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June 1, 2016 / Fortune Asia / Volume 173 / Number 7

THE 25 MOST IMPORTANT PRIVATE COMPANIES

features

21 Private Desires
More companies are forgoing the pressure of public markets for a friendlier and less scrutinized form of ownership. The amazing part of the story is how damn easy it is to go-and stay-private.
By Geoff Colvin

28 The List
Fortune’s compendium of the brawniest, the most influential, and the most disruptive nonpublic enterprises in the country.

40 The Master of Megaprojects
Global construction giant Bechtel has done more than any other company to change the face of the physical world. But today it’s facing fierce new competitors, slowing markets, and a leadership change at the top. A rare inside look at one of the world’s most influential private firms.
By Shawn Tully

MIDYEAR INVESTOR’S GUIDE

51 Why Hedge Funds Make Bad Neighbors
Some of this year’s most volatile stocks have a key factor in common: Hedge funds own a high percentage of their shares. Here’s why ”hedge fund hotels” can cause sleepless nights for other shareholders. Plus: seven promising stocks that most hedge funds are ignoring.
By Jen Wieczner and Scott DeCarlo

61 E*Trade Needs to Speak With You
E*Trade helped lead the online investing revolution-but day trading is so 1999. Now the former digital pioneer is betting its future on old-school person-to-person contact.
By Matt Heimer

departments

MACRO

4 Closer Look
The European Union is in jeopardy if the U.K. votes for a Brexit in June-and if it doesn’t.
By Shawn Tully

8 Making a Really (Really) Cheap MBA
The democratized business degree that could change the game.
By Vivienne Walt

9 Business’s Final Frontier
The cosmos is being commercialized.
By Dinah Eng

10 The 21st-Century Corporation
The data-obsessed digerati are finding there is key knowledge to be gained by embedding with clients.
By Jennifer Alsever

PASSIONS & PERKS

12 New Wave Watches
For the sartorially savvy set, there’s a whole new crop of stylish, direct-to-consumer timepieces.
By Stacy Perman

14 Black Book
Rent a convertible and enjoy the stunning vistas along California’s Highway 1.
By Adam Erace

TECH

16 Objects of Interest
Inside Google’s next ecosystem: virtual reality.
By Leena Rao

19 X Marks the Spot
Tesla’s Model X embodies the Silicon Valley spirit. But in spots, it’s still in beta.
By Sue Callaway

64 BING!
ON THE COVER: PHOTO ILLUSTRATION BY JUSTIN METZ

[IMAGES]

JUSTIN METZ

ｩ Time Inc.

May 1, 2016 / Fortune Asia / Volume 173 / Number 6

features

20 Hot Mess
Nestl・spent three decades building a beloved instant-noodle brand in India. Then the world’s largest food and beverage company stumbled into a public relations debacle that cost it half a billion dollars. A cautionary tale of mangled crisis management on an epic scale.
By Erika Fry

34 CAN SEAN PARKER HACK CANCER?
The Napster co-founder played a major role in some of tech’s biggest revolutions. Now he’s taking on medicine’s biggest challenge.
By Clifton Leaf

44 BUSINESS THE TRUMP WAY
He’s a billionaire (though maybe not as rich as he says). He claims he hates debt (but his casino companies went bust because of it). He craves press attention (but sues at the drop of a hat). What does Trump’s record tell us about how he’ll lead? Plus: A Q&A with the Donald.
By Shawn Tully and Roger Parloff

52
THE RACE TO MAKE VIRTUAL REALITY AN ACTUAL (BUSINESS) REALITY
Big corporations are investing billions・but the technology may not play out the way they expect.
By Jeffrey M. O’Brien

departments

MACRO

4 Closer Look
Corporate turnaround experts have some advice for the GOP.
By Tory Newmyer

6 After Dilma
The upside of Brazil’s political meltdown.
By Ian Bremmer

7 In Theaters This Spring ...
The seasonal creep of the modern big-budget action film.
By Tom Huddleston Jr.

8 Chartist
What the minimum wage might look like in 2022.
By Chris Matthews and Nicolas Rapp

VENTURE

9 Small Business, Big Idea
As dire sanctions are lifted, entrepreneurship is bursting out in Iran. Can it transform a nation still controlled by Islamic clerics?
By Vivienne Walt

PURSUITS

13 Black Book
Don’t miss these hidden gems of Sydney.
By Adam Erace

TECH

15 Object of Interest
A cultured meatball, fresh from San Francisco startup Memphis Meats.
By Andrew Zaleski

16 Frontiers
The new tourism market in Cuba is a test case預nd a PR coup庸or Airbnb.
By Erin Griffith

INVEST

18 The Fight to Dominate Big Pharma(cy)
Drugstore chains CVS and Walgreens are bigger than ever, thanks to an unprecedented string of acquisitions. But is all that growth the right prescription for shareholders?
By Chris Taylor

60 BING!

CORRECTIONS

”Bezos Prime” (April 1) incorrectly stated that contributors aren’t paid to write for the Washington Post’s PostEverything section. Some writers are paid. In our World’s 50 Greatest Leaders list (April 1), we incorrectly reported that Moncef Slaoui’s brother had died of whooping cough; it was his sister. Fortune regrets the errors.

COVER PHOTOGRAPH BY MIKE MCGREGOR佑ONTOUR BY GETTY IMAGES

[IMAGES]

THE VOORHES

Sydney’s Bronte Beach
BRONTE BEACH: GETTY IMAGES

ｩ Time Inc.

April 1, 2016 / Fortune Asia / Volume 173 / Number 5 / THE WORLD’S 50 GREATEST LEADERS

features

The World’s 50 Greatest Leaders

27 This election year has given us a taste of what leadership is, mostly through its absence. Demagoguery, pandering, even populism aren’t leadership. Here’s what is.
By Geoff Colvin

30 Bezos Prime
Amazon’s CEO has driven his company to all-consuming growth (and even, believe it or not, profits). Today, though, as he deepens his involvement in media and space ventures, Jeff Bezos is becoming a power beyond Amazon. That has forced him to become an even better leader.
By Adam Lashinsky

40 The List
By Jonathan Chew, Claire Groden, and the Fortune staff

52 I Will Follow
Irish rock icon Bono leads a widely acclaimed, data-driven, global organization that rallies governments and C-suites, raising millions for people in poverty. What’s his secret? An ability to convince others that they are the true leaders of change. Here’s what business can learn from a music legend.
By Ellen McGirt

62 Book Excerpt: My Year in Startup Hell
Hear the one about the unemployed middle-aged guy who tripped and fell into the new economy? An exclusive sneak peek at the book Disrupted.
By Dan Lyons

departments

MACRO

8 Closer Look
The IRS and the terrible, horrible, no good, very bad decade.
By Jen Wieczner

11 In Memoriam
A tribute to Andy Grove, Silicon Valley pioneer.
By Adam Lashinsky

12 Underdogs
How a small English soccer team is storming the big leagues.
By Geoffrey Smith

13 Keeping Up With the Kremlin
A new bus tour spotlights homes of the London kleptocracy.
By Linda Kinstler

14 Chasing Utopia
Inside the debate over the U.S. productivity slump.
By Erika Fry

16 World’s Most Admired Companies
Netflix is on a growth streak, but the stock has been volatile. Here’s why.
By Lauren Silva Laughlin

VENTURE

17 Bouncing Back
The unexpected payoff of entrepreneurial failure.
By Jennifer Alsever

PURSUITS

19 Smart Travel
The best apps for summer trips.
By Christopher Tkaczyk

20 Black Book
An insider’s guide to S縊 Paulo.
By Adam Erace

TECH

21 Person of Interest
McDonald’s chief digital officer, Atif Rafiq.
By Michal Lev-Ram

22 Business in the Cloud
Machine learning is turning commercial satellite imagery into an omnipresent source of business intelligence.
By Clay Dillow

INVEST

24 Restaurant Stocks
Not every company on the menu is an equally good deal.
By Chris Taylor

68 BING!

CORRECTION

In the intro to an excerpt from Bob Benmosche’s posthumous memoir, Good for the Money (March 15), we misstated the date of the author’s death. Benmosche died Feb. 27, 2015. Fortune regrets the error.

ON THE COVER: BONO PHOTOGRAPHED BY SAM JONES

[IMAGES]

GINSBURG: NIKKI KAHN裕HE WASHINGTON POST/GETTY IMAGES

KELLY AND KORNIENKO: NASA VIA AP

GATES AND DESMOND-HELLMANN: JOE PUGLIESE輸UGUST IMAGES

GRIEST AND HAVER: JESSICA MCGOWAN宥ETTY IMAGES

KEJRIWAL: PARTHA SARKAR郵INHUA PRESS/CORBIS

LEGEND: RYAN PFLUGER輸UGUST IMAGES

CULLORS, GARZA, AND TOMETI: BEN BAKER由EDUX

TRUDEAU: PATRICK AVENTURIER宥ETTY IMAGES

MERKEL: HANS CHRISTIAN PLAMBECK有AIF/REDUX

CHAI: TAO XIAOFANG悠MAGINECHINA

SABAN: CHRISTIAN PETERSEN宥ETTY IMAGES

BOOK: MANFRED KOH; BOOK IMAGE: COURTESY OF HACHETTE BOOKS

CONRADO TRAMONTINI宥ETTY IMAGES

KEITH NEGLEY

ｩ Time Inc.

March 15, 2016 / Fortune Asia / Volume 173 / Number 4 / The 100 Best Companies to Work For 2016

features

THE 100 BEST COMPANIES TO WORK FOR

CHAPTER I: INTRODUCTION AND THE LIST

71 The 2016 List
In our 19th ranking of America’s greatest workplaces, we honor the champions of corporate culture. Here’s how they measure up.
By Robert Levering, with additional reporting by Erin Bartulski, Jonathan Chew, Ed Frauenheim, Claire Groden, Milton Moskowitz, and Tabitha Russell

CHAPTER II: EMPOWERING EMPLOYEES

88 My Five Days of ”Bleeding Green”
A firsthand account of working at Publix, America’s happiest supermarket.
By Christopher Tkaczyk

CHAPTER III: THE NEW WORKFORCE

98 Five Things You Can Do to Attract Millennial Talent
Here, a few ways your company can compete for the best and brightest new stars.
By Claire Groden

100 Hot New Perk: Paying Down Student Loans
Business is trying to help solve the nation’s $1.2 trillion school debt problem, but one thing stands in the way: the law.
By Claire Zillman

CHAPTER IV: HOW TO GET HIRED
102 Tips From Recruiters at the 100 Best Companies
What talent seekers look for in a job candidate.
By Christopher Tkaczyk

104 The Health Care Hiring Boom
Here are this year’s best employers in medicine謡ith secrets from their recruiters.
By Laura Lorenzetti

CHAPTER V: LEADING CHANGE IN THE VALLEY
106 The Garden of Eden
VMware’s verdant California campus is a calm, eco-friendly respite. If only its business outlook were as serene.
By Michal Lev-Ram

109 Tech’s Diversity Fixer
Joelle Emerson, founder of Paradigm, is working to balance the talent distribution in America’s innovation capital.
By Leena Rao

CHAPTER VI: BALANCING WORK AND LIFE
110 At Ikea: No Ranks, No Rancor
The egalitarian ethos runs deep at the Swedish furnishings giant預 place where no one seems to be at the lowest rung on the corporate ladder.
By Beth Kowitt

58 Palantir Connects the Dots
The data analytics company has built a substantial mystique預nd a $20 billion valuation with investors預round its work for the intelligence community. Can it woo more corporate clients without giving away its secrets?
By Michal Lev-Ram

34 Hoaxwagen.
How the massive diesel fraud incinerated Volkswagen’s reputation預nd will hobble the company for years to come.
By Geoffrey Smith and Roger Parloff

50 Fixing Twitter
Breaking news, celebrity feuds, and political revolutions turned Twitter into a media juggernaut. Unfocused management turned it into a train wreck. On the company’s 10th birthday, here’s how returning CEO Jack Dorsey plans to get Twitter back on track.
By Erin Griffith

66 Building an Encryption Empire
Pavel Durov earned fame as ”Russia’s Mark Zuckerberg.” Now his Telegram messaging app has 100 million users and counting, and the reclusive entrepreneur finds himself back in the spotlight預nd at the center of a global debate.
By Vivienne Walt

112 The Zappos Experiment
The online shoe retailer has always focused on its people as much as its customers. But now a radical transition into ”self-management” has left it reeling. Can the company regain its mojo?
By Jennifer Reingold

departments

MACRO
6 Closer Look
Why people are worried we’re in a recession預nd why it’s too soon to panic.
By Stephen Gandel and Chris Matthews

9 Zen and the Art of Dealmaking
With enthusiastic C-suite support, mindfulness has become a big business of its own.
By Jen Wieczner

10 Movie Magic
Why Hollywood isn’t worried about China’s slowdown.
By Tom Huddleston Jr.

11 Betting on Your Neighbors
Insurance meets the sharing economy.
By Jennifer Alsever

12 The 21st-Century Corporation
Despite the likes of Facebook and Uber, startling new research finds that high-growth young U.S. firms are in decline.
By Geoff Colvin

14 Book Excerpt: Good for the Money
In a scene from this posthumous memoir, the late CEO of AIG recounts his battle for control of the insurance behemoth.
By Bob Benmosche

VENTURE

17 Human Capital
Is software better at managing people than you are?
By Jennifer Alsever

PASSIONS & PERKS
19 Silicon Beach Surfers
These L.A. techies are socializing, networking, and having fun by riding the waves.
By Scott Gummer

21 Supercar
The 2017 Bugatti Chiron: A toy for billionaires, yes. But we can fantasize, right?
By Sue Callaway

23 Craft Beer
Dogfish Head brewery finds success by appealing to adventurous palates.
By John Kell

TECH
25 Object of Interest
Samsung unveils its Gear 360 virtual-reality camera. Here’s what it could do for business.
By Don Reisinger

26 Cybersecurity
Banks are using new biometric technologies to detect scammers.
By Jeff John Roberts

27 The Future Is Now
Artificial intelligence, analyzed謡ith insights from Nvidia CEO Jen-Hsun Huang.
By Andrew Nusca

28 Zeroing In
SoFi aims to be the bank of choice for millennials.
By Leena Rao

29 Chartist
How long it takes to break a passcode.
By Robert Hackett and Nicolas Rapp

30 A Boom With a View
Business realities rain on the parade of on-demand startups.
By Erin Griffith

INVEST
31 The Return of the Big Shorts
The recent market correction has made some bearish investors look like geniuses. Others are learning that even short-sellers need a good long game.
By Michelle Celarier

120 BING!
ON THE COVER: PHOTO ILLUSTRATION BY JUSTIN METZ

[IMAGES]

Our inside man at Publix: No. 67 on this year’s list
PUBLIX: PATRICK JAMES MILLER

Hunting for patterns at Palantir’s Palo Alto headquarters
BRAD WENNER

Directors of boards: a Silicon Beach Surfers crew
SURFERS: BRYCE DUFFY

ｩ Time Inc.

March 1, 2016 / Fortune Asia / Volume 173 / Number 3

features

SPECIAL REPORT

20 Bitter Sweets
For a decade and a half, the big chocolate makers have promised to end child labor in their industry-and have spent tens of millions of dollars in the effort. But as of the latest estimate, 2.1 million West African children still do the dangerous and physically taxing work of harvesting cocoa. What will it take to fix the problem?
By Brian O’Keefe

34 Boom! Goes the Hoverboard Fad
Chinese factories created the hoverboard industry-then made it go up in smoke. Inside the trillion-dollar world of copycat manufacturing.
By Scott Cendrowski

40 The Fortune Entrepreneurs
Meet 15 founders who are disrupting their industries in novel ways. (One of those industries might be yours.)
By the Fortune staff

THE WORLD’S MOST ADMIRED COMPANIES

47 Our All-Star List and Industry Standouts
The results are in! Thousands of insiders, directors, executives, and analysts pick the most respected names in global business.
By Christopher Tkaczyk

53 Exclusive Q&A: Apple CEO Tim Cook
On Apple’s down-cycle strategy, its evolving mind-set, and that rumored car.
By Adam Lashinsky

56 The Ultimate Driving Machine Prepares for a Driverless World
How 100-year-old BMW is racing toward automated driving, electric cars, and ride sharing.
By Brian Dumaine

departments

Macro

6 Closer Look
In one of the most tumultuous U.S. campaigns on record, does the establishment have a prayer?
By Tory Newmyer

9 Man vs. Nature
How to stop the Zika virus.
By Laura Lorenzetti

10 A View From the Alps
The CEOs at Davos foresee sweeping changes to the world of work.
By Alan Murray

Pursuits

12 Executive Travel
The best way to do business in Singapore.
By Sanjay Surana and Janet Libert

Passions & Perks

13 Luxe SUVs
Automakers have raised their game when it comes to high-end sport-utility vehicles.
By David Kiley

Tech

15 Location of Interest
The old tobacco town of Durham, N.C., is now ablaze with tech savvy.
By Richard Morgan

16 A Boom With a View
Facebook keeps raking in the dough, but its streak can’t last forever. Right?
By Erin Griffith

Invest

17 Infrastructure Stocks
Congress is steering money to highway projects again. Here’s how investors can turn a construction boom into concrete gains.
By Ryan Derousseau

64 BING!

ON THE COVER: PHOTOGRAPH BY ADAM LEVEY

[IMAGES]

Cocoa farming in Ivory Coast
BENJAMIN LOWY

A public construction renaissance is good news for investors.

ｩ Time Inc.

February 1, 2016 / Fortune Asia / Volume 173 / Number 2

features

38 Pharmageddon?
Billionaire Stefano Pessina cannily took control of Walgreens using the chain’s own money. Now he’s squaring off with CVS Health for drugstore domination. Can a brilliant dealmaker become a killer retailer?
By Jennifer Reingold with Marty Jones

28 Good Luck Getting Out!
Private investors have put $362 billion into startups over the past five years, pumping up the paper value of so-called unicorns. Now the broken tech IPO market is cratering. Who will survive the reckoning?
By William D. Cohan

46 SPECIAL REPORT
Leading While Black
An inside look at what’s keeping black men out of the executive suite.
By Ellen McGirt

54 Big Agriculture Gets Its Sh*t Together
One of the nation’s biggest dairy owners is reducing his farms’ carbon footprint by converting cow manure into fuel. He just might help commercial farmers solve their pollution problem預nd their image problem.
By Beth Kowitt

departments

Macro

4 Closer Look
Terrified by China’s slowdown? Blame its leaders.
By Scott Cendrowski

6 Bottoms Up, Sales Down
Big Beer’s M&A bender.
By John Kell

7 Utopia Dismantles Itself
The American left has idealized Scandinavia’s social-welfare policies. But now the region is scaling back.
By Chris Matthews

8 The Cord Cutter’s Dilemma
Fans of streaming video find that ditching cable doesn’t always lower their bills.
By Tom Huddleston Jr.

9 Chartist
Tracking oil’s collapse.
By Claire Groden, Matt Heimer, and Nicolas Rapp

10 Pursuits
Black Book: See Beijing like a local.
By Adam Erace

12 The 21st-Century Corporation
Why financial and physical capital don’t dominate like they used to.
By Geoff Colvin

Venture

14 How I Got Started
Sosi Setian grew up behind the Iron Curtain and translated language acumen and moxie into success for SOS International.

Interview by Dinah Eng

Tech

16 Person of Interest
Meet April Underwood, VP of product at Slack.
By Heather Clancy

17 Connected Company
What goes into a great bottle of wine? Sensors, software, scads of data analysis熔h, and drones, of course.
By Andrew Zaleski

18 Zeroing In
MasterCard’s marketing command center takes ”seeing is believing” to the extreme.
By Heather Clancy

19 Business in the Cloud
To keep production lines running smoothly, GM links its factory robots in the cloud.
By Jonathan Vanian

20 A Boom With a View
The problem with trendy e-commerce businesses? They go out of style.
By Erin Griffith

Invest

22 Hospitality Stocks
Hotel chains with staying power.
By Chris Taylor

24 Insight
The movie industry is undergoing a difficult transition. Here’s how it can survive and thrive.
By Michal Lev-Ram

60 BING!

CORRECTION

”Good Stocks for Bad Times” (Dec. 15, 2015) incorrectly stated that Virgin America shares pay a dividend that yields 4.9%. In fact, Virgin America shares do not pay a dividend. Fortune regrets the error.

ON THE COVER: ILLUSTRATION BY STEPHEN CHAN

[IMAGES]

Manufacturing pills in 1930 at a Boots factory. After its merger with Walgreens, is the chemistry still there?
DAILY MAIL/REX/SHUTTERSTOCK

Smarter than they look: Robots like this one will all connect to a ”mother brain” in the cloud.
ROBOT: COURTESY OF FANUC

CHINA: XAUME OLLEROS唯LOOMBERG VIA GETTY IMAGES

KYLO REN: COURTESY OF WALT DISNEY

ｩ Time Inc.

January 1, 2016 / Fortune Asia / Volume 173 / Number 1

features

Selling America

38 AMAZON INVADES INDIA
How Jeff Bezos aims to conquer the next ”trillion-dollar market.” The inside story.
By Vivienne Walt

48 THE LAST BRIC STANDING
Under the leadership of Prime Minister Narendra Modi, India is doing what its once-celebrated cohorts in the emerging-markets bloc can no longer seem to do: emerge.
By Ian Bremmer

50 ALIBABA’S NEW FAVORITE LABEL: ’MADE IN THE USA’
The Chinese e-commerce giant needs the sales-and prestige-that could come from bigger partnerships with American brands. U.S. companies are eager to reach Chinese consumers. Could this be the start of a beautiful friendship?
By Leena Rao

24 Business Gets Schooled
When Exxon Mobil, GE, Intel, and others pushed for the Common Core standards, they had no idea they would be incurring the wrath of Tea Party conservatives. They got a painful lesson in modern politics.
By Peter Elkind

56 A Millennial’s Field Guide to Mastering Your Career
Welcome to a world that doesn’t understand you and might not want to hire you. Still, there’s hope for the nation’s tech-savvy young workers. Here’s how to get the right job-and crush it.
By Claire Groden

departments

Macro

4 Closer Look
The death of American research and development.
By Chris Matthews

6 Sky-High Growth
There are more private satellites in orbit than ever預nd the data they deliver is out of this world.
By Jen Wieczner

8 Political Ammo
The partisan divide has pushed up sales for Smith & Wesson.
By Laura Lorenzetti

9 Great Workplaces
What business can learn from the Golden State Warriors.
By Ed Frauenheim

10 Executive Read
Want to make the new year superior to the one before? Here, some tips, tricks, and hacks from the best new business books.
By Jonathan Chew

Venture

13 Fair Trade 2.0
A new generation of coffee roasters is redefining ”fair trade” in an era of higher-priced artisanal beans.
By Jennifer Alsever

15 Human Capital
Selling with ”joy” at luxe kitchen and bath retailer Pirch.
By Dinah Eng

Tech

17 Idea of Interest
Connected gadgets reveal how disease spreads.
By Stacey Higginbotham

18 A Boom With a View
The once-fruitful relationship between Silicon Valley startups and Wall Street is unraveling.
By Erin Griffith

19 Business in the Cloud
Everyone is using peer-to-peer payment services. Now providers are trying to monetize them.
By Leena Rao

Invest

21 M&A Anxiety
Will a stock bust follow the merger boom?
By Joshua M. Brown

23 Global Stock Investing
BlackRock’s Dennis Stattman explains why he’s bullish on Japan.
Interview by Matt Heimer

3 EDITOR’S DESK

64 BING!

ON THE COVER: ILLUSTRATION BY NIGEL BUCHANAN

[IMAGES]

Amazon sponsors India Fashion Week in a bid for local brand-building.
BUSINESS GETS SCHOOLED: SAM KAPLAN

A fair-trade upgrade offers a dramatically better deal for coffee farmers.
COFFEE FARMERS: COURTESY OF THRIVE

Why gun sales soared in 2015

ｩ Time Inc.

December 15, 2015 / Fortune Asia / Volume 172 / Number 8 / SPECIAL ISSUE / INVESTOR’S GUIDE 2016

features

INVESTOR’S GUIDE 2016

30 Choose smart. Buy cheap. And don’t let gloom and indecision trip you up. Here’s how to find the right investment strategy for you-for 2016 and beyond.

32 GOOD STOCKS FOR BAD TIMES
The world is rife with turmoil and volatility. But we’ve found 16 investments that offer a measure of stability in the midst of chaos.
By Jon Birger

40 WHERE DO WE GO FROM HERE?
The global economy may be growing, but that doesn’t mean smooth sailing for stocks and bonds in 2016. The experts in our annual roundtable see a potentially rocky year ahead. Here’s how they plan to profit from it-and you can too.

Interview by Joshua M. Brown

48 THE TECH EMPIRE BUILDER
Nikesh Arora helped Google become a profit machine. Now, as SoftBank’s CEO-in-waiting, he’s investing heavily in startups around the world. Can he turn the Japanese telecom giant into a tech Berkshire Hathaway?
By Erin Griffith

58 PRIVATE EQUITY’S PAPER TIGERS
These elite funds style themselves as the alpha predators of the investing jungle. But a close examination suggests their fees are the only things with bite.
By Roger Lowenstein

64 SEVEN THINGS YOU NEED TO KNOW ABOUT CHINA
China’s slowdown has big implications for investors, but it shouldn’t be the catastrophe that many have predicted. Here is what you need to know-and what Wall Street is getting wrong-about the world’s second-largest economy.
By Scott Cendrowski

70 THESE CANADIANS OWN YOUR TOWN
You may have never heard of the Ontario Teachers’ Pension Plan, but chances are it owns a big piece of your downtown-and your local shopping mall. How an under-the-radar investing team and its ”Canadian model” revolutionized the way pension funds manage their money.
By Chris Taylor

78 HOW TO FIGHT YOUR FEAR OF THE FED
Investors have been losing sleep over when and how much the Federal Reserve will raise interest rates. The good news is, some stocks and other assets could fare well no matter what the Fed does.
By Lauren Silva Laughlin

84 THE BATTLE FOR MILLENNIALS’ MONEY
Why a generation of young investors is flocking to Silicon Valley rather than Wall Street-and why hope is not lost for your grandfather’s brokerage.
By Jonathan Chew

90 HOW TO INVEST IN THE 21ST-CENTURY CORPORATION
New technologies are remaking companies in every industry. The best way to buy into this new class? Invest in the tech that powers it.
By Kia Kokalitcheva

94 TRADING ON TWEETS
Hedge funds are increasingly using services like Dataminr to gather lightning-quick intel on social media. Can Twitter really predict the stock market?
By Jen Wieczner

CLEAN TECH: SPECIAL REPORT

100 Silicon Valley’s New Power Player: China
Backed by Beijing, deep-pocketed, globe-trotting Chinese venture capitalists are buying up U.S. companies to power China’s emerging clean-tech revolution-and getting very rich in the process. How American technology is scaling up on the other side of the Pacific.
By Jeffrey Ball

108 A Biofuel Dream Gone Bad
Legendary venture capitalist Vinod Khosla backed a startup called KiOR as part of his push for green energy. Now KiOR is bankrupt, he and company executives are being sued for fraud, and Khosla’s big biofuel bet is looking increasingly questionable.
By Katie Fehrenbacher

117 The Best in Business 2015
There was a lot to love in a year that gave us the Apple Watch, a malaria vaccine, and a new Star Wars movie. But it wasn’t all Taylor Swift singles and 24-hour access to Egg McMuffins. Here, the highest highs and lowest lows of a remarkable year.
By the Fortune staff

departments

Macro

5 Closer Look
Japan’s economy has serious problems-they could soon become U.S. problems too.
By Chris Matthews

8 Catastrophes Inc.
The C-suite climate converts.
By Vivienne Walt

9 Cybercrime
Hostage negotiation goes digital.
By Robert Hackett

12 World’s Most Admired Companies
Warehouse retailer Costco has built a loyal base of customers with low prices-and happy workers with high wages.
By John Kell

13 Chartist
Commodities: Do their futures have a future?
By Nicolas Rapp and Geoffrey Smith

14 The 21st-Century Corporation
The benefit of baring it all: Why smart managers are opening the corporate kimono as never before.
By Geoff Colvin

Venture

16 How I Got Started

Mattress Firm co-founder Steve Fendrich nurtured a chain that now has 2,400 stores.

Interview by Dinah Eng

Passions & Perks

18 Shopping
As shopping tourism spreads, upscale designer outlets are becoming travel destinations.
By Geoffrey Smith

Tech

23 Location of Interest
Known for its key role in the birth of Skype, Tallinn, Estonia, remains a hotbed for tech entrepreneurs.
By Richard Morgan

24 Point Cloud
Valve Corp. changed how people purchased computer games. Now it plans on entering your living room.
By John Gaudiosi 25

25 Revivals
HP Inc. stakes its future on 3D printing with speedy systems that could cut manufacturing costs and undercut the competition.
By Andrew Zaleski

26 A Boom With a View
How to interpret the sudden unraveling of private tech company valuations.
By Erin Griffith

27 Aerospace
A new class of space startups is vying for a spot on the launchpad-and succeeding.
By Clay Dillow

28 The Big Think
You are what you read: What the debate over salt can teach leaders.
By Sandro Galea, MD, DrPH

124 BING!

ON THE COVER

GOLD BAR ILLUSTRATION ANTHONY VERDUCI

FRACTAL BACKGROUND ILLUSTRATION SINELAB

[IMAGES]

Our market roundtable (from left): Kate Warne of Edward Jones talks to Shawn Driscoll of T. Rowe Price and hedge fund notable James Chanos.
REED YOUNG

The new school of money managers: Robinhood co-founders Vlad Tenev (left) and Baiju Bhatt
WINNI WINTERMEYER

FENDRICH: MELISSA GOLDEN

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December 1, 2015 / Fortune Asia / Volume 172 / Number 7 / THE 2015 BUSINESS PERSON OF THE YEAR

features

The 2015 Businessperson of the Year

34 Nike’s Master Craftsman
CEO Mark Parker, an introverted sneaker designer, has doubled revenues and profits for the footwear and apparel powerhouse and boosted its stock price sixfold. Here’s how he plans to keep the winning streak alive.
By Adam Lashinsky

42 2015’s Top People in Business
Concrete results are what drive Fortune’s annual ranking of corporate chieftains. Here, an assemblage of superstars who navigated the inevitable turmoil this year and helped their companies deliver cold, hard cash.
By the Fortune staff

50 Uncle Sam’s $130 Billion Money Grab
A sudden government rule change wiped out shareholders in Fannie Mae and Freddie Mac, just as it seemed they were headed for recovery. Now some investors are hoping that apparent injustice will lead to a mammoth payday.
By Roger Parloff

60 The Would-Be Wi-Fi Kings
A Denver real estate developer who controls a struggling satellite-phone company has teamed up with a self-taught expert and hatched a plan to create a new Wi-Fi supply they say is worth billions. Tech giants like Google and Microsoft oppose the duo’s gambit.
By Stephen Gandel

departments

Macro

7 Closer Look
Dear reader, here’s a sneak peek into the Fortune Crystal Ball用redictions about the events, people, and ideas that will matter in 2016.

From the Fortune staff

14 Great Workplaces
Our first-ever ranking of employers that create cultures of inclusiveness.
By Christopher Tkaczyk

15 Cybersecurity
The tech industry is divided over a new bill designed to defend against cyberattacks.
By Robert Hackett

16 Fortune Global Forum
Highlights from our gathering of corporate leaders and Silicon Valley stars.
By Geoff Colvin

18 Global Power Profile
Former Treasury secretary Henry Paulson believes eco-friendly joint ventures will improve U.S.-China ties.
By Scott Cendrowski

Venture

20 Brain Training 2.0
New ”brain fitness” devices promise enhanced focus and much more. But so far the gadgets are advancing faster than the evidence in their favor.
By Jennifer Alsever

Pursuits

24 2015 Gift Guide
This holiday season, Fortune has culled a list of smart picks for all your favorite recipients.
By Kate Flaim

Tech

28 Object of Interest
A Xerox computer chip that self-destructs for security.
By Robert Hackett

29 Turnarounds
Ticketing company StubHub lost a step after eBay acquired it. New president Scott Cutler says it’s back on track.
By Erin Griffith

Invest

30 Toy Story
Movie merchandising deals helped make this a great year for toy sales. Some investors see a hit sequel for toymakers’ stocks in 2016.
By Chris Taylor

32 Face-Off
Will Disney’s stock retain its magic?
By Ryan Derousseau

68 BING!
ON THE COVER: PHOTOGRAPH BY SPENCER LOWELL

[IMAGES]

Electronic Arts CEO Andrew Wilson: No. 3 on our list of the top people in business
BENJAMIN RASMUSSEN

Disney’s Star Wars reboot will be a merchandising bonanza, thanks to new toys like droid BB-8 (at right).
STAR WARS TOYS: COURTESY OF HASBRO

Theranos CEO Elizabeth Holmes
HOLMES: STUART ISETT友ORTUNE GLOBAL FORUM

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November 1, 2015 / Fortune Asia / Volume 172 / Number 6

features

THE 21[superscript ST] CENTURY CORPORATION

38 Why Your Business Is About to Change
Imagine an economy without friction-a new world in which labor, information, and money move easily, cheaply, and almost instantly. Psst擁t’s here. Is your company ready?
By Geoff Colvin

48 Uber’s Tax Shell Game
The car-hailing phenom is viewed by many as the model for the 21st-century corporation. What’s less known is how state of the art Uber is when it comes to minimizing its tax bill. Here, Fortune’s in-depth analysis.
By Brian O’Keefe and Marty Jones

58 First Data’s Counter Attack
After surviving a star-crossed buyout, the financial giant has rebounded and gone public in the year’s biggest IPO. Now CEO Frank Bisignano is staking First Data’s comeback on a bold tech bet-enticing millions of small businesses to buy apps and big-data services through its countertop credit card terminals.
By Shawn Tully

66 Is Silicon Valley Bad for Your Health?
Grueling hours. Stress. Junk food and Red Bull. Obesity is rising in America’s economic frontier, and the health consequences could be dire.
By Jeffrey M. O’Brien

departments

Macro

10 Closer Look
The U.S. has the highest drug prices in the world-with no cure in sight.
By Laura Lorenzetti

14 Indicators
How to tell what’s going on in China’s economy.
By Scott Cendrowski

16 Most Powerful Women
A roundup of standout moments from this year’s MPW Summit.
By Patricia Sellers

18 Changing Course
Why big business loves marathons.
By Phil Wahba

20 Executive Read
Business lessons from Manchester United’s legendary coach.
By Geoffrey Smith

22 Global Power Profile
Meet Google’s artificial intelligence chief, John Giannandrea.
By Leena Rao

Venture

24 Great Workplaces
The 50 best small and medium-size companies to work for.
By Stacey Higginbotham and Claire Zillman

Passions & Perks

31 Luxury Watches
The latest in haute horlogerie.
By Colleen Kane

Tech

34 Persons of Interest
The trio of women mastering big data at Box.
By Michal Lev-Ram

35 The Future of Work
What’s the latest tech-industry perk? Internet-connected windows that may boost productivity.
By Erin Griffith

Invest

36 Energy Stocks
Pipeline-company shares could be a smart way for investors to refuel.
By Ryan Derousseau

7 EDITOR’S DESK
Our walk-up to the Fortune Global Forum.
By Alan Murray

76 BING!

ON THE COVER: ILLUSTRATION BY KYLE WILKINSON

[IMAGES]

ADAM LEVEY

A glimpse of Etsy’s Brooklyn offices: No. 6 on the list of the best medium-size workplaces

From left: Megyn Kelly, Ginni Rometty, and Michelle Obama

A tank being built at pipeline and storage giant Kinder Morgan

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October 1, 2015 / Fortune Asia / Volume 172 / Number 5 / 40 Under 40

features

60 Contamination Nation
Despite big advances in science and huge investments by companies, food-borne illness still gets 48 million people sick in the U.S. each year-and costs the industry billions of dollars. Here’s why-and what we might do to solve it.
By Beth Kowitt

Plus: How ice cream maker Blue Bell blew it.
By Peter Elkind

40 Under 40

30 Flight of Fantasy
No one thought fantasy sports could be a multibillion-dollar business. Not at first, anyway. DraftKings CEO Jason Robins is leading the charge in a brutal but bankable market. Are the new business models legal? Depends. But that won’t slow him down.
By Daniel Roberts

34 Fortune’s 40 Under 40
Innovation is coming at us from all corners of industry, as our 2015 ranking of the most influential young people in business shows. The one thing they have in common: They make their own rules.

48 The Anti-Hacker
Will Ackerly was a hotshot NSA technologist who grew concerned by the agency’s widespread snooping. He left and launched what just may be the best technology to protect your data from cybercriminals-and government spying.
By Luke O’Brien

68 Southwest’s Radical New Flight Plan
The maverick airline became the industry’s biggest success story by going its own way. Its latest strategy? Operate more like everybody else.
By Shawn Tully

departments

Macro

6 Closer Look
Germany needs migrants. Here’s why the U.S. does too.
By Claire Groden

10 Growth Industries
TV and Super PACs: a love story.
By Anne VanderMey

11 My G-G-Generation
Millennials: They’re just like us?

12 21st-Century Corporation
The tech manufacturer Flex gets inventive.
By Adam Lashinsky

14 Fortune Global Forum
Navigating the breakup of the global economy.
By Geoff Colvin

16 Global Power Profile
Don’t mess with SEC chief Mary Jo White.
By Geoff Colvin

18 Pursuits
Tips for a great day in San Francisco.
By Adam Erace

Tech

21 Object of Interest
Intel’s high-tech chips get a high-fashion debut.
By Andrew Nusca

22 Brainstorm E Special
Fusion 2.0: Billionaire investors like Jeff Bezos aim for new success with an old idea. Plus: Seeking the next energy star at Fortune’s Brainstorm E conference.
By Brian Dumaine and Katie Fehrenbacher

Invest

26 Playing Defense
Are you ready for the next bear market? The good news: You may be better prepared than you think.
By Joshua M. Brown

76 BING!

CORRECTIONS

A photo caption in ”The Spy in the Corner Office” (Sept. 15) misidentified a General Dynamics shipyard. It is the company’s Electric Boat shipyard in Groton, Conn. ”She Thanks You for Not Smoking” (Sept. 15) stated incorrectly that Pembroke Consulting forecasts specialty drugs will soon generate 15% of pharmacy revenues; the correct figure is 50%.

ON THE COVER: WILL ACKERLY PHOTOGRAPHED BY BENJAMIN LOWY

[IMAGES]

MATT TAYLOR

Flex monitors its supply chain.

Alek Wek in Intel-powered apparel

ｩ Time Inc.

September 15, 2015 / Fortune Asia / Volume 172 / Number 4 / 50 MOST POWERFUL WOMEN

features

100 The Siege of Herbalife
Hedge fund titan Bill Ackman has been on a nearly three-year quest to bring down the $5-billion-in-revenue nutrition giant. Call it destructive activism. But worth asking: Do short-sellers make good regulators?
By Roger Parloff

Most Powerful Women 2015

26 Guts and grit. This is what gets a leader on Fortune's MPW list. Our 2015 edition includes 27 CEOs-whose companies are worth a combined $1 trillion. That power enough for you?

28 The Secretary Turned Studio Boss
By Michal Lev-Ram

36 The List
By Kristen Bellstrom, Beth Kowitt, Michal Lev-Ram, Leena Rao, Jennifer Reingold, Patricia Sellers, Anne VanderMey, Phil Wahba, Jen Wieczner, Valentina Zarya, and Claire Zillman

44 Apple's Retail Star: Angela Ahrendts
By Jennifer Reingold

52 The Google Effect
The inside story of tech's best training ground for women.
By Patricia Sellers

60 From CIA to CEO: General Dynamics' Phebe Novakovic
By Carla Anne Robbins

66 CVS Health's Helena Foulkes
By Phil Wahba

74 Why Wall Street Hates Mylan's Chief Exec
By Jen Wieczner

80 The Most Innovative Women in Food and Drink
From the editors of Fortune and Food & Wine

83 Most Powerful Women: International
By Rupali Arora, Erika Fry, and Claire Groden

86 Opening the Middle East to Women
One job at a time.
By Erika Fry

92 Patagonia's B Corp Buddhist
By Ryan Bradley

departments

Macro

6 The Unicorn Economy
Lavishly funded startups are changing the business landscape in surprising ways.
By Erin Griffith

9 Chartist
The gender wage gap.
By Nicolas Rapp

10 The United States of Weed
Mapping the marijuana market.
By Tory Newmyer

10 Alarmism
The emerging-markets crisis that wasn't.
By Scott Cendrowski

12 L.A. Auto Show
Ten truly innovative auto startups.
By Sue Callaway

14 Fortune Global Forum
August's stock market gyrations were a sign of a system that works.
By Geoff Colvin

Passions & Perks

16 Fine Timepieces
Tiffany & Co. resets its watch business.
By Phil Wahba

Venture

18 How I Got Started
Barbara Bradley Baekgaard, co-founder of Vera Bradley.
Interview by Dinah Eng

Tech

20 Person of Interest
Austin Geidt of Uber.
By Andrew Nusca

22 Power Plays
In the solar industry, it's a scramble to the top.
By Katie Fehrenbacher

Invest

23 Playing a Utilities Rebound

As the market cools, some of these safe-haven stocks look attractive again.
By Chris Taylor

25 ETFs Get Complicated
Surprise-you may own a hedge fund in disguise.
By Stephen Gandel

120 BING!

CORRECTIONS
"U.S. Stores Are About to Pay Up for Security" (Sept. 1, 2015) misidentified Mallory Duncan as the head of the National Retail Federation. He is the organization's SVP and general counsel. A caption in "Trading Touchdowns for Terroir" (Sept. 1, 2015) misidentified Brock Huard as his brother Damon. And our Fastest-Growing Companies list (Sept. 1, 2015) erroneously identified two companies as customers of EPAM. Fortune regrets the errors.

ON THE COVER
Clockwise: 1. Mary Barra; 2. Indra Nooyi; 3. Helena Foulkes; 4. Meg Whitman; 5. Kathleen Kennedy; 6. Taylor Swift; 7. Ruth Porat; 8. Rosalind Brewer; 9. Sheryl Sandberg; 10. Ursula Burns; 11. Susan Wojcicki; 12. Marissa Mayer; 13. Heather Bresch; 14. Phebe Novakovic; 15. Angela Ahrendts; 16. Ginni Rometty; 17. Marillyn Hewson; 18. Ellen Kullman

[IMAGES]
Michael Johnson, Herbalife CEO
MICHAEL LEWIS

Austin Geidt is leading Uber's global expansion.

ANTHONY VERDUCCISINELABBILL PUGLIANO?GETTY IMAGES

ANTHONY VERDUCCISINELABMARK PETERSON
ANTHONY VERDUCCISINELABJOE PUGLIESE
ANTHONY VERDUCCISINELABDAVID PAUL MORRIS?GETTY IMAGES
ANTHONY VERDUCCISINELABVINCENT SANDOVAL?FILMMAGIC/GETTY IMAGES
ANTHONY VERDUCCISINELABKEVIN MAZUR?BMA 2015/WIREIMAGE/GETTY IMAGES
ANTHONY VERDUCCISINELABCHIP SOMODEVILLA?GETTY IMAGES
ANTHONY VERDUCCISINELABSARAH BENTHAM?GETTY IMAGES
ANTHONY VERDUCCISINELABBARRY CHIN?BOSTON GLOBE/GETTY IMAGES
ANTHONY VERDUCCISINELABJEMAL COUNTESS?GETTY IMAGES FOR THE WOMEN'S MEDIA CENTER
ANTHONY VERDUCCISINELABSTEPHEN LOVEKIN?FILMMAGIC FOR YOUTUBE/GETTY IMAGES
ANTHONY VERDUCCISINELABMIKE PONT?GETTY IMAGES
ANTHONY VERDUCCISINELABANDREW HETHERINGTON
ANTHONY VERDUCCISINELAB
ANTHONY VERDUCCISINELABJOE PUGLIESE
ANTHONY VERDUCCISINELABBEN BAKER
ANTHONY VERDUCCISINELABWESLEY MANN
ANTHONY VERDUCCISINELABCOURTESY OF FORTUNE CONFERENCES
c Time Inc.

September 1, 2015 / Fortune Asia / Volume 172 / Number 3

Table of Contents

Page: CV2 Words:
Section: Table of Contents
Category: TABLE OF CONTENTS

features

CHANGE THE WORLD

15 Doing Well by Doing Good
To take on the world’s toughest challenges in a sustainable way, companies are turning to something familiar: the profit motive. Here, the true and best meaning of return on investment.
By Alan Murray

19 The List
Fortune’s first-ever Change the World list shines a spotlight on 51 companies that have made addressing global problems a core part of their business strategy.
By Erika Fry and staff

36 The Conscious Capitalist
Whole Foods’ evangelist John Mackey has long warned about the toxic things we put in our bodies. Now he’s on a new mission: cleansing America’s free-enterprise soul.
By Beth Kowitt

44 Can a (Billionaire) Hedge Fund Manager Fix Income Inequality?
Famed investor Paul Tudor Jones believes that we’re headed for trouble if we don’t shrink the wealth gap. His solution? Pressure companies to be more just.
By Brian Dumaine

FASTEST-GROWING COMPANIES

49 Fortune’s 100 Fastest-Growing Companies
The public companies with the most dramatic three-year explosions in revenue, profits, and stock price.
By Scott DeCarlo, Douglas G. Elam, Orlaith Farrell, Vivian Giang, and Kathleen Smyth

58 Breaking Up Is Hard to Do
GE is radically streamlining itself. But are the changes radical enough?
By Geoff Colvin

departments

Macro

4 Closer Look
If Iran’s markets open up, U.S. companies will still face big hurdles.
By Vivienne Walt

8 Business Models
Fortune’s take on Google’s non-search divisions under Alphabet.
By Stacey Higginbotham

9 Retail
U.S. stores are about to pay up for security.
By Robert Hackett

Tech

10 The China Fixer
Need a new gadget designed, manufactured, and sold? Liam Casey is the guy to know.
By Erin Griffith

Invest

13 Shareholder Activism
Swedish hedge fund manager Christer Gardell is leading Europe’s activist invasion.
By Jen Wieczner

64 BING!

ON THE COVER: PHOTOGRAPH BY THE VOORHES TYPOGRAPHY BY SINELAB

[IMAGES]

John Mackey, co-founder and co-CEO of Whole Foods Market
WESLEY MANNGROOMING BY KATE MCCARTHY FOR VERT BEAUTY

Tehran could soon be open to Western business.
TEHRAN: NEWSHA TAVAKOLIAN猶OLARIS

Casey of PCH International

Gardell of Cevian Capital

LOGO: LUKE BOTT

ｩ Time Inc.

August 1, 2015 / Fortune Asia / Volume 172 / Number 2 / Global 500

features

53 Fortune Global 500
It was a topsy-turvy year: The 500 biggest companies in the world ranked by revenue set a new record in sales in 2014, but total profit fell by 15%.
By Brian O’Keefe

F--1 The List

The world’s 500 largest corporations.

F--11 Arrivals and Departures

F--12 Notes

F--13 How the Companies Stack Up

F--15 Ranked Within Countries

F--21 Index

78 The Uncrowned King of Tech
Jay Y. Lee, Samsung’s debonair, globe-trotting heir apparent, is determined to transform the world’s biggest technology company into its most innovative. Can he dethrone Apple?
By Adam Lashinsky

38 Humans Are Underrated
As technology keeps wiping out jobs, here are the key skills you need to thrive in the workplace.
By Geoff Colvin

88 Tencent Grows Its Own Economy
It’s the world’s biggest online-games company. It runs China’s biggest social network. Now Tencent, the web giant with the goofy penguin logo, is turning into one of the world’s biggest venture capitalists. Will that strategy give it an edge in China’s tech wars?
By Scott Cendrowski

96 The Most Wired City in the World
Barcelona is a showcase for the ”smart” metropolis of the future-in which tech giants like Cisco, Microsoft, and IBM see big profits in helping governments save by tracking data on everything from garbage to traffic to selfies. But not everyone is happy about this new urban reality.
By Vivienne Walt

departments

Macro

8 Closer Look
Ailing U.S. fashion icons are overhauling their business models. Can they adapt to a faster, cheaper marketplace?
By Phil Wahba

10 Young Bucks
A financial literacy success story.
By Stephen Gandel

12 Crisis Economics
Europe’s real problem: France can’t sell cars.
By Shawn Tully

Tech

13 The Age of Unicorns
Payments startup Stripe is racking up big partners. But don’t count out rival PayPal just yet.
By Leena Rao

16 Dialed In
Fitbit CEO James Park shared with Fortune his heart rate and sleep data in the run-up to his company’s IPO.
By Jason Cipriani

18 The Fortune 500 Series
Rockwell Automation’s Internet-connected equipment is proving to be transformative.
By Barb Darrow

Invest

21 Global 500 Stock Screen
Three stocks from our list share some attractive traits-including a reasonable price.
By Jen Wieczner

104 BING!

ON THE COVER: PHOTO ILLUSTRATION BY ANTHONY VERDUCCI

[IMAGES]

Jay Y. Lee, vice chairman of Samsung Electronics, No. 13 on the Global 500
THOMAS HANNICHLEE YOUNG HO/SIPA-AP

John Rogers’s school for financial literacy in Chicago is proof that the model can work.

An H&M store in New York City. The Swedish chain has 370 stores in the U.S. and is building dozens more this year.

ｩ Time Inc.

July 1, 2015 / Fortune Asia / Volume 172 / Number 1

features

SPECIAL

INVESTIGATIVE REPORT

24 Inside the Hack of the Century
A cyber-invasion brought Sony Pictures to its knees and terrified corporate America. The story of what really happened-and why Sony should have seen it coming.
By Peter Elkind

48 The Education of Brian Chesky
Coming up with the idea for Airbnb was the easy part. The transition from broke art-school graduate to multibillion-dollar company CEO? That was more complicated. Here’s how the sharer-in-chief hacked leadership.
By Leigh Gallagher

56 Cracking the Sleep Code
Can big data-and input from millions of fitness trackers-unlock the mysteries of our national insomnia?
By Jeffrey M. O’Brien

departments

Macro

4 Can We Drink the Ocean?
To increase its water supply, California is turning to seawater.
By Michal Lev-Ram

6 Energy Math
Closing a factory gap with China, thanks to fracking.
By Brian Dumaine

8 Soft on Crime
Credit card fraud: Why your bank may be shrugging it off.
By Robert Hackett

8 Trouble on the Farm
A poultry virus exposes Big Ag’s vulnerability.
By Erika Fry

10 Summer Jobs
The intern economy bounces back.
By Claire Groden

10 Movie D駛・Vu
Why the reboot is replacing the sequel.
By Michal Lev-Ram

Venture

11 How I Got Started
J.D. Power has driven change in car research.

Interview by Dinah Eng

Invest

13 Spin-Off Stocks
Should you be wary of stocks spawned by corporate breakups? By Jen Wieczner

Tech

15 The Breakdown
A look at Tesla’s hotly anticipated, long-delayed third model.
By Katie Fehrenbacher

16 The Fortune 500 Series
Sears is going digital by embracing its analog repairmen.
By Phil Wahba

18 Battle for the Cloud
Andy Jassy has turned Amazon Web Services into the reigning provider of cloud-computing services. Can AWS keep its crown?
By Leena Rao

22 Chartist
Venture capital’s expanding universe.
By Stacy Jones and Nicolas Rapp

64 BING!

CORRECTION

”An Engine Maker’s High-Tech Makeover” (June 15, 2015) incorrectly stated that Nissan would offer a version of the Cummins ISF 2.8 engine in its Frontier pickup. In fact, Nissan used the engine in a concept version of the Frontier in 2014 but has opted not to offer it in production versions.

ON THE COVER: ILLUSTRATION BY SINELAB

[IMAGES]

Brian Chesky at Airbnb’s headquarters in San Francisco
MICHAEL LEWIS








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