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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

ｩ Time Inc.

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








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

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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

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”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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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