FORTUNE（フォーチュン） 発売日・バックナンバー

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








ｩ Time Inc.

June 15, 2015 / Fortune Asia /
Volume 171 / Number 8 / SPECIAL DOUBLE ISSUE / FORTUNE 500

THE ANNUAL

Fortune 500

26
THE CHOSEN ONE
CEO Doug McMillon may be the best-prepared executive to lead Walmart since Sam Walton himself. Good thing傭ecause the lumbering giant now faces stiffer competition than ever. Here’s how he’s reinventing the biggest company in history to win in the Digital Age.
By Brian O’Keefe

36
FACEBOOK’S VIDEO INVASION
Almost overnight, Facebook’s video traffic has sky-rocketed, making the company an even tougher contender in the battle for online ad dollars. Here’s why a tech tweak at the social network is making big waves at other Fortune 500 companies.
By Erin Griffith

44
THE REDEMPTION OF MARK HURD
Less than five years after his humiliating fall, Oracle’s joint CEO is on top again. The tale of the comeback of a man ... who denies he ever fell in the first place.
By Adam Lashinsky

52
LOSING LAS VEGAS
Private equity giants Apollo and TPG spent billions on an ill-fated buyout of Caesars Entertainment. Now with the casino company in bankruptcy, they’re in a nasty showdown with their hedge fund creditors. The tale of an epic gamble gone wrong.
By William D. Cohan

64
PROFIT ENGINE ON THE RAILS
The very old-economy Union Pacific is just as efficient (or more) at making money as new-economy icons Apple and Google. Here’s how the railroad giant squeezes the most out of every mile.
By Shawn Tully

73
AMERICA BETS BIG ON BULLET TRAINS
Compared with China, Europe, and Japan, the U.S. lags badly when it comes to high-speed rail. Can new projects proposed in California, Florida, and Texas get the nation back on track?
By Brian Dumaine

82
AN ENGINE MAKER’S HIGH-TECH MAKEOVER
Indiana’s Cummins has thrived as other U.S. industrial giants stumbled, thanks to farsighted bets on clean-air technology and overseas partnerships.
By Clay Risen

88
INDRA NOOYI WAS RIGHT. NOW WHAT?
Years ago the PepsiCo CEO made an audacious strategy shift beyond unhealthy snacks and drinks. She was prescient預s well as disciplined and tough傭ut the challenges are still daunting.
By Jennifer Reingold

96
TEAMS OF THE 500
Many companies talk a big game about collaboration. We’ve found five employee groups within America’s largest corporations that have mastered the art.

107
THE LISTS

F-1 The 500 Largest U.S. Corporations

F-23 Explanations and Notes

F-24 Index

Macro

8
The Chartist
The revenues of Fortune 500 companies have jumped 10-fold since our inaugural roster of 1955.
By Scott DeCarlo, Orlaith Farrell, and Nicolas Rapp

10
They’re Available!
The GOP’s most eligible megadonors.
By Tory Newmyer

11
Recession Nostalgia
Volunteerism is falling as paying jobs become more plentiful. Plus: the sad history of our happiness obsession.

12
Briefing
A look at AOL dial-up and other low-tech products that are enduring; how corporate America got ahead of the curve on gay marriage.

Luxe

13
Black Book
Insider tips for visiting Dubai in a day.
By Adam Erace

Tech

16
Connected
AT&T CEO Randall Stephenson on how the industry can keep up with the explosion in video streaming.
By Jonathan Vanian

Invest

18
Index Funds and Activists
Huge institutions like BlackRock are taking on Nelson Peltz and other activists.
By Ram Charan and Geoff Colvin

136 BING!

CORRECTIONS

”Sipping Pretty” (June 1, 2015) incorrectly stated that the Sauza brand was sold by the father of Guillermo Erickson Sauza. In fact, it was sold by his grandfather. In addition, a photo caption wrongly identified a bottle of Casa Dragones Joven (which retails for $275) as Casa Dragones Blanco.

ON THE COVER: ILLUSTRATION BY SINELAB

[IMAGES]

36 VIDEO STREAMING ON FACEBOOK IS SUDDENLY SURGING
FACEBOOK ILLUSTRATION BY EDDIE GUY

TRAIN: ANDREW HETHERINGTON

A DIESEL ENGINE MADE BY CUMMINS (NO. 154 ON THE FORTUNE 500)
ENGINE: RYAN DONNELL

ｩ Time Inc.

June 1, 2015 / Fortune Asia / Volume 171 / Number 7 / The Food Issue

features

The Food Issue

28 The War on Big Food
More and more shoppers are opting for fresh and organic, and that is costing major packaged-food companies some serious market share. Can the giants win you back? Fortune gets inside America’s trillion-dollar food fight.
By Beth Kowitt

40 Danone Goes With the Gut
Food companies see a huge opportunity in products that could nourish the microbiome容specially the trillions of bacteria in our digestive systems. In the race to the supermarket shelves, the venerable French yogurt maker hopes to milk its early lead.
By Erika Fry

46 Sipping Pretty
Tequila’s popularity in the U.S. has soared as high-end makers emphasize artisanal, pure versions. Now it’s trying to become a global phenomenon. Can a Mexican export win over the Chinese?
By Clay Risen

Patr’s tequila ages in oak barrels in Atotonilco in the Mexican state of Jalisco, the only region in the world where the liquor may be made.

Plus

18 How to Lose Friends and Influence
Comcast has spent the better part of a decade alienating customers, competitors, and regulators. The denouement of this case study in bad customer and corporate relations? The failed merger with Time Warner Cable. Here’s the inside story of a company management so sure of victory that it drove nearly every ally it might have had to the other side.
By Michal Lev-Ram

54 Can Kanye Save Adidas?
The iconic sports apparel and sneaker company has lost serious market share and muddled its image with consumers. Its latest push into hip-hop fashion has some analysts wondering whether it can ever outrun Nike again.
By Daniel Roberts

departments

Macro

4 Closer Look
The heavy-hitting architecture firm that has changed how we watch baseball.
By Chris Matthews

6 Takeaway
Lessons from DuPont’s victory over activist investor Nelson Peltz.
By Stephen Gandel

7 Food Economics
Have farmers’ markets reached saturation? Plus, a Coke exec’s passion project: Hillary Clinton.

8 Global Power Profile
Margrethe Vestager, Europe’s competition cop, has picked a fight with the biggest names in business.
By Vivienne Walt

9 Philanthropy 2.0
Charities are making big money by acting like startups.
By Jen Wieczner

Venture

10 How I Got Started
Andrew Ly helped turn Sugar Bowl Bakery into a dessert powerhouse.

Interview by Dinah Eng

Tech

12 City Survey
Los Angeles is finally coming into its own as a technology hub.
By Matt McCue

14 Networking
Cumulus Networks CEO JR Rivers aims to help large companies rethink their computing infrastructure.
By Jonathan Vanian

15 The Future of Food
The latest place to find IBM’s Watson? The kitchen.
By Robert Hackett

Invest

16 Biotech and Pharma
Can drugmakers live without mergers? Some investors are betting Gilead may find a way.
By Jen Wieczner

60 BING!

CORRECTION

The sidebar in ”Email: Unloved. Unbreakable” (May 1, 2015) misspelled the name of Constant Contact’s senior vice president. It is Christopher Litster.

ON THE COVER: PHOTOGRAPH BY ADAM LEVEY

[IMAGES]

FRﾉDﾉRIC LAGRANGESTYLING BY BIRTE VONKAMPEN

ｩ Time Inc

May 1, 2015 / Fortune Asia / Volume 171 / Number 6

features

36 HOW THE DOLLAR STORE WAR WAS WON
The inside tale of how Carl Icahn and a bevy of billionaires brawled in the greatest activist contest of the millennium-for companies that sell panty hose and paper towels to discount shoppers.
By Shawn Tully

28 Can Biogen Beat the Memory Thief?
Of the leading causes of death, Alzheimer’s disease is the only one for which there is no way to prevent it, cure it, or slow its progression. A Boston-area biotech may be closer than ever to solving the puzzle.
By Erika Fry

46 Smart Guns: They’re Ready. Are We?
The technology is available to limit the number of children who perish in gun accidents. That was the easy part.
By Roger Parloff

56 Billionaires vs. Big Oil
A growing number of the world’s wealthiest people, from both ends of the political spectrum, are banding together to bet on new technologies that could displace fossil fuels. The one thing they have in common? They believe it will make them a lot of money.
By Brian Dumaine

departments

Macro

4 Closer Look
Why Chevrolet’s self-driving muscle car is a big deal.
By Sue Callaway

7 Hedge Funds
Activist investors’own returns are just so-so.
By Anne VanderMey

10 Angst at the Top
The rise of the CEO support group.
By Erin Griffith

HELLO my name is CEO

12 The Fortune 500 Chartist
A hefty dose of biotech gives our list a boost.
By Scott DeCarlo and Jen Wieczner

14 World’s Most Admired Companies
CVS Health is betting big on offering full-service health care.
By Laura Lorenzetti

15 Global Power Profile
Ford’s new CEO wants to make cars the ”ultimate technology product.”
By Andrew Nusca

Venture

16 Thinking Small
”Startups” within large companies are seeking the elixir of creativity.
By Jennifer Alsever

19 On the Move
A primer for your medical options while on the road.
By Jennifer Alsever

Tech

20 The Breakdown
The world’s most famous hacker預nd other highlights from the RSA Conference on cybersecurity.
By Robert Hackett

21 The Future of Work
Why can’t we win the battle against email?
By Leena Rao

23 The Future Is Now
IBM and Samsung are rethinking the Internet of things. You can thank Bitcoin for that.
By Stacey Higginbotham

Invest

24 Bear Market Winners
Dividend stocks promise protection in a stormy market.
By Jen Wieczner

Insight

26 The Big Think
Why hasn’t corporate America done more to imitate Warren Buffett’s management style?
By Roger Lowenstein

64 BING!

CORRECTIONS

Editor’s Desk (March 15, 2015) incorrectly credited the inside cover pictured above. The typography is by Like Minded Studio. ”Becoming Tim Cook” (April 1) misstated that the launch of Apple’s Siri product occurred days after Steve Jobs’ death. It was the day before. Fortune regrets the errors.

ON THE COVER: PHOTOGRAPH BY SAM KAPLAN

[IMAGES]

PETER STRAINHEADSHOTS, THIS PAGE: ICAHN: CNBC/NBCU PHOTO BANK; GARDEN: COURTESY OF TRIAN PARTNERS; SINGER AND PAULSON: GETTY IMAGES; SASSER: COURTESY OF DOLLAR TREE; LEVINE: T. ORTEGA GAINES裕HE CHARLOTTE OBSERVER

ｩ Time Inc.

April 1, 2015 / Fortune Asia / Volume 171 / Number 5

FEATURES

31 The World’s 50 Greatest Leaders
These extraordinary men and women are transforming business, government, philanthropy, and so much more. Here, our second annual list.

32 Becoming Tim Cook
Since replacing his legendary predecessor, the Apple CEO has led the technology behemoth to even greater financial success. Along the way he’s changed the culture of the company and found his public voice as a leader.
By Adam Lashinsky

44 The List: Intrepid Guides for a Messy World
Governments are failing, companies are under siege, and age-old institutions are losing their grip. How do you lead in a time when everyone is a free agent, following his own star? We’ve found 50 living lessons.
By Geoff Colvin and the Fortune staff

60 The Unluckiest President in America
University of Virginia chief Teresa Sullivan has persevered through an aborted coup, the aftermath of two student murders, a scandal over an alleged gang rape, and more. Does that make her a good leader?
By Patricia Sellers

66 Pop Goes the Art Market
Prices have inflated to record levels傭ut that may not be good news for Sotheby’s and Christie’s.
By Stacy Perman

MACRO

10 Closer Look
How much does it really cost to run for President? Hey, just getting through the first five primaries will cost you $50 million.
By Tory Newmyer

14 Inequality
Forays in the 1%. Plus: Why the Apple Watch may be good for Switzerland, and tax-prep blues.

16 Business Class
The rise of the jet card.
By Daniel Roberts

17 Finance
The sad ”new normal” for investment banking.
By Stephen Gandel

18 Global Power Profile
Chevron CEO John Watson’s playbook for an era of cheap oil.
By Brian O’Keefe

19 Economics
Don’t believe those inflation numbers. Here’s why.
By Erika Fry

22 World’s Most Admired Companies
How USAA became a tech all-star.
By Deena Shanker

VENTURE

23 On the Move
Apps to help keep your business going while you’re on the road.
By Jennifer Alsever

TECH

25 Monologue
PayPal co-founder Max Levchin shares why his new company is a bank for the Digital Age.
By Andrew Nusca

26 The Future of Work
A new service gives employees an anonymous digital forum for gossiping預nd venting.
By Erin Griffith

INVEST

28 Tech Stocks
Tesla has been one of Nasdaq’s worst performers. Here’s why you should buy it now.
By Jen Wieczner

8 EDITOR’S DESK

72 BING!

CORRECTION

”The Great Big Question About Really Tiny Materials” (March 15) misspelled the name of the company Sigma-Aldrich. Fortune regrets the error.

ON THE COVER: PHOTOGRAPH OF TIM COOK BY JOE PUGLIESE

[IMAGES]

”I have thick skin, but it got thicker,” says Cook about taking the helm at Apple.
TIM COOK BY JOE PUGLIESE

PAINTING: ANDREW COWIE/AFP宥ETTY IMAGES

28 Tesla’s Model S sedan has wowed Wall Street, but the stock’s recent dip has given investors a bumpy ride.
CAR: COURTESY OF TESLA

WATCH: COURTESY OF PATEK PHILIPPE

ｩ Time Inc.

March 15, 2015 / Fortune Asia / Volume 171 / Number 4 / THE 100 Best COMPANIES TO WORK FOR

THE 100 Best COMPANIES TO WORK FOR

SECTION I
32 Personal Bests
By Geoff Colvin

SECTION II
38 Why Employees Love Marriott
By Leigh Gallagher

SECTION III
Highlights From the List
46 Welcome to the Twitterloin
By Michal-Lev Ram

49 Acuity: Dream Job ... Insurance Salesman?
By Claire Zillman

50 Coolest Offices

52 Cisco: Solving Tech’s Diversity Problem・Starting at the Top
By Caroline Fairchild

54 WeWork: The Future of Work・Office Space 2.0
By Jen Wieczner

55 The 10 Best Companies for Women
By Colleen Leahey

56 W.L. Gore: A Latticework of Workers
By Daniel Roberts

SECTION IV
59 Work/Life Integration Is the New Normal
By Laura Vanderkam

SECTION V
60 The 2015 List
By Milton Moskowitz and Robert Levering

74 It’s Ikea’s World. We Just Live in It
In a stunning global expansion, the Swedish home-furnishings giant has been quietly planting its blue and yellow flag in places you’d never expect. Pay attention, Wal-Mart: You could learn a few things.
By Beth Kowitt

88 The Race to the Internet of Things
He’s got the heart. He’s got the brains. But can entrepreneur Brad Keywell’s new startup really beat General Electric to a $19 trillion finish line?
By Michal Lev-Ram

84 Reversing Evolution
After decades of decline, sales of Miller Lite have rebounded. What does it take to revive a tired icon, a mass-market low-calorie beer in a time of quirky microbrews? (Hint: Look at the can.)
By John Kell

96 The Great Big Question About Really Tiny Materials
Nanoparticles are in everything from snack foods to clothing to sunscreen. There’s just one problem: We know very little about what happens when they pile up in the environment熔r inside us.
By Ryan Bradley

104 The Crazy, True-Life Adventures of Norway’s Most Radical Billionaire
Fred Olsen is both the owner of Timex and its most successful watch designer. He’s also a world-class sailor and an oil industry pioneer. Now he’s leading a revolution in offshore wind.
By Shawn Tully

112 Cleavers at Ten Paces
The duels over the Benihana restaurant empire encompass nearly a decade, multiple continents, and an inheritance feud. The parties could teach their chefs a thing or two about how to wield a knife.
By Erika Fry

8 MACRO
Closer Look
Where are all the women? Despite gains elsewhere, their participation in the global workforce hasn’t risen.
By Nina Easton

11 MACRO
Briefing
The king of golf courses. Plus: the best in the Bitcoin book boom, Jeb Bush’s fundraising record, the limits of on-demand delivery, and more.

15 MACRO
Chartist
Your chances of landing a job at one of the top 100 employers.
By Scott DeCarlo

16 MACRO
Luxe
Mercedes elevates add-ons to an art form in its new S550 coupe.
By Sue Callaway

17 VENTURE
How I Got Started
A chain of canine day-care centers proved to be the salvation of Heidi Ganahl.

Interview by Dinah Eng

19 VENTURE
Crowdfunding
The payoff of using Kickstarter and similar platforms isn’t just financial.
By Jennifer Alsever

20 VENTURE
Pro-Files
George Foreman, ex--heavyweight champ and pitchman, is testament to the power of reinvention.
By Daniel Roberts

24 TECH
Global Power Profile
Panasonic president Kazuhiro Tsuga explains how he set the company on a path to profitability.
By Peter Elkind

27 TECH
The Fortune 500 Series
Aetna’s new authentication protocol nets fraudulent emails.
By Robert Hackett

28 INVEST
Stocks
The science of making money in biotech.
By Jen Wieczner

30 INVEST
Road to Wealth
There are plenty of reasons to like junk bonds right now.
By Janice Revell

6 EDITOR’S DESK

120 BING!

ON THE COVER: PHOTOGRAPH BY SAM KAPLAN

[IMAGES]

Mikael Ydholm, head of research at Ikea, helps the global retailer find where cultures intersect.
ANDREW HETHERINGTON

24 A showcase of Panasonic technology from the company’s ”Wonder Life-BOX 2020” exhibition in Tokyo
COURTESY OF PANASONIC

DOLLAR SHAVE CLUB: MICHAEL LEWIS

ｩ Time Inc.

March 1, 2015 / Fortune Asia / Volume 171 / Number 3

20 Oil’s New Math
After crude’s dramatic fall, even the world’s foremost experts are wondering if the energy equation has changed for good. Here, a primer on the new calculus.
By Brian O’Keefe

24 Why Aren’t Airfares Falling?
The major carriers are saving billions on rock-bottom oil prices. Shouldn’t some of those savings be passed on to passengers?
By John Cassidy

28 Waiting for the Reckoning
Inside the heart of fracking country in the boomtowns of North Dakota, fear is only just beginning to replace optimism.
By Jennifer Reingold

40 Back on Target?
The discounter has seen its cool cachet wane, endured a calamitous hacking, and vaporized $5.4 billion in a failed Canadian expansion. New CEO Brian Cornell is decisive and energetic. Will that be enough to revitalize the retail giant?
By Phil Wahba

47 The World’s Most Admired Companies
Business insiders have spoken: Asked which companies they most admire, more than 4,100 executives, directors, and analysts chose these.
By Christopher Tkaczyk

54 Enter the Dragons
Almost overnight China’s phonemakers came to dominate their own market. Now they’re looking further afield-with claws out.
By Scott Cendrowski

60 How Big Business Lost Its Voice in Washington
Even with 16 million employees and $7.2 trillion in revenue behind them, the 203 CEOs of the Business Roundtable can’t get politicians to take them seriously.
By Tory Newmyer

4 MACRO
Closer Look
How secure is the Middle East for big companies?
By Erika Fry and Vivienne Walt

8 MACRO
Briefing
China censors TV shows online. Plus: Albert Podell travels the world.

10 PURSUITS
Cuba Opens Up
America is ready for Cuba. Are Cuban hotels ready for Americans?
By Anne VanderMey

12 TECH
Rivals
A tale of two IPOs: lessons from Facebook’s and Twitter’s diverging roads.
By Erin Griffith

14 TECH
The Fortune 500 Series
With machine-learning smarts, Citibank’s email promotions leave no noun or verb unturned.
By Robert Hackett

16 INVEST
Mark Mobius Q&A
For the veteran emerging-markets investor, fear means opportunity.
By Stephen Gandel

68 BING!
ON THE COVER: ILLUSTRATION BY LEONELLO CALVETTI

[IMAGES]

The shale oil boom has transformed North Dakota’s landscape. This hub near Williston collects oil by pipeline and exports it by train.
GEORGE STEINMETZ

10 New rules have made it easier for Americans to travel to Cuba, but luxury hotels like the Meli・Cohiba in Havana are rare on the island.
COURTESY OF MELIﾁ HOTELS INTERNATIONAL

ｩ Time Inc.

February 1, 2015 / Fortune Asia / Volume 171 / Number 2

26 The Algorithmic CEO
Get ready for the most sweeping business change since the Industrial Revolution. To thrive, companies-and the execs who run them-must transform into math machines.
By Ram Charan

28 The Age of Unicorns
The billion-dollar tech startup was supposed to be the stuff of myth. Now they seem to be ... everywhere.
By Erin Griffith and Dan Primack

34 The Trials of a 16-Year-Old Can’t-Miss Startup
Jawbone, led by charismatic CEO Hosain Rahman, has long captivated some of Silicon Valley’s savviest investors. But now it’s losing market share in its key businesses and facing a daunting new competitor in Apple. Can the VC darling ever live up to its promise?
By Adam Lashinsky

42 Where Is Big Tech Headed?
We’re in the early stages of a data-science revolution, says Salesforce.com CEO Marc Benioff. Executives in every type of business need to embrace the disruption and finally get serious about cybersecurity.
By Adam Lashinsky

46 Everybody Hates Pearson
Okay, not everybody. The venerable publishing company is trying to reinvent itself for the Digital Age-in the most fraught, political, emotion-racked field there is: your children’s education. That’s stirring up a lot of anger.
By Jennifer Reingold

54 The New World of Business
China’s slowing. Russia’s flailing. Is any emerging market worth putting your money in? We’ve found seven of them.
By Ian Bremmer

Plus: Bill Browder on why you shouldn’t invest in Russia, Jen Wieczner on the best bets for investors, and Norman Pearlstine’s review of Browder’s Red Notice.

8 MACRO
Closer Look
Inside the quest for the universal flu shot.
By Erika Fry

11 MACRO
Briefing
Tough times for a favorite corporate tax haven.
By Vivienne Walt

14 MACRO
The Global 500 Chartist
The shift in headquarters of the Global 500 companies over a decade shows how much the earth’s corporate terrain has changed.
By Scott DeCarlo

16 MACRO
The New Workforce
Intel is putting big money into grade-school education-and betting that it pays off.
By Michal Lev-Ram

17 MACRO
Great Workplaces
Employees at luxury hotelier Four Seasons chase career advancement around the world.
By Robert Hackett

18 MACRO
World’s Greatest Leaders
Alcoa CEO Klaus Kleinfeld is finding new lives for an old product.
By Geoff Colvin

19 MACRO
World’s Most Admired Companies
Tech giants aiming to fill their teams with more women should look at the American Express playbook.
By Caroline Fairchild

20 MACRO
Verne Harnish
Five ways to shake up your offices.

21 INVEST
Interview
Howard Marks of Oaktree Capital on oil, fear, and the rational investor.
By Lauren Silva Laughlin

24 INVEST
Road to Wealth
Some municipal bonds may benefit because of cheaper oil and gas.
By Janice Revell

7 EDITOR’S DESK

64 BING!

CORRECTION

”Renault-Nissan Will Need to Replace Its CEO One Day” (Jan. 1, 2015) said Carlos Ghosn is the only executive to head two Fortune Global 500 companies at once. While he is the only person to be the chairman and CEO of two Global 500 companies, Song Zhiping was simultaneously chairman of two Global 500 companies in 2013 and 2014: China National Building Materials and Sinopharm. (He was not the CEO of Sinopharm.)

ON THE COVER: ILLUSTRATION BY JEREMY ENECIO

[IMAGES]

Prototypes of Jawbone’s UP3 fitness-tracker bands
IAN ALLEN

11 Luxembourg’s business-friendly tax laws have saved companies billions of dollars, but European politicians are demanding reform.
STUART FORSTER由EX USA

ｩ Time Inc.

January 1, 2015 / Fortune Asia / Volume 171 / Number 1

SHAPE THE FUTURE

13 Shape the Future

Why forecast tomorrow when it’s already underway today? Our look at how the future really arrives: with failure, hard work, and a little luck.

20 Empire of Tech
CEO Bob Iger has spent much of his near decade at Disney wearing an additional corporate hat: CTO. The result? He has brought the coolest innovations from Lucasfilm, Pixar, Marvel, and ESPN into a single galaxy.
By Michal Lev-Ram

30 The Billionaires’ Banker
Byron Trott has long been a trusted adviser to clients with names like Buffett, Walton, and Pritzker. Now the ultra-discreet financier is raising his profile by investing alongside them.
By Adam Lashinsky

38 Is Jonathan Bush in a Bubble?
The Athenahealth CEO believes his company can become the Amazon of health care. But hedge fund manager David Einhorn and others are betting that his soaring stock is ready to burst.
By Jen Wieczner

46 Renault-Nissan: Can Anyone Succeed Carlos Ghosn?
He’s the only person ever to head two Fortune Global 500 companies at once. His duties have become so complex that nobody else may be able to assume them.
By Brian Dumaine

54 Startup: You
How to approach your own career like an entrepreneur.
By Erika Fry

3 MACRO
Closer Look
Our business guide to Washington: What you need to know to win in the new political powerscape.
By Tory Newmyer

6 MACRO
Irrational Exuberance
Has the hipster movement finally peaked? Here’s the tale in numbers.
By Lauren Silva Laughlin

7 MACRO
Most Powerful Women
Highlights from Fortune’s Most Powerful Women Next Gen Summit.
By Shalene Gupta

8 INVEST
Wall Street Mischief
Money manager F-Squared used a hot ETF strategy to collect billions. But the numbers didn’t add up.
By Stephen Gandel

12 INVEST
Road to Wealth
How to bet on an oil rally.
By Janice Revell

2 EDITOR’S DESK

60 BING!

CORRECTIONS

”Where Is Opportunity Lurking?” (Dec. 22, 2014) stated incorrectly that Vontobel Asset Management oversees $19 billion in assets. The correct figure is $49 billion. In the same issue, ”The Investor CEOs Fear Most” misspelled the name of Barington Capital Group. Fortune regrets the errors.

ON THE COVER: PHOTOGRAPH OF BOB IGER BY WESLEY MANN CONCEPTUAL TECHNICAL DRAWING OF MILLENNIUM FALCON BY INDUSTRIAL LIGHT & MAGIC

[IMAGES]

ALEX TROCHUT

30 Byron Trott (far right), founder of BDT & Co., which services ”billionaires with businesses,” with senior advisers in Chicago.
ROBYN TWOMEY

ｩ Time Inc.

December 22, 2014 / Fortune Asia / Volume 170 / Number 9 / INVESTOR’S GUIDE 2015

2015 INVESTOR’S GUIDE

33 Don’t Buy This, Buy That
There are many reasons for caution in 2015, so we’re recommending not only stocks to buy・5 of them傭ut also investments to avoid.
By Jen Wieczner and Lauren Silva Laughlin

42 Where Is Opportunity Lurking?
Stocks and bonds have surged to new highs. But our panel of market experts still sees lots of bargains out there.
Interview by Stephen Gandel

50 The Man Behind the $7.7 Trillion Bond Revolution
Rick McVey, CEO of electronic trader MarketAxess Holdings, is disrupting the old-fashioned way that Wall Street buys and sells corporate bonds預nd cashing in on the change.
By Shawn Tully

56 The Investor CEOs Fear Most
Activist hedge fund manager Jeff Smith of Starboard Capital seized control of Darden Restaurants with less than 10% of the stock and a lot of chutzpah. Now he’s gunning for Yahoo and AOL.
By William D. Cohan

66 A Self-Made Heiress
Charlene de Carvalho was a stay-at-home mom with five kids and no business education when, at age 47, she inherited control of Heineken. She decided to take on the challenge. Here, for the first time, she opens up about her remarkable journey.
By Patricia Sellers

74 Second Bite: Can Apple Clear Its Name in the Ebooks Drama?
In a risky appeal the company claims its price-fixing rap ”turns the antitrust laws upside down.”
By Roger Parloff

9 MACRO
Closer Look
The Fortune crystal ball: 27 well-studied predictions of the events, people, and ideas that will matter in 2015.

14 MACRO
Global Power Profile
Wang Wenyin turned Amer International into a mining superpower.
By Scott Cendrowski

16 VENTURE
World’s Greatest Leaders
Unilever chief Paul Polman’s ”audacious” goal: re-energizing a giant 150-year-old company.
By Geoff Colvin

18 LUXE
Automobiles
A first drive of Audi’s new Prologue concept car.
By Sue Callaway

19 TECH
Agriculture
Who should own farm data?
By Andrew Nusca

80 Bing!
ON THE COVER: PHOTOGRAPH BY TOM SCHIERLITZ

[IMAGES]

TOM SCHIERLITZ

66 Since Charlene de Carvalho took over the brewer in 2002, Heineken’s operations have expanded from 39 countries to 71 today.
PHILIPPE HUGUEN輸FP/GETTY IMAGES

ｩ Time Inc.

December 1, 2014 / Fortune Asia / Volume 170 / Number 8 / BUSINESSPERSON OF THE YEAR

44 Fallen Arches
The world’s largest restaurant company is losing market share, losing sales, and suffering one heck of a corporate identity crisis. Can McDonald’s embattled CEO get the company’s mojo back?
By Beth Kowitt

58 Inside Elon Musk’s $1.4 Billion Score
The crazy, real-life story of how the CEO of electric-car maker Tesla dazzled, seduced, squeezed, bluffed, manipulated, and prodded his way to epic state incentives to build a massive battery plant in the Nevada desert.
By Peter Elkind

85 THE 2014 BUSINESSPERSON OF THE YEAR

86 The Most Ambitious CEO in the Universe
As Google’s core business continues to thrive, Larry Page is making huge bets on new technology擁ngestible nanoparticles, balloons that beam down broadband葉hat could define the future.
By Miguel Helft

94 2014’s Top People in Business
It has been a year of tumult庸rom volatile markets to viral outbreaks to a striking return to Cold War politics. But throughout all this disruption, our top candidates for Fortune’s annual CEO award kept a steady hand on the tiller預nd took their companies full speed ahead.

8 MACRO
Closer Look
The incredible price of New York’s elite condos.
By Anne VanderMey

10 MACRO
Globalization
In a troubled world, evacuation planners are thriving.
By Erika Fry

12 MACRO
World’s Most Admired Companies
Medical supply giant Henry Schein is poised for the digital revolution.
By Laura Lorenzetti

14 MACRO
Global Power Profile
CEO Mark Parker is driving innovation at Nike.
By Daniel Roberts

17 VENTURE
How I Got Started
Sam Jain’s CheapOair is taking off.
Interview by Dinah Eng

23 LUXE
Automobiles
Hybrid tech achieves new frontiers in performance.
By Jason H. Harper

34 LUXE
Accessories
High-end autos have influenced a crop of ultra-luxury goods.
By Sue Callaway

37 INVEST
Venture Capital
AngelList is upending the VC system.
By Dan Primack

39 TECH
Inflection Point
Amazon goes to war again (and again).
By Adam Lashinsky

42 TECH
The Fortune 500 Series
Alcoa’s additive manufacturing lets it turn ideas into reality faster.
By Ben Geier

100 BING!
CORRECTIONS
”The CEO Whisperer” (Nov. 17) incorrectly included Warren Buffett in a list of prominent investors who ”sat down” with Tony Robbins for interviews for Robbins’ book Money: Master the Game. Buffett declined Robbins’ request for an interview. ”He Just Keeps On Hanging On (to Stocks)” (Nov. 17) incorrectly stated that Financial Engines represents 9.9% of the assets of Ron Baron’s funds. In fact, Baron’s funds own 9.9% of Financial Engines. Fortune regrets the errors.
ON THE COVER ILLUSTRATION BY GRZEGORZ DOMARADZKI

[IMAGES]
ADAM VOORHESROBIN FINLAY

58 Tesla CEO Elon Musk won a stunning array of tax breaks and free land in Nevada for a battery factory outside Reno.
WINNI WINTERMEYER
ｩ Time Inc

November 17, 2014 / Fortune Asia / Volume 170 / Number 7 / THE ADVICE ISSUE

26 When Your Legacy Gets Hacked
Frank Blake concluded his stellar run as CEO of Home Depot with a smooth succession plan. But will his reputation be singed by the company’s gigantic data breach?
By Jennifer Reingold

34 Business in the Time of Ebola
How does a company operate in the midst of a full-blown epidemic? ArcelorMittal’s iron-ore operation in Liberia is trying to protect not only itself but also the community around it.
By Erika Fry

42 Start Up. Drop Out. Welcome to the Garage
Step one: A dozen supersmart Stanford students start their own idea factory. Step two: A pair of Palo Alto VCs give them a home. Step three: Someone’s about to quit school.
By Miguel Helft

47 The Best Advice in Business
We’ve gathered wisdom from those who have rocketed up the corporate ladder and helped others climb with them. Here, some valuable lessons on how to lead well, achieve more, and have fun doing it.

48 The CEO Whisperer
When no one was looking, Tony Robbins went from TV pitchman to C-suite coach. Now captains of industry and finance pay him seven-figure fees for his wisdom. Here’s what you can learn for free.
By Brian O’Keefe

60 In This Corner, Dwayne Johnson
What ”The Rock” learned on his amazing journey from poverty to pro wrestling to Hollywood.
By Daniel Roberts

8 MACRO
Closer Look
Here’s what really happens when the price of oil tanks.
By Anne VanderMey

10 MACRO
Briefing
The outlook for holiday sales.
By Anne VanderMey

10 MACRO
Briefing
A new Supreme Court ruling has patent trolls running scared.
By Robert Hackett

11 MACRO
World’s Most Admired Companies
Starbucks continues to brew innovation.
By Laura Lorenzetti

14 VENTURE
Road Warrior
Travel tips from Jessica Herrin, CEO of Stella & Dot.
By Alexandra Kirkman

16 VENTURE
World’s Greatest Leaders
CEO Bill McDermott is reimagining SAP’s products.
By Geoff Colvin

17 TECH
Transportation
State regulators are racing to keep up with self-driving cars.
By Verne Kopytoff

18 TECH
Tech Star
Verizon’s Siki Giunta is leading the charge to offer better cloud-computing services.
By Katherine Noyes

19 INVEST
Interview
Advice from Ron Baron, founder of Baron Capital, on dealing with market volatility.
By Jen Wieczner

21 INVEST
Wealth Adviser
The best ways to ride a rising dollar.
By Janice Revell

22 INVEST
Global Power Profile
Ralph Hamers, CEO of ING Group.
By Daniel Roberts

7 EDITOR’S DESK

68 BING!

INSIGHTS

23 Allan Sloan
How to use that $900 billion of offshore cash to create American jobs.

ON THE COVER PHOTOGRAPH BY MARTIN SCHOELLER

[IMAGES]

48 Tony Robbins, left, shares a laugh with Salesforce.com CEO Marc Benioff, who calls Robbins a mentor.
BRIAN L. FRANK宥ETTY IMAGES

34 More than 4,000 workers at ArcelorMittal’s iron-ore facility in Liberia are virtually surrounded by the Ebola epidemic in West Africa.

ｩ Time Inc.

October 27, 2014 / Fortune Asia / Volume 170 / Number 6

ON THE COVER
29 The New Cold War on Business
For two decades, globalization has been the world economy’s central story line-or so it was until Russia and China sharply changed the narrative. For big companies in the West, the question now is: Can there be a happy ending?
By Ian Bremmer
32 The Putin Paradox
The more the West tries to punish Russia’s President, the more popular he gets at home.
By Vivienne Walt
36 Beijing Pulls Back the Welcome Mat
How China’s strong-arm tactics are making life hard for multinationals.
By Scott Cendrowski
41 Introduction
FORTUNE’S 40 UNDER 40
Our annual list of young business stars is all about power and influence. The new crop has achieved that by thoroughly embracing entrepreneurial risk taking-and to think: They’re all under 40 years old.
42 Mr. Sunshine
Lyndon Rive thinks solar power can overtake fossil fuels, one rooftop at a time. Some say SolarCity’s CEO is dreaming-but that’s what they said about his cousin Elon Musk.
By Brian Dumaine
49 How S’well Swelled
Sarah Kauss wasn’t cut out for tax auditing. So the Harvard Business School grad decided to make a water bottle that would be cool enough to convert users of plastic. She has a hit on her hands.
By Daniel Roberts
51 The List
There are two things that this year’s young all-stars have in common: They don’t like limits, and they don’t like being told no.
58
Get Ready for Drone Nation
In demand by Fortune 500 companies and heavily funded by Silicon Valley, unmanned aircraft are invading the world of business.
By Clay Dillow
10 MACRO
Closer Look
Detroit becomes an unlikely hub for high-end bike manufacturing.
By Jen Wieczner
12 MACRO
Briefing
Washington’s top political donors. Plus: Enrollment at for-profit schools drops again.
By Anne VanderMey
13 MACRO
Inside Report
It takes a village to sell a CEO to both Wall Street and Main Street.
By Erika Fry
14 MACRO
Fortune 500 Chartist
Leaner lobbying in Washington. By Tory Newmyer and Scott DeCarlo
15 MACRO
Global Power Profile
Johnson & Johnson’s CEO enlists IBM’s Watson to find new drugs.
By Mehboob Jeelani
17 MACRO
New Energy
In Ohio, politicians are squabbling over energy policy as manufacturers clamor for more renewables.
By Richard Martin
21 TECH
Wearable Technology
Why blue-collar businesses are excited about wearable gadgets.
By Erin Griffith
24 TECH
The Fortune 500 Series
Bloomingdale’s tests ”smart” fitting rooms.
By Phil Wahba
26 INVEST
The New Oracles?
Warren Buffett’s prot馮駸 are beating the market.
By Stephen Gandel
8 EDITOR’S DESK
68 BING!
CORRECTIONS
”Is Africa’s Rise for Real This Time?” (Oct. 6, 2014) misstated that BP is an investor in M-Kopa Solar. ”Keeping It in the Family” (Oct. 6) incorrectly said Pernod Ricard acquired Seagram in 2008 and Maker’s Mark in 2005. It acquired Seagram in 2001 and never owned Maker’s Mark; when Pernod Ricard acquired Allied Domecq in 2005, Maker’s was sold to Beam. ”It’s Not Lost in Translation” (Oct. 6) misstated the gender of the voice used by Delta’s speech recognition system. It is male.
ON THE COVER ILLUSTRATION BY ALEX WILLIAMSON
[IMAGES]
STEPHEN LEWIS

51 Highbridge founder Michael Patterson, at home in Greenwich, Conn., ranks No. 38 on Fortune’s 40 Under 40.
GREG MILLER
ｩ Time Inc.

October 6, 2014 / Fortune Asia / Volume 170 / Number 5 / 50 MOST POWERFUL WOMEN

98 FORTUNE’S MOST POWERFUL WOMEN 2014
Women executives are undertaking some of the most significant-and most challenging-business transitions in history.
100 IBM’s Ginni Rometty
By Michal Lev-Ram

108 GM’s Mary Barra
By Geoff Colvin

116 Reynolds’s Susan Cameron
By Patricia Sellers

121 The Confidence Gap
By Abby Johnson and Kathy Murphy

122 Fed Chair Janet Yellen
By John Cassidy

126 Apple’s Denise Young Smith
By Michal Lev-Ram

129 The List
By Caroline Fairchild, Beth Kowitt, Colleen Leahey, and Anne VanderMey

135 Most Powerful Women: International
By Rupali Arora and Erika Fry

136 MPW Europe, Middle East, and Africa

137 Santander’s Ana Bot匤
By Erika Fry

138 MPW Asia-Pacific

139 Alibaba’s Lucy Peng and Maggie Wu
By Scott Cendrowski

141 Most Powerful Women Entrepreneurs
By Claire Zillman

148 Barbara Banke of Jackson Family Wines
By Jon Birger

154 Is Africa’s Rise for Real This Time?
Its economies are surging, and foreign investment is exploding. The challenges-including Ebola-are immense. But the continent may finally be ready to deliver on its promise.
By Vivienne Walt

162 Buffett’s Promise
Turmoil roiled Benjamin Moore, a paint company owned by Berkshire Hathaway, after it decided to break a pledge Warren Buffett made to Moore’s dealers. How did it happen-and how did the Oracle of Omaha respond? A case study in the pluses (and occasional minuses) of being owned by Berkshire.
By Colleen Leahey

168 Does Levi Strauss Still Fit America?
It used to be the only name in denim. Today the 161-year-old family-owned company is just one name among hundreds. Can anyone bring the blue jeans pioneer back to its old glory? Enter Chip Bergh-a former P&G brand whiz who once made razorblades cool.
By Caroline Fairchild

8 MACRO
Closer Look
What shipping can tell us about the global economy.
By Anne VanderMey

11 MACRO
Briefing
American gusher, robot wars, and our hot list of business reads.

14 MACRO
Chartist
How top women execs in the Fortune 500 fare in pay.
By Scott DeCarlo

16 MACRO
Pro-Files
Former Seton Hall point guard Pookey Wigington stands tall in the comedy biz.
By Michael Rosenberg

19 MACRO
New Energy
A Michigan startup claims its technology will disrupt the electric car industry.
By Brian Dumaine

22 MACRO
Global Power Profile
Alexandre Ricard is gearing up to run Pernod Ricard.
By Daniel Roberts

23 PURSUITS
Travel
The latest trend in luxury resorts? Quiet.
By Leigh Gallagher

26 PURSUITS
Road Warrior
Belmond CEO John Scott shares his travel tips.
By Alexandra Kirkman

27 VENTURE
Great Workplaces
Clif Bar ensures quality of life for employees.
By JP Mangalindan

29 VENTURE
Best Companies to Work For
The year’s top small-business workplaces.
By Christopher Tkaczyk

32 VENTURE
How I Got Started
Sharon Anderson Wright of Half Price Books.
Interview by Dinah Eng

35 TECH
Transportation
Uber’s growth strategy involves financing drivers with someone else’s money.
By Adam Lashinsky

38 TECH
The Fortune 500 Series
Delta is using speech recognition for customer service requests.
By Benjamin Snyder

41 INVEST
Analysis
It’s the worst possible time to buy stocks.
By Shawn Tully

44 INVEST
Face-Off
Can HBO make up for Time Warner’s other struggling businesses?
Interviews by Lauren Silva Laughlin

45 INVEST
Wealth Adviser
How to play the corn glut.
By Janice Revell

6 EDITOR’S DESK

176 BING!

INSIGHTS

46 Allan Sloan
Another reason that Main Street shouldn’t trust Wall Street.

47 Sheila Bair
Time to give the housing market a shot of adrenaline.

48 Becky Quick
Marketing to today’s middle class requires some fancy juggling.

ON THE COVER PHOTOGRAPH BY BEN BAKER

[IMAGES]


Three formidable CEOs must make their elephants dance.
ROBERTO PARADA



27 The employee-friendly Clif Bar appears at No. 12 on this year’s list of the 25 Best Medium-Size Companies to Work For.



ｩ Time Inc.

September 22, 2014 / Fortune Asia / Volume 170 / Number 4

38 Peter Thiel’s Contrarian Strategy
The tech financier and intellectual provocateur has some ideas that may turn you off. But there’s no arguing with his commercial achievements. That’s why Silicon Valley hangs on his words.
By Roger Parloff

46 Where Have All the Shoppers Gone?
Retailers both big and small continue to disappoint Wall Street. Here’s what’s wrong, and how to fix it.
By Jennifer Reingold and Phil Wahba

52 Trouble in Paradise
Almost as fast as entrepreneur Omar Amanat and Russian billionaire Vladislav Doronin teamed up to buy ultraluxe Aman Resorts, the partnership exploded in acrimony and litigation. As the two battle for control, it’s up to the courts to decide: Who conned whom?
By Stacy Perman

62 Where the Talent Is
The coming labor shortage is being fought head -on by a new generation of talent innovators in Silicon Valley.
By Michal Lev-Ram

66 How to Land Your Dream Job
Nine great tips from talent experts on how to fine-tune your career and land the perfect job溶ow.
By Erika Fry

8 MACRO
Closer Look
A little-known industry could change the way we treat diseases like Ebola.
By Erika Fry

11 MACRO
Briefing
A former Trader Joe’s exec has a plan to feed the hungry-not landfills.
By Beth Kowitt

11 MACRO
Briefing
Older companies are edging out younger startups.
By Robert Hackett

12 MACRO
Pro-Files
Legendary golfer Jack Nicklaus’s remarkable second career.
By Alan Shipnuck

14 MACRO
Global Power Profile
Hands-on CEO Charles Scharf is extending Visa’s reach.
By Daniel Roberts

15 VENTURE
How I Got Started
Howard Ruby, founder of Oakwood Worldwide, invented a new lodging category.
Interview by Dinah Eng

20 PURSUITS
Best in Business Travel 2014
Readers’ insights into the best-and worst-parts of life on the road.
By Amy Farley, Peter J. Frank, Brooke Porter Katz, and Christopher Tkaczyk

24 TECH
Government
The federal bureaucracy made a mess of HealthCare.gov. Silicon Valley is leading the cleanup.
By Tory Newmyer

29 INVEST
Oil and Gas
Turmoil in Russia and Iraq could push oil stocks higher.
By Jen Wieczner

34 INVEST
Anatomy of a Trade
AllianceBernstein’s Jim Tierney makes a case for sensor-maker Sensata.
By Lauren Silva Laughlin

6 EDITOR’S DESK

68 BING!

INSIGHTS

35 Geoff Colvin
Employers are looking for new hires with something extra: empathy.

36 Dan Primack
Here’s a radical idea: Let startups choose whether to pay for mentorship.

37 Nina Easton
Big cities benefit from free trade - so why are Democrats stalling it?
ON THE COVER PHOTOGRAPH BY ART STREIBER

[IMAGES]

Tech’s grandmaster Peter Thiel
ON THE COVER PHOTOGRAPH BY ART STREIBERSTYLING BY MICHAEL CIOFFOLETTI-CELESTINE AGENCY; GROOMING BY TRACY MOYER-CELESTINE AGENCY; PROPS BY NICK TORTORICI

52 Aman Resorts offers travelers a tranquil escape, but the battle over its ownership is mired in bitterness and allegations of fraud.
LISA ROMEREIN涌TTO

ｩ Time Inc.