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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.

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

SECTION

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

[IMAGES]

ｩ Time Inc.

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

SECTION

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

[IMAGES]

No. 19: Samantha Bee
MA: REDUX PICTURES

ｩ Time Inc.

SECTION
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

SECTION

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

[IMAGES]

CIRQUE: MARK PETERSON-REDUX

ｩ Time Inc.

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

SECTION

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

[IMAGES]

JAMIE CHUNG

ｩ Time Inc.

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

SECTION

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

[IMAGES]

GANEK: ANDREW HETHERINGTON

ｩ Time Inc

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

SECTION

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.