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

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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

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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.

May 1, 2017 / Fortune Asia / Volume 175 / Number 6 / The Future Issue

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FEATURES
This Is the Future
Optimists crave it.
Pessimists fear it.
Whatever your outlook, there’s a good chance you’re fascinated by the future. In this issue we’ve identified 32 companies devoted to transforming the world around us in the coming years.
PAGE NO. 25

THE FUTURE OF HEALTH
Prepare for the Digital Health Revolution
By SY MUKHERJEE
The business of medicine is ripe for disruption. Here are 21 companies-and 34 bold leaders-using technology to reinvent it.
26

THE FUTURE OF DIGITAL SOCIETIES
Welcome to Tomorrow Land
By VIVIENNE WALT
In the tiny European nation of Estonia, virtually every process is digitized-and the startup scene is thriving. What can the world’s largest economies learn from one of its smallest?
38

THE FUTURE OF STARTUP INNOVATION
Wanted: Fresh Solutions for Age-Old Problems
By the FORTUNE staff
How you eat, dress, log in, save, and interact with others-it all could change. We found seven small companies that challenge the status quo and give us a look into the future.
46

THE FUTURE OF AGRICULTURE
China’s $43 Billion Bid for Food Security
By GEOFF COLVIN
ChemChina’s acquisition of ag-tech giant Syngenta is part of a broader strategy that could change food supplies and costs worldwide.
56

DEPARTMENTS

FOREWORD

4 Seeing Tomorrow
Here are the visionaries who are building the next generation of everything.
By CLIFTON LEAF

BRIEFING

5 Goodbye, Unicorns. Hello, IPOs!
Silicon Valley used to avoid the public markets. Now IPOs are back-because many startup founders desperately need them.
By ERIN GRIFFITH

8 Wagering on Policy
What prediction markets can tell us about Trump’s next moves.
By ANNE VANDERMEY

10 Hollywood’s Search for a Blockbuster Algorithm
A growing number of tech startups are trying to craft the perfect formula for a box-office winner.
By TOM HUDDLESTON JR.

11 Uber’s Africa Push Hits Roadblocks
The ride-sharing giant’s latest struggles on the continent make its stateside squabbles look downright tame.
By TOM JACKSON

13 Is Craft Beer All Froth?
Boutique brewers changed the way America drinks, but they could be headed for a hangover.
By JOHN KELL

FOCUS

VENTURE
14 How I Got Started
For Jeff Sinelli, founder and CEO of Which Wich Superior Sandwiches, success is in the bag.
Interview by DINAH ENG

TECH
16 TED Goes Corporate
The purveyor of ideas is providing more and more services to big companies. But it’s a strategy that poses risks to the brand.
By LAURA ENTIS

18 Securing McAfee
CEO Chris Young shares his plan for the aging cybersecurity company’s revival.
By MICHAL LEV-RAM

PURSUITS
19 Executive Travel
Tips for doing business in Buenos Aires, the cosmopolitan capital of South America’s second-largest economy.
By ADAM ERACE

INVEST
21 Stocks That Dodge the Buyback Blues
The President’s tax reforms could set off a stampede of share repurchases. Yet such deals don’t always pay off for investors.
By RYAN DEROUSSEAU

FORUM
24 Lessons in Uber’s Rough Ride
In the wake of sexism allegations at the well-funded transportation company, Silicon Valley rethinks its pursuit of rule-breaking results.
By ERIN GRIFFITH

BACK PAGE

LAST BYTE
64 Picturing an H-1B Overhaul
Critics want to reform the controversial visa program. A visual analysis of the latest stats.
Text by BRIAN O’KEEFE; graphics by NICOLAS RAPP

CORRECTIONS
A Boom With a View (April 1) misstated Tala’s loan delivery rate-200,000 loans totaling $8.5 million per month-and founding date: 2011. Fortune regrets the errors.

ON THE COVER: ILLUSTRATION BY MOLISTUDIO

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ｩ Time Inc.

April 1, 2017 / Fortune Asia / Volume 175 / Number 5 / THE WORLD’S 50 GREATEST LEADERS 2017

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FEATURES

The World’s 50 Greatest Leaders
By GEOFF COLVIN
In an age of radical transparency, knockout leadership gets harder to maintain. But it’s
out there-and we’ve found it in the 50 we salute here.
PAGE NO. 26

THE WORLD’S 50 GREATEST LEADERS
No. 1: Theo Epstein
By TOM VERDUCCI
The president of the Chicago Cubs is our MVP this year. Here’s what losing taught him
about building a World Series--winning team.
28

THE WORLD’S 50 GREATEST LEADERS
The List
By ERIKA FRY, MATT HEIMER, and the FORTUNE staff
This year’s most inspiring and important leaders, bridge builders, and problem solvers.
31

THE WORLD’S 50 GREATEST LEADERS
You Don’t Know Jack
By ADAM LASHINSKY
Alibaba’s Jack Ma is famous as one of China’s richest men. But the e-commerce mogul and his company remain a mystery to many. For his next act, Ma plans to empower entrepreneurs
worldwide, taking his place as a global leader.
42

Palantir vs. the Pentagon
By STEVEN BRILL
Tech unicorn Palantir has a product that may save soldiers’ lives and millions in taxpayer dollars. What it can’t get is a fair shot to sell it. Inside one company’s quest to bust through the military-industrial complex.
50

DEPARTMENTS

FOREWORD
5 The Greatest Assignment
Business has changed dramatically, but the qualities necessary to report on it-honesty,
accuracy, fearlessness揺ave not. As Fortune’s 18th editor, I promise to uphold them.
By CLIFTON LEAF

BRIEFING

7 The Business Guide to Europe’s Wild Year
The next 12 months could remake the EU, and the rest of the world financial order with it.
By VIVIENNE WALT

10 Lunch Is Dead
Younger consumers are opting for quick, fast snacks over a proper midday meal.
By JOHN KELL

11 Corporate Scientists Go to Washington
On Earth Day, industry types will hit the streets of D.C.-just don’t call it political.
By ERIKA FRY

12 Next Up for FDA Approval: Fewer FDA Rules
But not all Big Pharma executives are on board with the streamlining.
By SY MUKHERJEE

13 Tourism Woes Threaten Retail
A projected slump in the number of travelers to the U.S. will slam high-end shops.
By PHIL WAHBA

14 Executive Read
From Sheryl Sandberg’s treatise on resilience to Michael Bloomberg’s capitalist manifesto on climate change, we review spring’s top titles.

FOCUS

TECH
16 Data Centers Go Exotic
Some companies are getting creative with their server farms in an effort to cut energy costs and enhance security.
By JONATHAN VANIAN
Plus: Brainstorming with Nest CTO Yoky Matsuoka in San Francisco.

VENTURE
18 How I Got Started
Arthur Gensler’s architecture firm is now the largest on the planet. But it began with just three people drafting on spare doors.
Interview by DINAH ENG

INVEST
21 Hidden Treasures or Money Pits?
Languishing ever since their government bailout, Fannie Mae and Freddie Mac remain a fixer-upper of a bet.
By MICHELLE CELARIER

FORUM
23 A Boom With a View
In today’s gloomy political climate, it’s worth remembering that some tech startups really are making the world a brighter place.
By ERIN GRIFFITH

24 Disrupted
Here’s what happens when microtargeting machines begin to learn on their own.
By DAN LYONS

BACK PAGE
LAST BYTE
64 It’s Getting Harder to Hire
A statistical look at the shrinking unemployment rate and the corresponding rise in competition for qualified workers in various industries.
Text by BRIAN O’KEEFE; graphics by NICOLAS RAPP

ON THE COVER: JACK MA PHOTOGRAPHED BY TONY LAW

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No. 19: Samantha Bee
MA: REDUX PICTURES

ｩ Time Inc.

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FEATURES
THE 100 BEST COMPANIES TO WORK FOR
The 2017 List
In our 20th annual ranking of America's greatest workplaces, we pay tribute to the best in corporate culture and employee satisfaction. Who made the grade this year? We've got some big surprises.
PAGE NO. 35
How to Get on This List
By MICHAEL C. BUSH and SARAH LEWIS-KULIN
Our partners at Great Place to Work explain what goes into creating the list—and why we're shaking up the process in a major way.
45
The Legends
By CLAIRE ZILLMAN
The 12 companies that have made the list every single year have one thing in common: They take generous care of their part-timers.
48
Wellness Plans: Healthy or Hokey?
By ERIKA FRY
Companies spend billions getting employees to do everything from lose weight to practice mindfulness—but does it really make workers much healthier?
PAGE NO. 53
How Delta Built a Great Place to Work
By JEFF JOHN ROBERTS
In an industry known for cost cutting and boom-and-bust cycles, Delta makes its first-ever appearance on our list. Why? Credit its strong culture—oh, and profit sharing by the billions.
58
That Ubiquitous Corporate Eye
By ROBERT HACKETT
Chances are, somebody is watching you in the office—and technology is racing ahead far faster than laws and practices to restrain it.
PAGE NO. 64
Meet the Workplace Culture Warriors
By JOHN KELL
Best Companies W.L. Gore, Workday, and SAP America are remaking their offices and staying ahead of the pack.
67
Can AT&T Retrain 100,000 People?
By AARON PRESSMAN
Where did one of the country's largest employers find the right talent to manage its new technology? In the mirror. Inside a modern workforce revolution.
PAGE NO. 70
When the Best Workplaces Are the Best Investments
By JEN WIECZNER
Top-performing mutual fund Parnassus Endeavor bases its stock picks on the 100 Best Companies to Work For—which is in large part why it succeeds.
79
"TECHNOLOGY SHIFTS HAVE BECOME SOMEWHAT ROUTINE. BUT WHO CAN TRANSITION THEIR TALENT AT SCALE AS THE TECHNOLOGY CHANGES?"
—AT&T CEO RANDALL STEPHENSON
82 Unlocking Your Big Ideas
How sleeping, walking, and drawing connections can spawn breakthroughs. It worked for Albert Einstein. Could it work for you?
By OLIVIA FOX CABANE and JUDAH POLLACK
90 China's New Craft-Beer Bully
Global beer giant AB InBev got left behind by the craft boom in the U.S. Now it's using its muscle to make sure the same thing doesn't happen in China.
By SCOTT CENDROWSKI
98 The Invisible Selling Machine
From the unlikely setting of Ottawa, Shopify has quietly been powering an e-commerce revolution.
By STEPHEN M. BALDWIN
CLEAN ENERGY SPECIAL REPORT
106 The Best Energy Revolution Money Can Buy
Germany has taken huge strides toward renewable power. But if even that rich nation can't afford the steep costs, will other countries be able to follow?
By JEFFREY BALL
116 Wind on the Water
The first offshore U.S. wind-power project is up and running, backed by hedge fund giant D.E. Shaw. And while the obstacles to offshore power may be huge, so is the potential.
By BRIAN DUMAINE
DEPARTMENTS
FOREWORD
8 A Smart Investment in America
Innovative ways to restore value in U.S. politics and the workplace.
By ALAN MURRAY
BRIEFING
9 Big Food Is Going to Get Even Bigger
The nation's largest foodmakers are getting set to gobble each other up.
By JOHN KELL
12 Trump's Travel Ban Could Hit Colleges
The President's immigration policies may drive away students and revenue.
By ERIKA FRY
13 Free Trade Can't Get a Break
Nativism's global popularity could have severe consequences, warns FedEx founder Fred Smith.
By ALAN MURRAY
14 Fashion's Great Handbag Crash
Retail power players reel as consumers tighten their purse strings.
By PHIL WAHBA
15 That "Huge" Tax Cut May Take a While
Passing tax reform is hard enough. More challenging? The GOP isn't sure what it should look like.
By TORY NEWMYER
FOCUS
VENTURE
16 The Future of Work
Automated manufacturing technology is becoming affordable for smaller companies. What does that mean for jobs?
By JENNIFER ALSEVER
20 Managing L'Oréal's "Organized Chaos"
CEO Jean-Paul Agon on staying flexible in a digital age.
By ERIN GRIFFITH
22 The Stories We Fall For
We crave narratives that make sense of random events. But this impulse can create serious problems—in the markets and in politics.
By ROGER LOWENSTEIN
24 The Growth Guru
Five trends to ride in 2017.
BY VERNE HARNISH
TECH
25 Blink of an Eye
A new Silicon Valley company could allow travelers to skip airport lines.
By JEFF JOHN ROBERTS
26 G Is for Graveyard
Several of Alphabet's high-flying "moonshots" have crashed in recent months. A roundup.
By ROBERT HACKETT
FORUM
27 Disrupted
Snap—the latest, hottest IPO—is destined to follow in the footsteps of another social media giant. Hint: It isn't Facebook.
By DAN LYONS
INVEST
28 Avoiding a Steep Descent
Airline stocks have roughly doubled over the past few years. But how long can they keep investors aloft?
BY RYAN DEROUSSEAU
30 Stocks That Are Better-Off Single
When a merger falls through, investors often shun the jilted companies. They could be missing a great opportunity.
By LUCINDA SHEN
THE BIG THINK
32 Why Politics Is Failing America
Beware the political-industrial complex. They rig the game for their benefit. The public interest is the loser. Here's how to fix it.
By KATHERINE M. GEHL and MICHAEL E. PORTER
BACK PAGE
LAST BYTE
124 China Buys Into the U.S.
Tracking the recent surge in China's multibillion-dollar investments.
Text by BRIAN O'KEEFE; graphic by NICOLAS RAPP
ON THE COVER: ILLUSTRATIONS BY JONATHAN CALUGI

March 1, 2017 / Fortune Asia / Volume 175 / Number 3

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FEATURES

The Promise and the Peril of the Trump Economy
By SHAWN TULLY
No President has ever put forth such a conflicted mix of free-market and protectionist policies. Will he make American growth great again?
PAGE NO. 30

THE WORLD’S MOST ADMIRED COMPANIES
The List
Which companies are most respected? Some 3,800 executives, analysts, directors, and experts voted- and here are the results.
PAGE NO. 39

THE WORLD’S MOST ADMIRED COMPANIES
Selling Soap and Saving the World
By VIVIENNE WALT
Unilever CEO Paul Polman has remade his company as a model of responsible capitalism. But can the consumer goods powerhouse grow fast enough to prove that his new model works?
46

If I Ran the Circus
By MICHAL LEV-RAM
For 30 years, Cirque du Soleil has thrilled audiences with acrobatic spectacles of split-second precision. Now, a mighty private equity firm is hoping to turn it into a disciplined business. It’s no small juggling act.
54

DEPARTMENTS
FOREWORD
6 The Case for Optimism
The new President has the best chance in a decade to get the economy right.
By ALAN MURRAY

BRIEFING

7 Politics
Corporate chiefs on the whole have been loving the Trump Rally. The one thing that scares them: What comes next?
By TORY NEWMYER

10 Energy
Forget Trump’s assurances of a coal resurgence; solar is where the jobs are.
By ERIKA FRY

11 Virtual Reality
The promised VR revolution isn’t showing up in the sales data.
By JEFF JOHN ROBERTS

12 China
Low-cost Chinese semiconductor makers look poised to stage an industry takeover.
By ROBERT HACKETT

13 Tech
Nintendo bets big on the success of the Switch, its latest videogame console.
By DAVID Z. MORRIS

FOCUS

VENTURE

14 Rocket Boom in the Desert
Space startups are taking off. Could do-it-yourself space travel become a reality?
By JENNIFER ALSEVER

18 American Voices
Meet Marvel’s chief mythmaker, Axel Alonso.
By ROBERT HACKETT

TECH

20 This Studio Has a Special Effect on Movies
Visual effects shop Crafty Apes has worked on a string of Hollywood hits.
By TOM HUDDLESTON JR.

22 Business in the Cloud
Companies are increasingly using technology that helps field workers schedule appointments and save time on repairs.
By HEATHER CLANCY

INVEST

24 A Coffee Stock Loses Its Buzz
Why investors have lost their taste for Starbucks, even though the company is growing faster than most competitors.
By RYAN DEROUSSEAU

26 Beware of Happy Memories
We’re hardwired to believe we can rely on the recent past to predict the future. For investors, that’s a dangerous tendency.
By CHRIS TAYLOR

FORUM

28 Disrupted
Blue chips are pitching a new message to lure hot tech talent: ”We’re sexy too!”
By DAN LYONS

29 A Boom With a View
The hype surrounding artificial intelligence technology may not be a fad.
By ERIN GRIFFITH

BACK PAGE
LAST BYTE
64 Betting on AI
The 100 most promising artificial intelligence startups worldwide.
Text by BRIAN O’KEEFE; graphic by NICOLAS RAPP

ON THE COVER: ILLUSTRATION BY PAUL MARTINEZ FROM PHOTOGRAPHS BY JOE PUGLIESE

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CIRQUE: MARK PETERSON-REDUX

ｩ Time Inc.

February 1, 2017 / Fortune Asia / Volume 175 / Number 2

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FEATURES

THE AGE OF DIVERSITY

Google Searches Its Soul
By ELLEN MCGIRT
How the search giant’s own deep diversity efforts could change the way we all see the world. Plus: how Facebook thinks about inclusion.
PAGE NO. 28

THE AGE OF DIVERSITY
Tim Ryan’s Awakening
By ELLEN MGGIRT
PwC’s U.S. chairman has responded to national racial traumas with a rare willingness to address uncomfortable issues預nd to rally his firm and others. Can he really spark change?
PAGE NO. 38

Is the World Big Enough for Huawei?
By SCOTT CENDROWSKI
After climbing to the top of the smartphone market at home, the Chinese giant is taking off in Europe. But to challenge Apple and Samsung, the world’s No. 3 phonemaker needs to reach U.S. consumers熔r learn to live without them.
46

Buy. Squeeze. Repeat.
By GEOFF COLVIN
The Brazilian investors who control Kraft Heinz are applying their proven formula to construct a new global food colossus. What will they buy next?
54

DEPARTMENTS

BRIEFING

5 Obamacare
The GOP hasn’t budged on its pledge to repeal and replace the Affordable Care Act, but it’s not going to be easy.
By TORY NEWMYER

8 Cybersecurity
Meet the security pros getting a lift from the post-Soviet world’s hacking notoriety.
By VIVIENNE WALT

9 Awards
The hidden figures of the Oscars ad blitz.
By TOM HUDDLESTON JR.

10 Transit
The U.S. is getting a really bad deal on infrastructure.
By STEPHEN SMITH

11 Insight
What Facebook can teach publishers about consumer psychology.
By DEREK THOMPSON

FOCUS

TECH

12 The Rise of Synthetic DNA
Will we soon be buying silk, wood, and more fabricated out of genetic code?
By JENNIFER ALSEVER

14 Business in the Cloud
A little-known department at Alphabet has a strategy that might just save social media.
By JEFF JOHN ROBERTS

16 Next Gin
A tech industry veteran reinvents his career by embracing a family pastime: distilling spirits.
By JOHN KELL

18 If Silicon Valley Went to Washington
What if Donald Trump filled his cabinet with the best that tech has to offer?
By ROBERT HACKETT

VENTURE

19 How I Got Started
Real estate, publishing, philanthropy預nd optimism in the face of troubles・form the core of Francis Greenburger’s fascinating life.
Interview by DINAH ENG

INVEST

22 How Investors Win If Cash Comes Home
A proposed tax deal could encourage U.S. companies to repatriate $1 trillion, with some of it flowing straight to shareholders.
By SHAWN TULLY

24 When Shareholders Are Spectators
At founder-controlled companies, it’s hard to get management to do the right thing.
By RYAN DEROUSSEAU

FORUM

26 Disrupted
Age bias is real傭ut it shouldn’t stop older professionals from making their next career move.
By DAN LYONS

27 A Boom With a View
Will this be the year that virtual reality finally goes mainstream? I’m not convinced.
By ERIN GRIFFITH

BACK PAGE

LAST BYTE

64 Watching the Dow Leap
Dow 20,000 is a momentous milestone, and thanks to a post-election rally, it’s within reach.
Text by JEN WIECZNER; graphic by NICOLAS RAPP

CORRECTION

”Payback Time” (Jan. 1) incorrectly stated that SAC Capital did not plead guilty to criminal charges. In fact, the hedge fund did plead guilty to criminal insider-trading charges.

ON THE COVER: PHOTOGRAPH BY THE VOORHES

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JAMIE CHUNG

ｩ Time Inc.

January 1, 2017 / Fortune Asia / Volume 175 / Number 1

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FEATURES

BREAKTHROUGH BRANDS

How Airbnb Found a Mission預nd a Brand
By LEIGH GALLAGHER
This excerpt from The Airbnb Story reveals how the company searched for its soul謡ith sometimes painful results預nd deepened its connection to customers.
PAGE NO. 26

BREAKTHROUGH BRANDS
10 Sizzling Young Superstars
What does it take for a brand to truly break through in today’s crowded market? The 10 listed here are new and white-hot and now claim space among the giants.
34

The Ugly Unethical Underside of Silicon Valley
By ERIN GRIFFITH
Silicon Valley’s startup scene celebrates iconoclasts and romanticizes rule breakers. But as scandals pile up, it’s time to ask whether tech entrepreneurs are taking ”fake it till you make it” too far.
40

The Gamblers Behind Tech’s Biggest Deal
By MICHAL LEV-RAM
How a decades-long relationship between a computer mogul and a boutique investing firm paved the way for the high-risk, high-priced Dell-EMC merger.
PAGE NO. 46

Payback Time
By BETHANY MCLEAN
Hedge fund manager David Ganek lost his business after being caught up傭ut not charged擁n an insider-trading investigation. With his lawsuit against U.S. Attorney Preet Bharara, he’s seeking a measure of redemption預nd revenge.
54

DEPARTMENTS

FOREWORD
3 A Path Through the Gridlock
Whatever happens in D.C., a new model of business leadership has world-changing potential.
By ALAN MURRAY

FORTUNE + TIME GLOBAL FORUM
5 The Business of Humanity
Corporate and nonprofit leaders gathered with Pope Francis to forge a new social compact.
By CLIFTON LEAF

BRIEFING
9 Infrastructure, the Trump Way
He wants to invest $1 trillion in roads, bridges, and buildings. The question is, Who will pay for them?
By RYAN BRADLEY

12 Coke’s CEO Is Leaving, but Its Problems Remain
With CEO Muhtar Kent’s departure, the playbook he used may be on the way out too.
By JENNIFER REINGOLD

15 Trump and Tillerson: Conflict Ahead?
It’s only a matter of time before differences between the President-elect and the Exxon Mobil CEO affect U.S. policy.
By JEFFREY BALL

FOCUS

TECH

18 Virtual Reality’s Money Quest
Companies like Audi and IMAX are experimenting with how to cash in on VR. But so far, the public’s excitement is muted.
By JONATHAN VANIAN

19 Business in the Cloud
Shorter employee attention spans are driving companies to rethink corporate training.
By HEATHER CLANCY

VENTURE
20 The Kindle Effect
The $1 billion ebook industry is spawning a whole new ecosystem of businesses that serve the burgeoning world of digital self-publishing.
By JENNIFER ALSEVER

INVEST
22 Stock Market Sentiment
Charles Schwab strategist Liz Ann Sonders sees a welcome revival of optimism among investors. But will that euphoria turn a rally into a bubble?
Interview by MATT HEIMER

FORUM
24 Disrupted
Too often, public shareholders are left holding the bag for money-losing startups. A solution? Link founder and VC windfalls to company profits.
By DAN LYONS

25 A Boom With a View
President Trump may be good for Silicon Valley. Cue the cringe.
By ERIN GRIFFITH

BACK PAGE

LAST BYTE

64 Hackers Are Getting Bolder
No network is safe: The number and size of attacks have been growing.
Text by BRIAN O’KEEFE; graphic by NICOLAS RAPP

CORRECTIONS

”The Magic in the Warehouse” (Dec. 15) incorrectly identified Simeon Gutman’s employer. He is an analyst at Morgan Stanley. ”Facing the Darkness” (Dec. 15) incorrectly identified John Gartner as a professor at Johns Hopkins University; he is no longer affiliated with the institution. Fortune regrets the errors.

ON THE COVER: PHOTOGRAPH BY JOE PUGLIESE

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GANEK: ANDREW HETHERINGTON

ｩ Time Inc

December 15, 2016 / Fortune Asia / Volume 174 / Number 8 / 2017 INVESTOR'S GUIDE

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FEATURES

INVESTOR'S GUIDE 2017

Stay Cool and Stay Invested
By MATT HEIMER
Gut-churning events won't necessarily add up to a bad year for your portfolio. Here's how investors can have a panic-free and profitable 2017.
PAGE NO. 36

Why the Stock Market Is Stacked Against Trump
By SHAWN TULLY
U.S. stocks enjoyed a few weeks of exuberance after Donald Trump's surprise win. The honeymoon won't last. Here's what investors should do when it's over.
40

Where Should Investors Turn Now?
Interview by MATT HEIMER
Stocks look expensive, and the bond market has turned volatile. But our panel of market experts continues to see profitable opportunities ahead.
46

Stocks to Keep a Nest Egg Growing
By JEN WIECZNER
Unpredictability may be the only constant in the market in 2017. We found 21 stocks and two funds poised to reward investors no matter how turbulent it gets.
PAGE NO. 56

Why Colleges Are Getting a C in Investing
By ROGER LOWENSTEIN
After Yale's endowment fund soared, universities across America eagerly tried to copy its esoteric investment model. Now, as the copycats struggle, it may be time for a change in tactics.
66

A Fund Giant Flexes Its Muscles
By ERIKA FRY
By championing low-cost investing, Vanguard has emerged as a true financial services colossus, with $3.8 trillion in assets. The big question: How will it use the clout that comes with all that money?
72

INVESTOR'S GUIDE 2017

Untangling Dividend Stocks
By CHRIS TAYLOR
Finding strong income in equities is getting trickier. Here are the top ideas from five of the best fund managers in the business.
PAGE NO. 78

China Spreads the Wealth Around
By SCOTT CENDROWSKI
China's political ambitions are taking a new shape with "One Belt, One Road," a $3 trillion infrastructure campaign in Europe, Asia, and Africa. Here's what it means for the global economy.
84

Reinventing the American Mall
By PHIL WAHBA
Simon Property Group built the country's biggest mall empire around major department stores. As those giants stumble, Simon is racing to adapt to 21st-century shopping habits.
PAGE NO. 92

Buffett's All-In Clean Energy Bet
By STEPHEN GANDEL and KATIE FEHRENBACHER
Wind power is a booming business, and Berkshire Hathaway is one of its biggest players. But Trump may strip away some of its financial advantages. Will Warren Buffett's big investment get blown off course?
100

Invasion of the Punks
By BERNHARD WARNER
BrewDog is an oxymoron: a small craft brewer seeking to become a global presence. Can the Scottish brand find a niche in the U.S., where craft-beer lovers prize local roots?
110

The Magic in the Warehouse
By NEAL GABLER
Costco became a phenomenon by doing things its own way. But with Amazon ever more powerful, and a new generation of leaders awaiting its turn, the company is under pressure to preserve its edge.
116

DEPARTMENTS

FOREWORD
6 No Time to Wait
When it comes to living, waiting to start has always been a sucker's game. Apparently, the same goes for investing.
By CLIFTON LEAF

BRIEFING
7 Cannabiz Hype Is About to Go Up in Smoke
Voters love legal weed, but Trump's White House and market economics could harsh the industry's mellow.
By JENNIFER ALSEVER
10 The Best in Business 2016
Amid the turmoil, a few business leaders and companies stood out. Fortune highlights the winners (and some losers) from a tumultuous year.

FOCUS
TECH
16 Supersonic Travel Is Booming
A new generation of ultrafast jetliners could kick off the next age of supersonic passenger flight.
By CLAY DILLOW
18 "I Passed on Tesla"
Venture capitalists share their biggest regrets: a roundup of the startups they declined to invest in.
By POLINA MARINOVA
19 Person of Interest
TaskRabbit CEO Stacy Brown-Philpot on culture, governance, and the future of work.
By KIA KOKALITCHEVA
20 Salesforce Sets Its Sights on $20 Billion
Key to unlocking the cloud-software king's audacious revenue target? An elite team of evangelists winning over companies on the digital precipice.
By HEATHER CLANCY
22 Now Trending: Ethical Problems
For Twitter, the business of selling social data is booming. But pitfalls of the practice have the company rethinking its role.
By JEFF JOHN ROBERTS
VENTURE
23 Fortune's Blue Ribbon Companies 2016
The 34 top corporations that appeared on four or more of our rankings this year.
24 Mastering the Journey
Ron and Marty Cordes launched their charitable foundation a decade ago. And after some soul-searching, their daughter is preparing to someday take the reins.
By RYAN DEROUSSEAU
26 How We Got Started
It's hard to tell which was more improbable: the lawyer founders of California Pizza Kitchen—or the item that made the chain a hit.
Interview by DINAH ENG
28 Facing the Darkness
Depression still carries a stigma for entrepreneurs, who are expected to be energetic optimists. But the problem is emerging from the shadows.
By LAURA ENTIS

PASSIONS
31 Making It on Broadway
Mobile ticketing app TodayTix is turning millennials on to theater.
By TOM HUDDLESTON JR.

FORUM
34 A Boom With a View
The company behind Snapchat defies industry wisdom with novel "smart" eyewear and IPO plans. The crazy part? It's working.
By ERIN GRIFFITH
35 Disrupted
You might think a tech company has to forgo profits for years in order to grow. Don't buy it.
By DAN LYONS
BACK PAGE

LAST BYTE
124 Where to Spend on Infrastructure
Public transportation, power plants, highways—where to begin? Identifying those sectors most in need.
Text by BRIAN O'KEEFE; graphics by NICOLAS RAPP

CORRECTION
In "Out of the Box" (Dec. 1), we incorrectly identified the material Amazon uses for its gift bags. It is organza, not velvet. Fortune regrets the error.
ON THE COVER: PHOTOGRAPH BY TERU ONISHI
[IMAGES]

SPENCER LOWELL
TOM COOPER—GETTY IMAGES FOR BOOM TECHNOLOGY
© Time Inc.

December 1, 2016 / Fortune Asia / Volume 174 / Number 7 / Businessperson of the Year

SECTION

FEATURES

THE 2016 BUSINESSPERSON OF THE YEAR

NO.1 Facebook CEO Mark Zuckerberg
By ADAM LASHINSKY
How to lead like Zuck: The Facebook founder has built his social network into a global phenomenon and a growth powerhouse. Here’s what you can learn from how he manages.
PAGE NO. 25

NO. 5 Microsoft CEO Satya Nadella
By ANDREW NUSCA
Nadella’s traveling revival show: on the road with the man who is quietly transforming a fading legacy software operation into a hungry cloud-computing comer.
PAGE NO. 36

2016’s Top People in Business
The rest of the best: The standout executives on this year’s list have wildly varying styles and approaches, but just one thing in common葉hey deliver, big-time.
34

NO. 20 United CEO Oscar Munoz
By SHAWN TULLY
A miracle comeback: Munoz returned to the helm of United Continental soon after a heart transplant. How he bounced back預nd why the company is starting to soar again.
50

It Isn’t Easy Being Green
By BETH KOWITT
Seventh Generation-acquired by Unilever this fall-is cracking the code on how to make eco-friendly cleaning products. The challenge now? Selling them to the masses.
58

DEPARTMENTS

FOREWORD

6 Editor’s Desk
The moral imperative for today’s business leaders.
By ALAN MURRAY

FORTUNE + TIME GLOBAL FORUM
8 Forging a New Social Compact
At our joint conference in Rome, more than 100 corporate bosses will address the challenges of creating a more inclusive and humane economy.
By CLIFTON LEAF

BRIEFING
9 The 2017 Fortune Crystal Ball
The future, in seven pages: our forecast for the year ahead in business, politics, and technology.

FOCUS

TECH
18 Business in the Cloud
Amazon eliminates wrapping paper ahead of the holidays in an attempt to accelerate fulfillment and advance its sustainability strategy.
By LEENA RAO

20 Fortune Brainstorm Health 2016
Highlights from our inaugural conference on the tech-fueled revolution in health care.

INVEST

22 Play Your Cards Right
Stronger consumer spending has generated big profits for the credit card industry. But investors should tread carefully.
By MATT HEIMER

FORUM
24 Disrupted
How to master change: Chipmaker Nvidia can teach us a few things about corporate transformation.
By DAN LYONS

BACK PAGE
LAST BYTE
64 Cash Hoarders
A graphic breakdown of this year’s mounting U.S. corporate cash stockpile.
Text by BRIAN O’KEEFE; graphics by NICOLAS RAPP

ON THE COVER: PHOTOGRAPH BY DAVID PAUL MORRIS唯LOOMBERG VIA GETTY IMAGES
[IMAGES]
COURTESY OF FACEBOOK

Deepak Chopra, cofounder of the Chopra Center.









ｩ Time Inc.

November 1, 2016 / Fortune Asia / Volume 174 / Number 6

SECTION

FEATURES

The Red Tape Conundrum
by BRIAN O’KEEFE
How the wrong kind of regulation is strangling business-and what to do about it. Fortune takes a deep dive.
PAGE NO. 24

Steve Cohen Has Nothing to Prove
by JEN WIECZNER
But he’s going to prove it anyway. In 2013 an insider-trading scandal ended his reign as one of Wall Street’s top hedge fund managers. Today he’s unapologetic and on the verge of returning to the industry, to his critics’ dismay.
38

THE 21ST-CENTURY CORPORATION
The Great Rocket Race
by CLAY DILLOW
Elon Musk’s SpaceX is jousting with a Boeing-Lockheed joint venture for the lucrative business of sending satellites into space. The incumbent faces a daunting two-pronged challenge: Can it slash prices while overhauling a key part of its technology?
46

The PGA Tour Takes on China
by SCOTT CENDROWSKI
Canceled tournaments, bad luck, and so much promise: inside the golf industry’s star-crossed struggle to get Chinese consumers to hit the links.
PAGE NO. 54

How Steve Jobs Became a Billionaire
by LAWRENCE LEVY
Though Jobs’ name is forever tied to Apple, it’s easy to forget that it was Pixar that made him his first billion. In this excerpt from To Pixar and Beyond, we learn more from the man whom Jobs hired as CFO, with the mission to take the scrappy company public.
60

DEPARTMENTS

BRIEFING

9 CLOSER LOOK
Most Americans don’t actually hate trade, business, or globalization. But this campaign season’s tide of populist outrage will last long past November.
By TORY NEWMYER

12 CANADA’S BRAIN GAIN STRATEGY
The U.S. should refashion its immigration laws to look like its northern neighbor’s.
By CHRIS MATTHEWS

13 THE RISE OF THE AILMENT SHOPPER
Beset by health problems, consumers are turning to food as treatment-and spending billions.
By BETH KOWITT

14 WIND ENERGY IS REALLY CHEAP
The first offshore wind farm in the U.S. marks a turning point for the industry.
By KATIE FEHRENBACHER

16 EXECUTIVE READ
Three major releases this fall will help you elevate your thinking, motivation, and creativity in work and in life.

FOCUS

TECH

17 PERSON OF INTEREST
Meet Toni Reid, director of product for Amazon’s Echo devices and Alexa unit.
By LEENA RAO

19 A BOOM WITH A VIEW
Consumer packaged-goods startups are styling themselves like tech companies to fuel growth. They don’t need to.
By ERIN GRIFFITH

20 WATSON: NOT SO ELEMENTARY
A Q&A with David Kenny, general manager of IBM’s cognitive computing system.

Interview by CLIFTON LEAF

EDITOR’S DESK

FOREWORD

6 HOPE FOR THE DAY AFTER
The cloudy political outlook reinforces the need for business leaders to take a larger role in addressing the issues that face our society.
By ALAN MURRAY

PASSIONS

22 10-HOUR LAYOVER? LUCKY YOU
How Icelandair made waiting for connecting flights a thing of beauty.
By ANNE VANDERMEY

BACK PAGE

LAST BYTE

68 TRADING WITH AMERICA
Charting U.S. imports and exports.
Text by TORY NEWMYER; graphic by NICOLAS RAPP

CORRECTION

In ”The Deep-Learning Revolution” (Oct. 1), we incorrectly wrote that Geoffrey Hinton was invited to Microsoft in 2009 by research cohead Peter Lee. In fact, Hinton was invited by Microsoft principal researcher Li Deng, whose group then experimented with neural nets for speech recognition. Lee did not join the company until 2010. Fortune regrets the error.

ON THE COVER: PHOTOGRAPH BY THE VOORHES

[IMAGES]

KENNY: WINNI WINTERMEYER

ｩ Time Inc.

October 1, 2016 / Fortune Asia / Volume 174 / Number 5 / 40 UNDER 40

FEATURES

27 FORTUNE’S ALL-NEW 40 UNDER 40
These are the young stars taking us into the future熔ur 2016 list of the 40 most influential people in business under the age of 40.

38 DRIVEN IN THE VALLEY
Kyle Vogt and Daniel Kan just sold Cruise Automation to GM for $1 billion. But there’s no time to enjoy the windfall: They’re under crazy pressure as they race to bring a self-driving car to the masses.
BY ERIN GRIFFITH

46 HAMILTON, NONSTOP
Lin-Manuel Miranda, the 36-year-old creator of the hit musical, talks about trusting his instincts and how he accidentally married the oldest form of entertainment with the newest: social media.

INTERVIEW BY KIA KOKALITCHEVA

48 MEET ACTIVISM’S NEW FACE
Dianne McKeever’s hedge fund just won its first fight. The next targets are in her sights. CEOs, beware Ides Capital.
BY JEN WIECZNER

50 CAN THIS 22-YEAR-OLD CODER OUT-BITCOIN BITCOIN?
Russian-born wunderkind Vitalik Buterin, the creator of Ether, a new cryptocurrency, aims to unleash the power of his blockchain technology to spur radical change in finance, social networks, and even government.
BY ROBERT HACKETT

58 THE DEEP-LEARNING REVOLUTION
Why decades-old discoveries are suddenly changing your life and electrifying the computing industry預nd why they’ll soon transform corporate America.
BY ROGER PARLOFF

DEPARTMENTS

MACRO

8 Closer Look
The European honeymoon is over: EU regulators are escalating their battle against American business.
BY VIVIENNE WALT

10 Power to the People
This Election Day, some states are putting key policy decisions directly in voters’ hands.
BY TORY NEWMYER

12 Mouthwatering Returns
Aggressive investors are increasingly going after food-chain laggards.
BY JOHN KELL

13 I Know What You Watched Last Summer
In an otherwise humdrum season, scary movies had a strong showing.
BY MICHAL LEV-RAM

14 Calm and Carrying On
The Brexit crisis that wasn’t.
BY GEOFFREY SMITH

PASSIONS & PERKS

16 A Visit to the Homeland
Infiniti chief designer Alfonso Albaisa goes to Cuba, his parents’ birthplace, and finds inspiration.
BY SUE CALLAWAY

19 Black Book
An insider’s guide to Mumbai, India’s bustling metropolis.
BY ADAM ERACE

TECH

22 Business in the Cloud
California utility PG&E thinks virtual-reality technology may make inspecting equipment faster and safer.
BY JONATHAN VANIAN

23 A Boom With a View
Google’s parent company loved sci-fi research, until it didn’t.
BY ERIN GRIFFITH

INVEST

24 Stocks and the Art Market
Why investors are rooting for a rebound for art sales and one of the top auctioneers.
BY MICHELLE CELARIER

68 BING!

CORRECTION

In ”A Drone for Every Job Site” (Sept. 15, 2016), we misstated the value of the global construction industry. It is $8.5 trillion. Fortune regrets the error.

ON THE COVER: PHOTOGRAPHS COURTESY OF THE SUBJECTS

[IMAGES]

Cruise Automation cofounders Daniel Kan (left) and Kyle Vogt.
ART STREIBER

APPLE: DAVID PAUL MORRIS唯LOOMBERG VIA GETTY IMAGES

MATT CHASE

DOLLAR SIGN: MARY TURNER宥ETTY IMAGES

ｩ Time Inc.

September 15, 2016 / Fortune Asia / Volume 174 / Number 4 / 50 MOST POWERFUL WOMEN

FEATURES

50 MOST POWERFUL WOMEN

34 INTRODUCTION
Fortune's 19th annual compendium of the Most Powerful Women in Business reveals how female executives are transforming corporate America.

36 HAIL, MARY
General Motors CEO Mary Barra has led the carmaker on an epic comeback ride. But it might take more than a miracle worker to lift the company's stock.
BY PAUL INGRASSIA
Plus: Barra talks with Fortune editor-at-large JENNIFER REINGOLD about what has changed at GM—and what's next.

42 THE LIST
BY KRISTEN BELLSTROM, ERIKA FRY, BETH KOWITT, MICHAL LEV-RAM, LEENA RAO, JENNIFER REINGOLD, ANNE VANDERMEY, PHIL WAHBA, JEN WIECZNER, AND VALENTINA ZARYA

52 THE DISAPPEARED
Despite progress, the number of women Fortune 500 CEOs remains tiny. Many female C-suite stars don't get second opportunities, ending up in an invisible corporate purgatory. Why is business still underutilizing one of its most valuable assets?
BY JENNIFER REINGOLD

60 ANN-MARIE CAMPBELL BELIEVES IN YOU
As Home Depot looks to the web to help it squeeze more sales out of its stores, the 400,000 associates who work in the retailer's 2,276 locations look to one of their own to lead them.
BY ELLEN MCGIRT

66 LIGHTING UP GE
Vice chair Beth Comstock has an ungainly portfolio but a simple mission: infusing the future into a venerable company.
BY GEOFF COLVIN

70 MORE THAN SKIN DEEP
Ulta Beauty has built a fast-growing hair and cosmetics empire in America's strip malls. Can it go toe-to-toe with much bigger competitors? That's up to CEO Mary Dillon.
BY PHIL WAHBA

78 THE SMART STING OF SAM BEE
The Canadian comedian has replaced Jon Stewart as America's most trenchant political commentator. Her secret? Not hiding her frustration.
BY ERIN GRIFFITH

82 GOOGLE GETS DISCIPLINED
The search-engine behemoth has spent billions in the quest for its next hit. Now Wall Street veteran Ruth Porat has come aboard to help Google—and its parent company, Alphabet—get more bang for the buck. Can she get their "smart creatives" to fall in line?
BY LEENA RAO

89 MOST POWERFUL WOMEN: INTERNATIONAL
Our rankings of the most powerful businesswomen based outside the U.S.
BY RUPALI ARORA, ERIKA FRY, AUDREY SHI, AND CLAIRE ZILLMAN

92 LEADING THROUGH CHAOS
Turkey's aborted coup is only the latest challenge for Güler Sabanci, the woman behind one of the country's largest conglomerates.
BY ERIKA FRY

94 MPW CHARTIST
The share of women CEOs is still minuscule, but in the boardroom there's increasing cause for optimism.

26 IS HILLARY GOOD FOR BUSINESS?
To win the nomination, Clinton tacked way left on trade and ratcheted up her anti--Wall Street rhetoric. But insiders and experts say her policies are pro-growth. A clear-eyed look at her plan.
BY TORY NEWMYER

95 FORTUNE'S 100 FASTEST-GROWING COMPANIES
Too fast to be stopped: 2016's top three-year performers in revenue, profits, and stock returns.
BY SCOTT DECARLO, DOUGLAS G. ELAM, VIVIAN GIANG, KATRINA KAUFMAN, AND KATHLEEN SMYTH

102 30 YEARS OF FASTEST-GROWING COMPANIES
As our list reaches the three-decade milestone, we highlight some of the highs ... and lows along the way.

104 SWIMMING UPSTREAM
Can a Bible-studying, love-peddling showman save SeaWorld ... from itself?
BY ERIKA FRY

112 IT'S JEFFREY KATZENBERG'S FUTURE
His career as a studio mogul just ended with the sale of DreamWorks Animation. But Katzenberg has shaped some of the most important changes in the movie industry over the past two decades—and he's not done yet.
BY MICHAL LEV-RAM
DEPARTMENTS
MACRO

6 Closer Look
The rise of nationalism and protectionism has villainized free trade, but the global economic future hinges on its rehabilitation.
BY CHRIS MATTHEWS

10 The People vs. the Pill Pushers
Big Pharma has been hiking prices with impunity for years. Come November, that could change.
BY SY MUKHERJEE

11 Trend Tracking
Our educated guesses for which crazes are fizzling and which are picking up steam.

12 Sequel-itis
Why does Hollywood make bad movies? People keep paying to see enough of them.
BY MICHAL LEV-RAM

14 Fair Trade
China's currency falls. The world shrugs.
BY SCOTT CENDROWSKI

PASSIONS & PERKS
15 Vintage Gems
No longer considered Grandma's leftovers, estate jewelry is in high demand.
BY STACY PERMAN

TECH
17 Person of Interest
Meet Belinda Johnson, chief business affairs and legal officer of Airbnb.
BY LEIGH GALLAGHER

18 The Future Is Now
As techies dream of delivery drones, the construction industry eyes the devices as a tool to save billions of dollars.
BY CLAY DILLOW

INVEST
21 Auto Stocks
Why self-driving cars could help the industry's stocks do a U-turn.
BY RYAN DEROUSSEAU

24 THE BIG THINK
How to get on the right side of the digital divide.
BY JOHN CHAMBERS, EXECUTIVE CHAIRMAN, CISCO

120 BING!
CORRECTIONS
Fortune's Change the World list (Sept. 1, 2016) incorrectly stated that Brazilian forestry company Fibria operates in the Amazon. In the same article, the company AdvisorShares is incorrectly identified as Advisory Shares. Fortune regrets the errors.

[IMAGES]
MICHAEL LEWIS
EPIPEN: DREW ANGERER—GETTY IMAGES
JOHNSON: KEVIN MALONEY—FORTUNE BRAINSTORM TECH
TESLA: COURTESY OF TESLA MOTORS
© Time Inc.

September 1, 2016 / Fortune Asia / Volume 174 / Number 3

FEATURES

CHANGE THE WORLD

24 POSITIVELY PROFITABLE
Turns out, there’s an awfully good market these days for helping others.
BY CLIFTON LEAF

27 THE LIST
More businesses are taking on society’s biggest problems預nd making money doing so. Here’s our look at 50 companies that do well by doing good.
BY ERIKA FRY AND THE FORTUNE STAFF

PLUS

New trends in socially conscious investing.

40 FREE BIRD
To win back customers, McDonald’s is changing how it raises its poultry. Will offering cage-free eggs and antibiotic-free chickens revive the fast-food giant?
BY BETH KOWITT

50 OVERTURNED
Hedge fund manager Todd Newman’s successful career was upended when he was prosecuted for insider trading. After his conviction was thrown out on appeal, the case became a landmark in Wall Street regulation. An inside look at what it’s like to be stalked by the feds預nd not back down.
BY WILLIAM D. COHAN

DEPARTMENTS

MACRO

4 Closer Look
How we feel about the economy, vs. how it’s actually doing.
BY TORY NEWMYER AND CHRIS MATTHEWS

7 Forget Brexit. What’s Nextit?
It’s time to start worrying about a Frexit預nd a world-economy meltdown.
BY GEOFFREY SMITH

8 Got Lactose Intolerance?
How to make sense of the explosion of dairy alternatives in the refrigerated aisle.
BY BETH KOWITT

9 Big Food Goes Snacking
Industry giants are making small bets in companies that just might be the next big thing.
BY JOHN KELL

10 Star Trek: Tech Incubator
Some whiz-bang gadgetry that appeared in the franchise, long before it materialized in real life.
BY TOM HUDDLESTON JR.

PURSUITS

14 Black Book
An insider’s guide to San Diego, where the sun always shines.
BY ADAM ERACE

TECH

15 Person of Interest
Laura Weidman Powers, CEO of Code2040, is taking her Silicon Valley movement to the White House.
BY GRACE DONNELLY

16 The Breakdown
Elon Musk is trying to reimagine the factory as a product. It’s not unlike how Henry Ford changed manufacturing.
BY KATIE FEHRENBACHER

17 Zeroing In
The dramatic makeover of Apple’s retail stores features entertainment, relaxation, and a few iPhone sales too.
BY DON REISINGER

18 A Boom With a View
Once a bastion of democratizing free speech, the Internet in 2016 is more of a toxic wasteland.
BY ERIN GRIFFITH

19 Business in the Cloud
By collecting data from millions of acres of farmland, a California startup wants to help farmers make smarter business decisions.
BY JONATHAN VANIAN

INVEST

21 Northern Exposure
Canadian stocks have lagged U.S. equities for five years. But strong banks, a gradual oil rebound, and遥es優onald Trump are making the country look attractive to investors again.
BY CHRIS TAYLOR

60 BING!
ON THE COVER: ILLUSTRATION BY PAUL MARTINEZ

[IMAGES]

MARK MAWSON

MUSK: JAMES GLOVER由EUTERS/ZUMA PRESS

ｩ Time Inc.

August 1, 2016 / Fortune Asia / Volume 174 / Number 2 / GLOBAL 500

features

Fortune Global 500

40 Beware the Almighty Dollar
A historic surge in the value of the greenback had a profound impact on this year’s Global 500 list. Its continued strength could prove to be a huge drag on the U.S. economy.
By Shawn Tully

44 Can Big Still Be Beautiful?
In an era when ”conglomerate” has become a dirty word, Johnson & Johnson is making the case that heft and breadth can be virtues. Here’s how a 130-year-old heavyweight is learning to defy gravity.
By Erika Fry

54 Glencore Digs Out of the Abyss
The commodities behemoth faced a crisis last year as prices of metals, grains, and petroleum products・as well as the company’s stock price用lummeted. A rare inside look at how the secretive Swiss giant survived and how it plans to thrive again in a post-boom world.
By Vivienne Walt

64 The AIDS Activist and the Banker
Brothers Jes and Peter Staley worked together at J.P. Morgan. One rose to become a top executive and is now the CEO of Barclays. The other became an AIDS activist who changed his brother-and then the world.
By Patricia Sellers

F-1 The List

The world’s 500 largest corporations.

F-11 Winners and Losers

F-12 Notes

F-13 How the Companies Stack Up

F-15 Ranked Within Countries

F-21 Index

departments

MACRO

4 Closer Look
Hosting the Olympics is a terrible deal. Which raises the question for more cities: Why bother?
By Ryan Bradley

7 Lone Star Blues
The oil bust has Texas luxury retailers feeling the pain.
By Phil Wahba

9 Silicon Desert
America’s hottest new automotive city is ... Phoenix?
By Sue Callaway

10 The 21st-Century Corporation
To expand their reach, today’s biggest companies rely on connections more than industrial production.
By Joshua Cooper Ramo

TECH

12 Person of Interest
Meet Grab CEO Anthony Tan, the Southeast Asian ride-hailing king.
By Kia Kokalitcheva

INVEST

13 Global Stocks
Where to invest after Brexit.
By Lauren Silva Laughlin

17 THE BIG THINK
Britain’s decision was a setback for the global economic order. Here’s how GE plans to keep growing in a protectionist world.
By Jeff Immelt, chairman and CEO of GE

PURSUITS

19 The Road to Wellness
On your next trip, take your best habits with you and follow these 10 tips for healthier travel.
By Christopher Tkaczyk

20 Black Book
An insider’s guide to Miami, melting pot of the Americas.
By Adam Erace

96 BING!

CORRECTION

”Citigroup Does ’Fintech’ ” (July 1) said incorrectly that Microsoft bought Intuit. Microsoft had a deal to buy Intuit in 1994, but the acquisition was never completed.

ON THE COVER: ILLUSTRATION BY PAUL MARTINEZ

[IMAGES]

A copper sample from a Glencore-controlled mine in the Democratic Republic of the Congo
PER-ANDERS PETTERSSON

Miami’s Wynwood neighborhood has been revived by a burgeoning art scene. See Black Book, page 20.
RICHARD CUMMINS-GETTY IMAGES

ｩ Time Inc.

July 1, 2016 / Fortune Asia / Volume 174 / Number 1

features

BRAINSTORM TECH / 2016

20 Some Assembly Required
Automakers and tech companies are racing to build the next great car company for a driverless future. And for the first time ever, the car may take a backseat.
By Erin Griffith

30 Citigroup Does ’Fintech’
An explosion of new financial technology startups is threatening to usurp the multitrillion-dollar banking industry. Here, an inside look at how one global player is trying to ”fintegrate” fast enough to stay ahead of the revolution.
By Stephen Gandel

46 Xiaomi What You’ve Got
The runaway success of Xiaomi’s cheap, stylish smartphones helped the Chinese startup become one of the world’s most valuable private companies. Now its sales are sputtering. Can Xiaomi’s ”ecosystem” ever live up to its $45 billion hype?
By Scott Cendrowski

37 The Future of Work
Change is hard. The way you work today isn’t the way you’ll work tomorrow. Fortune asked people in a variety of industries how technology is changing their workplace. Here’s what they said.

54 Spy Tech That Reads Your Mind
Leaks, theft, and sabotage by employees have become a major cybersecurity problem. One company says it can spot ”insider threats” before they happen-by reading all your workers’ email.
By Roger Parloff

departments

MACRO

4 Closer Look
This year, the political conventions matter again. Here are the fights to watch in Cleveland and Philadelphia.
By Anne VanderMey

7 Blood Testing Is Booming
Companies are betting a ”liquid biopsy” can change cancer testing.
By Sy Mukherjee

8 The Weird World of Negative Interest Rates
Central banks are doing what was once unthinkable. Will it save their economies?
By Chris Matthews

9 Leadership
Some jobs must be automated; others need the human touch. Which are which? That’s your call.
By Geoff Colvin

10 Brain Health
The blood-brain barrier has long stymied drug development for brain disorders. Researchers have finally begun to break through it.
By Erika Fry

VENTURE

11 How I Got Started
Frank Yang has used creative design and gleaming stainless steel to make Simplehuman the Apple of housewares.

Interview by Dinah Eng

PURSUITS

13 Travel Tech
Personal valet app Dufl lets you pack luggage remotely in under a minute.
By Christopher Tkaczyk

14 Black Book
Washington, D.C., isn’t just for patriots-it’s also a must for aesthetes and foodies.
By Adam Erace

TECH

15 Person of Interest: Brainstorm Tech Edition
Meet Mikkel Svane, CEO of Zendesk, a cloud-based customer-service software company.
By Heather Clancy

16 The Age of Unicorns: Brainstorm Tech Edition
Well-funded cyber-security firms are waiting for the right market conditions for an IPO. It might be a while.
By Robert Hackett

17 A Boom With a View
Corporations desire to be nimble like startups at a time when startups crave profits like the big boys.
By Erin Griffith

INVEST

18 Pondering the Puzzle of IBM
The tech giant is stumbling through a painful turnaround. Is the stock a bargain or a trap?
By Ryan Derousseau

60 BING!

CORRECTIONS

In some editions of the June 15 issue, ”The Outsiders” noted that Netflix signed a deal with Disney in May; in fact the deal had been signed earlier, but its details were announced in May. ”Picturing the Fortune 500” (June 15) misstated how much Netflix is spending on programming in 2016. The correct figure is $5 billion. Fortune regrets the errors.

COVER ILLUSTRATION BY STEVEN WILSON

[IMAGES]

A fleet of self-driving Google prototype cars in Austin
COURTESY OF GOOGLE

DUFL: CHRIS HINKLE

WASHINGTON, D.C.: SEAN PAVONE-GETTY IMAGES

ｩ Time Inc.