

JONATHAN CALUGI

ｩ Time Inc.

February 1, 2018 / Fortune Asia / Volume 177 / Number 2

SPECIAL REPORT: JOB MARKET 2018

Ready, Set, Jump!
By GEOFF COLVIN
The job market is hotter than ever- and, for those in search of a new adventure, now’s the time to take the leap.
PAGE NO. 20

Grit Is the New MBA
By ELLEN MCGIRT
To compete in rapidly changing markets, companies need workers who are creative and resilient-and have proved it in real life.
28

The World’s Most Admired Companies
Which companies are most respected? We polled some 3,900 executives, analysts, directors, and experts to find out. Here are the results.
PAGE NO. 37

Can These VCs Fix Tech’s Bro Problem?
By MICHAL LEV-RAM
The smart money is falling out of love with the bad boys of Silicon Valley. That’s opened the door to a new breed of investor.
44

Shell Faces ’Lower Forever’
By JEFFREY BALL
Fueled by a belief that the age of high oil prices is over, petroleum giant Royal Dutch Shell is racing to remake itself for a new-energy world.
50

DEPARTMENTS

BRIEFING
3 Super Bowl Ads Can’t Save TV
Marketers will spend millions on TV advertising during football’s main event. It won’t be enough.
By ERIKA FRY

7 Retailers’ Secret Weapon Is ... Food?
Why groceries are suddenly a hot business.
By PHIL WAHBA

8 The Decline of American Fertility
Falling U.S. birth rates could precipitate an economic crisis.
By LYMAN STONE

9 Tech Dissatisfaction, Version 99.0
It’s easier than ever for companies to update products remotely- or stunt them. And consumers are taking notice.
By ROBERT HACKETT

10 A Hotel-Turned-Jail Will Soon Turn Back
The Saudi kingdom’s most luxurious hotel has been doubling as a detention facility. How bad is that for business?
By VIVIENNE WALT

FOCUS

TECH
11 Open the Pod Bay Doors
Meet Aurora, a spunky self-driving-car startup with a potent pedigree and powerful partnerships.
BY KIRSTEN KOROSEC

VENTURE
13 Out of Prison and Into the Valley
Tech entrepreneurs are finding that hiring former prisoners can provide a social good and make great business sense.
By JENNIFER ALSEVER

INVEST
15 Can Video Game Stocks Level Up?
Gamemakers have been some of the biggest stock winners in tech, but investors fear the rally could run out of lives. Here’s why it isn’t ”game over” just yet.
By LUCINDA SHEN

PASSIONS
18 Champagne Beyond the Bubbles
It’s the drink of choice for celebrations, but Champagne is a wine that deserves to be enjoyed long past the hors d’oeuvres.
By LINDSEY TRAMUTA

BACK PAGE

LAST BYTE
60 Storm Warnings
Extreme weather is becoming more common, and the economic impact is soaring.
Text by BRIAN O’KEEFE; graphic by NICOLAS RAPP

CORRECTION

”To Catch a Cryptothief” (Nov. 1, 2017) mistakenly referred to JSEcoin as a Monero miner. It is not. Rather, it mines its own coin葉he eponymous JSEcoin.

[IMAGES]

Tech veteran and diversity advocate Erica Joy Baker knows what it takes to succeed.
LEAH FASTEN

ｩ Time Inc.

January 1, 2018 / Fortune Asia / Volume 177 / Number 1

FEATURES

How High Will Bitcoin Go?
By ROBERT HACKETT and JEN WIECZNER
We’ve never seen anything like the mania surrounding Bitcoin. What’s driving the crypto craze預nd how long can it last?
PAGE NO. 24

BUSINESS BY DESIGN
Has Apple Lost Its Design Mojo?
By RICK TETZELI
A generation of peerless products made it the world’s most valuable company. Now some are questioning if the magic is still there. Don’t believe the naysayers.
PAGE NO. 34

Companies That Get Design Right
To stay ahead of waves of disruption, smart firms are turning to design to find a competitive advantage. Here are two dozen (joining Apple) in the vanguard.
44

DEPARTMENTS

FOREWORD

3 The Quest for ”Just Right” Creative companies are tackling a mystery that no algorithm can: how to get into the heads and hearts of their customers.
By CLIFTON LEAF

LETTERS

4 Readers respond to stories in our latest Investor’s Guide.

BRIEFING

5 I.O.U.S.A.
Americans are racking up more debt than ever. When will it be time to panic?
By ERIKA FRY

8 This App Could Be the Future of Television
What Vice TV is to 60 Minutes, HQ Trivia is to Jeopardy. But it has competition.
By ROBERT HACKETT

9 The Incredible Shrinking Store
It’s not just margins that are getting smaller at U.S. retailers.
By PHIL WAHBA

10 The Ball’s in Your Court, HR
The concrete steps corporate America can take to help women at work.
By LEIGH GALLAGHER

11 Disney, Fox, and the CEO Who Can’t Quit
The marriage of two media giants will supposedly be Disney CEO Bob Iger’s last hurrah. We’ve heard that before.
By MICHAL LEV-RAM

12 The 10 Best Workplaces for Diversity
Plenty of companies claim to be inclusive. This bunch really delivers.
By CHRISTINA AUSTIN

FOCUS

VENTURE

13 Air Metal
Iron Maiden’s Bruce Dickinson brings the intensity of his stage performances to the aviation business.
By PHIL WAHBA

INVEST

15 Filling Retail’s Empty Spaces
Fundamental changes in the way people shop have driven retail stocks down to clearance-sale lows. But the chains that survive today’s shakeout could pay off big.
By RYAN DEROUSSEAU

17 Investors Look to Asia
A rebound in Japan and fast-growing middle-class populations throughout the region are making Asian stocks look like smart bets.
By LUCINDA SHEN

TECH

19 The Gift of Gab
The future of secure authentication is your voice, thanks to artificial intelligence.
By JENNIFER ALSEVER

20 A Revolution of Haves and Have-Nots
High-skill technology jobs are concentrating in few places, even as their impact sweeps across the nation.
By VAUHINI VARA

PASSIONS

22 Meister Singer
When money is no object, a classic Porsche 911 can become anything you want it to be.
By JACLYN TROP

BACK PAGE

LAST BYTE

60 Leading the Way in A.I.
The A.I. revolution is coming預nd one research firm has identified the most promising startups.
Text by BRIAN O’KEEFE; graphic by NICOLAS RAPP

COVER DESIGN BY PAUL MARTINEZ

[IMAGES]

Apple design chief Jony Ive
COURTESY OF APPLE

AARON FERNANDEZ

ｩ Time Inc.

December 15, 2017 / Fortune Asia / Volume 176 / Number 8 / 2018 INVESTOR'S GUIDE



FEATURES

INVESTOR'S GUIDE 2018



You've Won Big. Now Raise the Bar.

By MATT HEIMER

Investors scored healthy returns in the stock market this year. But there won't be as many big winners in 2018. That means it's time to get choosy.

PAGE NO. 32



The All-Tech Portfolio

By JEN WIECZNER with SCOTT DECARLO

Thanks to sweeping changes in business, there are now "tech" companies in every sector of the economy. We found 31 stocks that can help you profit from the revolution.

36



What Is the Smart Money Buying Now?

Interview by MATT HEIMER

A historically long bull market has made bargains scarce. But our panel of market experts continues to see profitable opportunities ahead—powered by software.

48



The Very Long Game

By CHRIS TAYLOR

We're living longer—and that's a mixed blessing. How investors and advisers are scrambling to deal with the prospect of endless retirements.

58



An Ageless VC Gets an Act Three

By JEFF JOHN ROBERTS

One of the nation's first venture capitalists, Alan Patricof, 82, helped build hundreds of companies. Here's why he's turned back to his startup roots—and what he's teaching a new generation.

68



FEATURES

INVESTOR'S GUIDE 2018



When Will the Profit Boom Fizzle?

By SHAWN TULLY

Corporate earnings are soaring. But U.S. companies have benefited in recent years from a highly unusual confluence of events—and those trends are reversing.

PAGE NO. 76



Whatever It Takes to Win

By JEN WIECZNER

Elliott Management is the world's biggest activist hedge fund. But other investors say some of its recent hardball campaigns have gone too far.

82



BlackRock's Predictions for 2018

By MATT HEIMER

With $6 trillion in assets under management, every move BlackRock makes has global ripple effects. Here's an exclusive preview of what its strategists expect from the markets next year.

92



How Schwab Beat Back the Robots

Interview by ADAM LASHINSKY

The 46-year-old brokerage has stayed ahead of the digital wave remaking the industry-by joining in. CEO Walt Bettinger talks to Fortune about the future of finance.

96



Closing America's Idea Gap

By RYAN BRADLEY

We're living in a golden era of tech breakthroughs but getting less bang for our R&D buck. Here's what we can do to fix that.

102



The Mark of Zooko

By ROBERT HACKETT

Two years ago, Bryce "Zooko" Wilcox was running a struggling startup. Now he's helping create privacy tech that could give today's cryptocurrencies a run for their money.

108



Where's the Beef?

By BETH KOWITT

Silicon Valley is betting big that tech can solve one of the food industry's existential problems: how to make meat without animals. Now consumers just need to be persuaded to eat it.

118



DEPARTMENTS



FOREWORD



10 A Market Sobriety Check

Before you race to your broker, read the experts' surprising advice in this year's Investor's Guide.

By CLIFTON LEAF



BRIEFING



11 For Most Donors, Politics Is a Lousy Investment

If government really is for sale, why do so few know how to buy it?

By CHRISTOPHER GLAZEK



14 The 2017 Best in Business

Fortune's annual chronicle of the people, companies, and trends that mattered most this year.



21 Next Gen Goes Next Level

Highlights from Fortune's recent gathering of women innovators in business, government, education, and the arts.

By KRISTEN BELLSTROM



FOCUS



TECH



22 Social Climber

Meridith Valiando Rojas defied convention when she started DigiTour. Now her social media star-studded festival has teens screaming for more.

Interview by SHEILA MARIKAR



24 The Next (R)Evolution

The commercial trucking industry is facing its biggest transformation in 40 years. Automakers and tech companies are vying for pole position.

By KIRSTEN KOROSEC



27 Chipped Into Shape

A wave of consolidation continues to sweep through the semiconductor industry.

Text by AARON PRESSMAN; graphic by NICOLAS RAPP



28 Alibaba's Ambitious Off-Line Plans

Having successfully dominated online shopping in China, Alibaba now sees enormous opportunity in brick-and-mortar stores.

By ADAM LASHINSKY



PASSIONS



29 Unraveling the Cashmere Conundrum

For Mongolian nomadic farmers, cashmere is the ultimate cash crop. But increased global demand is exacting its toll. Can the luxury industry help?

By VALENTINA ZARYA



BACK PAGE



LAST BYTE



132 Fully Employed

A record-setting run of job creation is reaching into virtually every corner of the U.S.

Text by BRIAN O'KEEFE; graphic by NICOLAS RAPP



CORRECTIONS



"Benioff in Bloom" (Nov. 1) misidentified a company Salesforce acquired as Exact Data. The company Salesforce bought is ExactTarget. The story also misspelled the name of a Salesforce partner, Apttus.



"Alphabet's Guru of Googley Rigor" (Dec. 1) mistakenly said the company's human resources group is part of its "real estate and workplace services" organization. It is a stand-alone organization.



ON THE COVER: PHOTOGRAPH BY STEPHEN LEWIS



[IMAGES]



Expert analysis from panelists Savita Subramanian, BofA Merrill Lynch, and David Giroux, T. Rowe Price.

SPENCER HEYFRON



COURTESY OF IMPOSSIBLE FOODS



COURTESY OF NA ADAM



© Time Inc.

December 1, 2017 / Fortune Asia / Volume 176 / Number 7 / BUSINESSPERSON OF THE YEAR

THE 2017 BUSINESSPERSON OF THE YEAR

FEATURES

2017’s Top People in Business
It’s not just about the numbers: The 20 star executives on our list are doing nothing less than defining the future of business.
PAGE NO. 27

No. 1 Nvidia CEO Jensen Huang
By ANDREW NUSCA
Huang saw the future of computing over a decade ago. Thanks to that vision, his chipmaker is perhaps the hottest firm in Silicon Valley.
28

No. 8 PayPal CEO Dan Schulman
A Q&A with MICHAL LEV-RAM
Under Schulman, PayPal has evolved to become a dominant player in payments. He thinks its Venmo app can follow the same arc.
40

FORTUNE GLOBAL FORUM: SPECIAL REPORT
Innovation Takes Off in China
By CLAY CHANDLER
Led by Internet giants such as Alibaba and Tencent and boosted by a surge in venture capital, China is shedding its image as a copycat economy and emerging as a tech superpower.
PAGE NO. 50

Is It Time for P&G to Break Up?
By GEOFF COLVIN and SHAWN TULLY
Under assault by activist Nelson Peltz, the 180-year-old consumer products behemoth is confronting its feeble growth. But only radical change can fix its problems.
58

DEPARTMENTS

FOREWORD
6 Betting Long
We know that companies that invest in the future do better than short-term thinkers. Here’s more proof.
By CLIFTON LEAF

BRIEFING

7 Fortune’s 2018 Crystal Ball
Our predictions for the world of business-and politics, culture, technology, and more-in the year ahead.

16 Richard Branson’s Best Advice
The billionaire daredevil has one of the best stories in business-which he tells in his new book, Finding My Virginity.
By ANNE VANDERMEY

FOCUS

INVEST
17 The Hedge Fund Wannabes
A new breed of ETFs promises to imitate the souped-up strategies of hedge funds預t a much lower cost. But how will they fare in a market downturn?
By RYAN DEROUSSEAU

TECH
19 Alphabet’s Guru of Googley Rigor
Ruth Porat, CFO of Google’s parent company, balances Silicon Valley whimsy with hard-nosed reality.
By ADAM LASHINSKY

PASSIONS
21 The Post With the Most
Subscription boxes make for perfect holiday gifts, spreading the joy well into the new year.
By KATE FLAIM with CHLOE LIESKE

BACK PAGE

LAST BYTE
64 Weight of the World
The world is getting much, much heavier. And we can expect a massive increase in obesity-related medical costs.

Text by BRIAN O’KEEFE; graphic by NICOLAS RAPP

ON THE COVER: PHOTOGRAPH BY WINNI WINTERMEYER

[IMAGES]

ｩ Time Inc.

November 1, 2017 / Fortune Asia / Volume 176 / Number 6 / THE FUTURE 50

THE FUTURE 50

In Search of ’Vital’ Companies
By MARTIN REEVES
Today’s fast-changing business environment demands a new approach for identifying tomorrow’s winners. Meet the Future 50.
PAGE NO. 25

The Leaders and the Challengers
Among the inaugural Future 50: top dogs Salesforce, Tesla, and Netflix, plus rising growth stars Grubhub, Workday, and Zillow.
28

Benioff in Bloom
By ADAM LASHINSKY
Salesforce CEO Marc Benioff runs one of the world’s most innovative big companies. His secret? Relentlessly forward-looking leadership.
42

Coming to an O.R. Near You
By SY MUKHERJEE
Intuitive Surgical made robotic surgery a reality. In the next few years, it may help us explore the body as never before.
50

FEATURES
Inside the Kingdom of Oil
By VIVIENNE WALT
A potential IPO could make Saudi Aramco the world’s most valuable company. Might it also bring profound changes to Saudi Arabia?
58

DEPARTMENTS

BRIEFING

7 The People vs. the Credit Oligarchs
Credit-reporting bureaus have few incentives to be good corporate citizens. Fallout from the Equifax hack may change that.
By JEN WIECZNER and JEFF JOHN ROBERTS

10 We’re Having an Oil Rally, but No One Is Enjoying It
The global oil glut is finally being tamed. So why is the industry still so gloomy?
By GEOFFREY SMITH

11 Should New Media Play by the Old Rules?
Facebook has a greater reach than TV ever did. Some say they should be held to the same standards.
By JEFF JOHN ROBERTS

12 Some Crickets With Your Caviar?
The ex-CEO of Cisco is betting big on insects as food. The result is surprisingly appetizing.
By BETH KOWITT

13 Airbnb’s Conquest Is Just Getting Started
How the sharing economy pioneer plans to shake up the (rest of the) travel industry-and more.
By LEIGH GALLAGHER

14 Building a Workforce for Every Economy
The question of how to attract, retain, and retrain a strong, modern workforce was a unifying theme at two Fortune conferences this fall.

15 Great Workplaces
Featuring the 10 best small and medium-size U.S. companies to work for.
By CHRISTINA AUSTIN

FOCUS

TECH

18 To Catch a Cryptothief
The next big cybercrime threat? Cryptojacking.
By ROBERT HACKETT

22 The Future of Coffee
Using the blockchain to track java, from bean to barista.
By ROBERT HACKETT

VENTURE

20 Building Up From the Ashes
Many entrepreneurs face challenges when starting their companies, but few encounter obstacles quite as big as Casey Malmquist has.
By JENNIFER ALSEVER

PASSIONS

23 The New Sub Culture
French audio startup Devialet is taking its high-tech speakers to the heart of one of Paris’s most prestigious cultural institutions.
By LINDSEY TRAMUTA

BACK PAGE

LAST BYTE

68 A Hacker’s Tool Kit
Courtesy of the web’s thriving criminal marketplace, cybercrime is growing ever more pervasive.
Text by ROBERT HACKETT; graphics by NICOLAS RAPP

CORRECTION

A caption in ”Ford Finds a New Leader, By Design” (Sept. 15) misidentified the pickup trucks being assembled at a Ford plant in Louisville, Ky. That factory makes F-250s, F-350s, and F-450s, not F-150s.

ON THE COVER: PHOTOGRAPH BY SPENCER LOWELL

[IMAGES]

ｩ Time Inc.

October 1, 2017 / Fortune Asia / Volume 176 / Number 5 / THE 50 MOST POWERFUL WOMEN

FEATURES

MPW

MOST POWERFUL WOMEN

50 Most Powerful Women
The 20th edition of Fortune’s annual list of the Most Powerful Women in Business.
PAGE NO. 28

The Queen of Pop
Interview by BETH KOWITT
CEO Indra Nooyi has kept PepsiCo a step ahead of the Big Food pack. But can she jolt a sector that’s losing its fizz?
40

Tech Takeover in Toyland
By MICHAL LEV-RAM
Mattel CEO Margo Georgiadis wants to bring the venerable toymaker-and the rest of the industry擁nto the Digital Age.
46

Apple Reboots in China
By CLAIRE ZILLMAN
Facing falling sales in a key market, the iPhone maker turns to star engineer Isabel Ge Mahe to lead a turnaround.
PAGE NO. 54

The International List
Our ranking of the most powerful businesswomen based outside the U.S.
59

Racing to Build an Endurance Sports Empire
By PHIL WAHBA
In a bold buying spree, China’s Dalian Wanda has become the world’s biggest operator of marathons and triathlons. Now all it has to do is get people running again.
62

DEPARTMENTS

BRIEFING

7 A Category 5 Business Problem
As storms in the U.S. become more frequent and more intense, their true cost emerges.
By CLAY DILLOW

10 A Lawsuit Deluge for Opioid Inc.
This could be the pharmaceutical industry’s Big Tobacco moment.
By ERIKA FRY

11 Trudeau Pushes for a Feminist NAFTA
Canada brought an unusual wish list to the free-trade negotiating table.
By CLAIRE ZILLMAN

12 Taylor Swift’s Battle of the Brands
Few things go better together than the pop star and capitalism.
By TOM HUDDLESTON JR.

13 The Business of Getting Dirty
The CEO of Tough Mudder talks slop容r, shop.

16 The 10 Best Workplaces for Women
The standouts from Fortune and Great Place to Work’s third annual list of female-friendly firms.
By CHRISTINA AUSTIN

FOCUS

TECH
18 Tech’s Magic 8 Ball Says Embrace the Future
Longtime futurist Ray Kurzweil predicts artificial intelligence will do more good than harm.
By MICHAL LEV-RAM

VENTURE
20 Finding an ”Ocean” Free From Rivals
Every buzzy startup is trying to upend the establishment, so why play the same game?
By LEIGH GALLAGHER

INVEST
22 Resisting Activists- and Winning
Shareholder activist campaigns promise to boost a stock’s value. But here’s a secret: Investors often fare better when management says no.
By RYAN DEROUSSEAU

PASSIONS
25 Time for Something More
Women’s watches have long gone without the mechanical marvels of men’s timepieces. Patek Philippe’s Sandrine Stern is changing that.
By STACY PERMAN

BACK PAGE
LAST BYTE
68 Apple Climbs Toward $1 Trillion
As Apple nears a market-cap milestone, Fortune takes note of other stocks that have attained dizzying heights.
Text by BRIAN O’KEEFE; graphics by NICOLAS RAPP

ON THE COVER: INDRA NOOYI PHOTOGRAPHED BY SPENCER HEYFRON

[IMAGES]

JONATHAN CALUGI

ｩ Time Inc.

September 15, 2017 / Fortune Asia / Volume 176 / Number 4

FEATURES

CHANGE THE WORLD 2017

50 Companies That Do Well by Doing Good
Our third annual list of corporate world-changers. Plus: Six small yet influential rising stars.
PAGE NO. 36

Four Pillars of Moral Leadership
By DOV SEIDMAN
A leading corporate-ethics guru offers a framework for how managers everywhere can lead by example.
52

Making a Motown Miracle
By MATT HEIMER
Jamie Dimon had a front-row seat for Detroit’s collapse. Now he and JPMorgan Chase are fueling the city’s revival. Their strategy is a blueprint for rebuilding America’s cities.
56

The Ties That Bind at Levi’s
By ERIKA FRY
The blue-jeans giant is rolling out a ”Worker Well-Being” program for the 300,000 laborers in its global supply chain. But can perks and respect keep workers happy and loyal?
PAGE NO. 66

Apple Finds Its Core
By ADAM LASHINSKY
CEO Tim Cook talks about how the tech giant is embracing its mission by investing in everything from education to renewable energy, to yes, world-changing products.
74

Planet-Friendly Profits
By ERIKA FRY
Dutch sciences giant DSM reinvented itself to tackle global problems like malnutrition and climate change. The result: an $8 billion company whose stock is at an all-time high.
82

FEATURES

Big Food’s Mass CEO Exodus
By BETH KOWITT
The head honchos of Big Food are under immense pressure from a hypercompetitive retail landscape and activist investors. No wonder so many have stepped down.
PAGE NO. 86

Stalking an Elusive Prize in Alaska
By BOB REISS
Oil giants have long pushed to explore the Arctic National Wildlife Refuge, only to be thwarted by environmentalists. Trump’s vow to open ANWR sets up an epic showdown.
92

Ford Finds a New Leader, by Design
By ADAM LASHINSKY
CEO Jim Hackett brings an intellectual approach and an outsider’s perspective to the job. Here’s how he plans to transform the underperforming automaker.
102

100 Fastest-Growing Companies
Facebook (No. 6) and Amazon.com (No. 9) headline this year’s crop. See the full list for 98 more up-and-comers.
107

100 FASTEST-GROWING COMPANIES
At LendingTree, It’s All Fist Bumps
By SHAWN TULLY
Business is booming at the online marketplace for consumer credit. And the company’s big idea-allowing borrowers to comparison shop online-is still gaining traction.
PAGE NO. 114

DEPARTMENTS

FOREWORD

6 No Margin, No Mission
Increasingly, capitalism is driving another worthwhile enterprise: everyday problem solving.
By CLIFTON LEAF

BRIEFING

7 Football Absorbs a Knockout Blow
As evidence mounts that the sport is hurting its players, a multibillion-dollar colossus looks ever more deflated.
By TOM HUDDLESTON JR.

10 The Bull Case for Uber’s New Chief
CEO Dara Khosrowshahi could be the right person to bring Uber back from the brink.
By ADAM LASHINSKY

11 Big Food Swallows the Meal-Kit Hype
The food-in-a-box space is overcrowded, but there’s a reason the industry giants still want a piece of it.
By JENNIFER ALSEVER

12 Trump’s Break With CEOs Is a Big Deal
A pro-growth partnership between business and government is increasingly out of reach.
By ALAN MURRAY

13 Back-to-School Shopping Still Exists? And How!
It’s a digital world, but the fall shopping season is bigger than ever.
By JANE PORTER

14 A Back-to-Work Reading List
Ten of the most hotly anticipated titles of the season.
By LAURA ENTIS

FOCUS

TECH

16 Bringing ”Hard Science” to the Masses
The brain trust at Breakout Labs are becoming VCs-and could prove to be formidable contenders.
By ERIN GRIFFITH

18 Dead, but Not Forgotten
E-waste recycler ERI fulfills an integral part of the digital food chain.
By ROBERT HACKETT

19 Crystal Clear Provenance Blockchain technology is set to transform a new market-diamonds.
By JEFF JOHN ROBERTS

20 Fighting His Way Out of a Paper Bag
How British inventor Sir James Dyson got started.

Interview by DINAH ENG

VENTURE

22 A Retailer Finds Its Voice
REI, a mecca for outdoorsy shoppers, has found a new raison d’黎re.
By CLAIRE ZILLMAN

INVEST

24 Times Change, But ”Green” Funds Keep Growing
Even under a Trump presidency, ”sustainable” funds have stayed strong. Here’s why.
By CHRIS TAYLOR

PASSIONS

27 Made to Measure
A custom-fit suit at a price better than a department store’s? That’s the promise of a new breed of suitmakers.
By SHEILA MARIKAR

30 Holy Grails
Auction prices for vintage timepieces are sky-high. When it comes to the Swiss watch market, everything old is new again.
By STACY PERMAN

FORUM

33 From Boom to Doom
Entrepreneurs used to worry about a bubble bursting. Today’s startup problems are far more complicated.
By ERIN GRIFFITH

BLACK BOOK

34 The Gathering Place
If you know where to look, the island of Oahu is full of hidden gems.
By ADAM ERACE

BACK PAGE

LAST BYTE

120 Coasts of Living
The U.S. housing market is getting squeezed, contributing to a sharp rise in costs.
Text by BRIAN O’KEEFE; graphics by NICOLAS RAPP

ON THE COVER: TIM COOK PHOTOGRAPHED BY SPENCER LOWELL

[IMAGES]

JEREMY LANGE

MANNEQUIN: TOM SCHIERLITZ

ILLUSTRATION: MICHAEL GEORGE HADDAD

ｩ Time Inc.

September 1, 2017 / Fortune Asia / Volume 176 / Number 3 / 40 UNDER 40

FEATURES

Blockchain Mania!
By ROBERT HACKETT
The craze for Bitcoin and Ethereum may abate, but the power of the ”blockchain” tech behind those currencies is real. Here’s how businesses are hoping to harness it.
PAGE NO. 26

The 21st-Century Bank Robbery
By JEN WIECZNER
Cryptocurrency is transforming finance. It’s also shockingly easy to steal. Coinbase, the world’s biggest cryptoexchange, is intent on fixing blockchain’s most dangerous flaw.
34

FORTUNE’S 40 UNDER 40
Innovators Who Rule the World
By the FORTUNE staff
Introducing Fortune’s definitive list of the most powerful people under 40 in 2017.
PAGE NO.42

FORTUNE’S 40 UNDER 40
Global Politics’ Young Guns
By VIVIENNE WALT
Leo Varadkar, Prime Minister of the Republic of Ireland, is the most surprising figure in a rising generation of statesmen.
45

FORTUNE’S 40 UNDER 40
Kevin Hart Wants It All
By ANNE VANDERMEY
He’s the world’s hottest comic, but Hart is more than just a funny guy. The star sat down with Fortune to dish about building a comedy empire.
50

FORTUNE’S 40 UNDER 40
Dream Weaver
By ERIN GRIFFITH
How Casper CEO Philip Krim and his cofounders turned their humdrum mattress-in-a-box startup into a breakout brand.
54

DEPARTMENTS

FOREWORD
6 The Actual Next Big Thing
Game-changing technologies don’t come around very often. Blockchain is one of them.
By CLIFTON LEAF

BRIEFING
7 Obamacare’s Thousand Cuts
After the GOP’s failed repeal, the ACA still lives-barely. But the health exchanges and insurers are still in big trouble.
By SY MUKHERJEE

10 Europe Fumes Over Russian Gas
In punishing Vladimir Putin with sanctions, Congress could also give a leg up to U.S. gas interests, and boost EU prices.
By GEOFFREY SMITH

11 The Food Industry’s Urgent Question: What Is Milk?
A war is brewing in the grocery aisle over how companies label the food we eat.
By BETH KOWITT

12 What Disney’s Netflix Snub Means
Both investors and consumers have reason to worry about the media breakup.
By MICHAL LEV-RAM

13 What’s in a Valley Valuation?
New research posits that without fancy accounting, half of unicorn startups would lose their horns.
By ANNE VANDERMEY

FOCUS

TECH
17 Ubisoft’s CEO Isn’t Playing Games
Yves Guillemot is pushing the video game publisher to keep innovating in a fast-changing industry.
By CHRIS MORRIS

INVEST
19 A Big Payoff for Cybercop Stocks
High-profile hacks have global companies scrambling to boost their cyberdefense budgets. But which security providers will make the most of the opportunity?
By RYAN DEROUSSEAU

VENTURE
22 Get Out of His Lane
George Hotz, at age 17, was the first person to unlock the iPhone. Now, he’s unlocking the self-driving potential of everyday cars.
By ANDREW ZALESKI

PASSIONS
24 In the Belly of the Brazen Bull
The Lamborghini Aventador S boasts a ”masterpiece” suite of technical innovations. So how will it perform in the hands of a supercar novice?
By DANIEL BENTLEY

BACK PAGE
LAST BYTE
64 Automation Ahead
A sector-by-sector look at where technologies like robotics will have the biggest impact on jobs.
Text by BRIAN O’KEEFE; graphics by NICOLAS RAPP

[IMAGES]

ｩ Time Inc.

August 1, 2017 / Fortune Asia / Volume 176 / Number 2 / THE GLOBAL 500

FEATURES

#DefeatUber
By MICHAL LEV-RAM
Scandals at Uber have given Lyft a chance to catch up in the ride-sharing race. Could a bold bet on driverless cars help the smaller startup take the lead?
PAGE NO. 32

500

THE FORTUNE GLOBAL 500

Globalization Bites Back
By JEFF JOHN ROBERTS
U.S. tech companies have soared to the top ranks of the Fortune Global 500 in recent years, but could foreign regulators put an end to a great growth story?
PAGE NO. 57

You’ve Never Heard of HNA Group
By VIVIENNE WALT
Here’s why you will. The $53 billion Chinese conglomerate already owns a company near you.
60

India’s Marathon Man
By CLAY CHANDLER
Can a distance-running fanatic whip Tata, India’s biggest and most complicated company, into better shape?
68

F1 The List
The world’s 500 largest corporations.
F11 Winners and Losers
F12 Notes
F13 How the Companies Stack Up
F15 Ranked Within Countries
F21 Index
77

DEPARTMENTS

FOREWORD
6 Ideas Know No Borders
The worldwide spread of innovation is inevitable, as our Global 500 list shows.
By CLIFTON LEAF

BRIEFING
9 Digital Currency Gets Its Biggest Test Yet
Advocates say it could change the way we use money and fund companies. Critics see a bubble. This year, we may find out who’s right.
By ROBERT HACKETT

12 Setting Big Hairy Goals-and Missing
Even successful CEOs succumb to the temptation of shooting for unreachable targets.
By PHIL WAHBA

13 It’s Time to Worry About Italian Debt
Italy’s gargantuanbankbailout raisesthestakesforanoverburdened state.
By GEOFFREY SMITH

14 As Oceans Rise, Insurers Flee
Natural disasters, increasingly common, are causing economic ones too.
By BETH KOWITT

15 First the Cold War, Now the Flame War
With GIFs, hashtags, and snark, @Ukraine brings the heat to the Internet.
By LINDA KINSTLER

16 The 10 Best Workplaces for Millennials
Here’s where the largest generation in the workforce is finding career bliss.
By CHRISTINA AUSTIN

FOCUS

INVEST
17 Where Bulls Are China-Shopping
Hundreds of domestic Chinese stocks are becoming more accessible to U.S. investors. But which ones can weather a potential slowdown?
By LUCINDA SHEN

TECH
19 Facebook’s Secret Weapon
One of the social network’s longest-serving employees leads the charge in signing up the next billion users.
By VALENTINA ZARYA

22 Just Call It Silicon Coast
Startups and Fortune 500 companies alike are rapidly setting up offices with skilled employees just across the border in Vancouver.
By CLAY DILLOW

VENTURE
26 Data Won’t Make You Fit
But that doesn’t mean the dream of the ”quantified self” is over.
By LAURA ENTIS

28 Learning Not to Lead
Foursquare’s Dennis Crowley recounts the moment he realized he was no longer the right person to lead the company he cofounded.
As told to POLINA MARINOVA

PASSIONS

29 A Sanctuary From Terror
Paris’s luxury tourism industry is rebounding after years of disruption from terrorism, fractious politics, and increased competition.
By LINDSEY TRAMUTA

FORUM
31 A Blind Eye to the Truth
Unconditional support contributed to Silicon Valley’s success-and some of its worst missteps.
By ERIN GRIFFITH

BACK PAGE

LAST BYTE
104 Cities of Gold
The rich are getting richer-especially in the U.S.: mapping the nation’s millionaire households.
Text by BRIAN O’KEEFE; graphics by NICOLAS RAPP

CORRECTIONS
”Tesla Makes a U-Turn in China” (June 15) incorrectly reported that Studebaker had entered bankruptcy in the 1960s; it also misidentified the date that Studebaker produced its last U.S.-made car. Fortune regrets the errors.

ON THE COVER: ILLUSTRATION BY MUOKKAA STUDIO

[IMAGES]

ｩ Time Inc.

July 1, 2017 / Fortune Asia / Volume 176 / Number 1

SECTION

FEATURES

HACKED: A SPECIAL REPORT

Business Under Cyberassault
By JEFF JOHN ROBERTS and ADAM LASHINSKY
Cybercrime is surging to new highs, and the cost to companies is soaring. Here’s how they’re fighting back, and what you need to know to protect your digital assets.
PAGE NO. 24

HACKED: A SPECIAL REPORT
Google’s Elite Hacker SWAT Team vs. Everyone
By ROBERT HACKETT
Brash. Controversial. A guard against rising digital threats around the globe. Google’s Project Zero is securing the Internet on its own terms. Is that a problem?
32

Why Free Money Could Be the Future of Work
By CLAY DILLOW and BROOKS RAINWATER
Some tech leaders believe A.I. and automation will leave millions permanently unemployed. Their solution: a ”universal basic income” that could redefine what it means to earn a living.
PAGE NO. 40

Can Bitcoin’s First Felon Make a Comeback?
By BRIAN PATRICK EHA
After a year in prison, Charlie Shrem is back in the game-with a new mission-just as the value of cryptocurrencies is taking off.
Plus: How to Invest in the Next Bitcoin
48

Betting It All, With Brand-New Chips
By AARON PRESSMAN
Over the past decade, Advanced Micro Devices has plunged from innovator to also-ran. CEO Lisa Su is counting on a bold advance in technology to power it back up.
58

DEPARTMENTS

BRIEFING

7 The Deal That Made an Industry Shudder
Amazon’s Whole Foods acquisition could affect every company that touches the food we eat.
By BETH KOWITT

10 ”Peak TV” Is Further Away Than We Think
The boom in scripted shows on major networks may be tapering, but that doesn’t mean the drama’s over.
By TOM HUDDLESTON JR.

11 So Much for That Brexit Mandate
Theresa May’s botched election has left her government in chaos. For U.K. businesses, though, it offers hope for closer EU ties.
By GEOFFREY SMITH

12 Car Wreck: What Uber Means for the Valley
The company’s self-inflicted wounds are likely to have a wide-ranging impact on startup culture, regulations, and more.
By ERIN GRIFFITH

13 Drink Local, Buy Global
There’s a good chance that locally brewed beer you’re drinking is actually part of a giant multinational corporation.
By JOHN KELL

14 Celebs Dabble in Weird Food
Perfume sponsorship is so last season.
By JOHN KELL

16 Fortune on the Global Stage
Highlights from two confabs an ocean apart-our Most Powerful Women International Summit in London and the Northside Festival in Brooklyn.

FOCUS

TECH

17 Slack’s Quest to Make Work Easier
CEO Stewart Butterfield on saving you time and hassle on the job.
By MICHAL LEV-RAM

VENTURE

19 A Forerunner in Venture Capital
Kirsten Green founded a one-woman VC firm in 2003-and has piled up the investing hits ever since.
By LEENA RAO

PASSIONS

21 Doing Business In: Frankfurt
A seasoned hotelier offers tips for your next business trip to the international financial center-along with the best ways to extend your stay.
By ADAM ERACE

FORUM

23 On Message, Off Target
The world is eager to adopt startup-style business practices. But what if those practices are wrong?
By ERIN GRIFFITH

BACK PAGE

LAST BYTE

64 Most Wanted Minerals
Mapping the shortage of key natural resources that may put the proliferation of iPhones, Teslas, and other tech innovations at risk.

Text by BRIAN O’KEEFE; graphic by NICOLAS RAPP

ON THE COVER: PHOTOGRAPH FROM EYEEM/GETTY IMAGES

[IMAGES]

ｩ Time Inc.

June 15, 2017 / Fortune Asia / Volume 175 / Number 8 / DOUBLE ISSUE / THE FORTUNE 500

SECTION

FEATURES

The Annual Fortune 500
By THE FORTUNE EDIT TEAM
America's biggest companies: the definitive list.
PAGE NO. 29

Starbucks' Ex-CEO Has Something Left to Prove
By BETH KOWITT
Longtime chief Howard Schultz has "stepped down" to become chairman. Now he's leading the effort to launch a higher-end coffee business. It may mean even more to him than it does to the company.
30

America: a Growth Industry
By LAURA ENTIS
with graphics by NICOLAS RAPP
For more than six decades, the Fortune 500 has tracked the trends driving and reshaping the U.S. economy. Here, a graphic examination of how it has changed.
39

Tesla Makes a U-Turn in China
By SCOTT CENDROWSKI
Two years ago, Tesla was stumbling in China. Today, its cars are everywhere— a sales phenomenon that has helped loft the company to its Fortune 500 debut. Here's how Tesla turned the corner.
48

A Bolt of Energy
By VALENTINA ZARYA
PG&E CEO Geisha Williams is a classic immigrant success story. Now, as head of California's largest utility, she's embracing a business rocked by powerful change.
PAGE NO. 56

Goldman Sachs Wants Its Mojo Back
By WILLIAM D. COHAN
The finance world's most ruthlessly efficient profit-maker has struggled in an era of tighter regulation. An inside look at how CEO Lloyd Blankfein plans to take Goldman to the top once more.
62

A Giant Enters a New Arena
By MICHAL LEV-RAM
Activision Blizzard built a videogame empire around bestselling titles like Call of Duty and Warcraft. Now it wants to become the Disney of competitive gaming. Will audiences play along?
72

Marriott Goes All In
By SHAWN TULLY
With last year's $13.6 billion purchase of Starwood, CEO Arne Sorenson has already built a hotel industry Goliath. Now he's embarking on a historic expansion and betting he can fend off a pesky upstart: Airbnb.
80

THE LISTS
F-1 The 500 Largest U.S. Corporations
F-23 The 500 Ranked Within Industries
F-31 Arrivals and Departures
F-32 Explanations and Notes
F-33 Company Performance
F-37 Index
89

DEPARTMENTS

FOREWORD
8 Rebel Territory
The Fortune 500 has always been a destination for radical thinkers, stargazing inventors, and slightly disheveled entrepreneurs.
By CLIFTON LEAF

BRIEFING
9 The Death of Retail Is Greatly Exaggerated
The industry took a dive on this year's Fortune 500 list, but its vitals are still strong.
By PHIL WAHBA

12 Get Ready for Fast Furniture
The consumer thirst for the latest trends remade the fashion business. Home goods are next.
By ERIN GRIFFITH

13 Tourists: China's New Political Weapon
When you cross Beijing, the danger isn't that the Chinese will pay you a visit. It's that they won't.
By CLAY DILLOW

14 Titans of Business Think Small
In this innovate-or-die era, the Fortune 500 turn to startups for inspiration.
By VALENTINA ZARYA

15 Watch Out, Nike, the Germans Are Coming
Lately shoe giants Adidas and Puma have been running laps around the sportswear competition.
By JOHN KELL

FOCUS

TECH
16 Flash Forward
As Adobe arrives on the Fortune 500 for the first time, the software maker's CEO shares how the cloud led it to a sunnier future.
By JONATHAN VANIAN

17 Storm Chasers
Ahead of 2017's Fortune Brainstorm Tech in Aspen, here's a look at some of the luminaries who have graced its stage over the years.
By ANDREW NUSCA

INFRASTRUCTURE
18 Turning Waste Into Gold (or Copper)
DC Water needs costly infrastructure—pipes, especially—and the utility is finding creative, entrepreneurial ways to pay for it.
By JENNIFER ALSEVER

INVEST
20 Defending Your Portfolio
Policy is hard to predict under President Trump, but defense spending seems certain to grow. These Fortune 500 stocks should help investors feel safer.
By JEN WIECZNER

PASSIONS
24 The Original Hospitality Disrupter
Ian Schrager, the father of the boutique hotel, has strong words for his industry peers on their battle with Airbnb. They should probably listen.
Interview by LEIGH GALLAGHER

26 On the Grand Lake
The head concierge of Lausanne's Beau-Rivage Palace hotel has the perfect recommendations for your time in Switzerland's picturesque city.
By ADAM ERACE

FORUM
27 You'll Laugh! Cry! (Maybe Buy.)
A revolution is underway in retail as the industry realizes that the primary role of a brick-and-mortar store may not be sales.
By ERIN GRIFFITH

BACK PAGE
LAST BYTE
128 CEO Soothsayers
Fortune 500 CEOs are optimistic about the global economy—but bracing for technological change.
By ALAN MURRAY

COVER ILLUSTRATION BY FORGE & MORROW

[BOX]

"Building a hotel for millennials is the most stupid idea I've ever heard in my life."

—IAN SCHRAGER

[IMAGES]

ADAM DEAN—PANOS PICTURES

IAN SCHRAGER: ILYA S. SAVENOK—GETTY IMAGES

© Time Inc.

June 1, 2017 / Fortune Asia / Volume 175 / Number 7

SECTION

FEATURES

Riding Shotgun With Travis Kalanick
By ADAM LASHINSKY
In this exclusive excerpt from Wild Ride: Inside Uber’s Quest for World Domination, the author prowls the streets of San Francisco with the pugnacious CEO and learns how he feeds on adversity.
PAGE NO. 22

MIDYEAR INVESTOR’S GUIDE
18 Stocks and Funds to Buy Now
By JEN WIECZNER
Politics is the elephant in the room in every conversation about the markets these days. But here you’ll find the best investments for riding out any news cycle.
33

General Mills Loses the Culture Wars
By JOHN KELL
The company’s Yoplait yogurt brand has gone completely sour-just one of many problems facing the packaged food giant. Can a new CEO settle investors’ stomachs?
42

Where Does the Algorithm See You in 10 Years?
By JENNIFER ALSEVER
Artificial intelligence has come to hiring, and could change staffing and careers forever. Should we be cheering熔r afraid?
PAGE NO. 50

Coach Thinks Outside the Bag
By PHIL WAHBA
Three years ago, the luxury retailer watched its sales plummet as Americans lost interest in its iconic handbags. Today, it’s in the midst of a remarkable recovery. Here’s how Coach is climbing out of purse purgatory.
56

DEPARTMENTS
BRIEFING
5 Can China Save Hollywood?
The movie industry’s obsession with Chinese growth in the face of weak U.S. attendance is changing American cinema.
By MICHAL LEV-RAM

8 Investors Go Long on Slime
A look at the business impact of 2017’s hottest (and weirdest) plaything.
By JEN WIECZNER

9 Macron Economics
Can France’s new 39-year-old globalist President banish the country’s economic ennui?
By GEOFFREY SMITH

10 The Puzzle Page
Write your own corporate apology! Match the tycoon to the NBA team! Enter the Oval Office influence maze! And more ...

11 Rise of the Room-Service Robots
As the hotel industry faces headwinds, hospitality tech comes into its own.
By CHRIS MORRIS

12 Brainstorm Health 2017
Highlights from our second annual conference on the revolution in digital health care.
By CLIFTON LEAF and DAVID B. AGUS, MD

14 Executive Read
Three witty titles with more pictures than paragraphs. Perfect for summer.
By ANNE VANDERMEY

FOCUS

TECH

15 The iPhone Decade
One of the tech industry’s biggest innovations celebrates a major milestone.
By AARON PRESSMAN

18 When Your Stuff Spies on You
An increase in Internet-connected devices in homes is causing privacy problems.
By JEFF JOHN ROBERTS

FORUM

19 We Changed the World! (Oops.)
Technology’s most powerful companies are learning that making a big impact can come with adverse side effects.
By ERIN GRIFFITH

PURSUITS

20 The City on the Harbor
An expert concierge shows us why Hong Kong is a vacation destination in its own right.
By ADAM ERACE

BACK PAGE

LAST BYTE
64 Piling Up CO[subscript 2] Savings
The future of U.S. climate change policy may be uncertain, but Fortune 500 companies continue to embrace clean energy.
Text by BRIAN O’KEEFE; graphic by NICOLAS RAPP

ON THE COVER: TRAVIS KALANICK IN 2013, PHOTOGRAPHED BY JEFFERY SALTER

[IMAGES]

COVER: REDUX PICTURES

Rexy, a dinosaur made of 400 bags, at Coach’s New York flagship store.

Former Vice President Joe Biden at Fortune Brainstorm Health.
BIDEN: STUART ISETT FOR FORTUNE BRAINSTORM HEALTH

GARDEN: E-WILD悠STOCK/GETTY IMAGES

ｩ Time Inc.