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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

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

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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
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STEPHEN LEWIS

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

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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

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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.

September 1, 2014 / Fortune Asia / Volume 170 / Number 3

22 This Pope Means Business
The wildly popular Francis is more than a pontiff of the people. He’s an elite manager who’s reforming the Vatican’s troubled finances.
By Shawn Tully

32 Google Does DARPA
The famously innovative search company has taken a page from the Pentagon’s radical ideas factory. Here’s what’s brewing in Silicon Valley’s coolest skunkworks.
By Miguel Helft

40 The Drama of Mexico’s (Black) Gold
Seventy-six years after nationalizing its oil business, Mexico invites foreign companies back to drill. What will it mean for mighty Pemex預nd for the nation’s self-image?
By Jeffrey Ball

47 Fortune’s 100 Fastest-Growing Companies
The public companies with the most stellar three-year profit, revenue, and stock growth. Our 2014 list begins on page 54.
By Scott DeCarlo, Douglas G. Elam, Vivian Giang, Kathleen Smyth, and Niamh Sweeney

48 Winnebago Rolls Again
The iconic maker of motor homes is on the rebound. Will baby boomers restore it to its full glory?
By Erika Fry

6 MACRO
Closer Look
Europe’s separatist storm.
By Vivienne Walt

9 MACRO
New Energy
New York’s $1 billion bet on clean energy.
By Brian Dumaine

11 MACRO
Global Power Profile
Turnaround pro Dave Lewis is Tesco’s new CEO. Will he rethink the sales game?
By Mehboob Jeelani

12 VENTURE
How We Got Started
iRobot brought us machines to clean houses, defuse bombs, and diagnose patients.
Interview by Dinah Eng

15 TECH
Cognitive Computing
Digital Reasoning is using military-grade tech to help banks sense trouble before it happens.
By Clay Dillow

18 INVEST
Markets
Should you buy stock in private companies?
By Jen Wieczner

4 EDITOR’S DESK

60 BING!

INSIGHTS 21

Nina Easton

Electoral madness? The GOP is driving Hispanic voters out of the party.

ON THE COVER PHOTOGRAPH BY STEFANO SPAZIANI

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12 iRobot, creator of the Roomba vacuum, also makes robots like the SUGV, which can perform reconnaissance.
BOB FERGUSON唯OEING/COURTESY OF IROBOT

15 Digital Reasoning offers companies correspondence-tracking software first developed for the military.
EDDIE GUY

ｩ Time Inc.

August 11, 2014 / Fortune Asia / Volume 170 / Number 2

18 Citizenship for Sale
Whether you’re a skilled technology worker or a poor laborer, it’s getting harder to become a U.S. citizen. But for those with $500,000 to buy their way in, it’s a different matter. That’s just the beginning of the problem.
By Peter Elkind with Marty Jones

30 LinkedIn’s Networker in Chief
CEO Jeff Weiner has mastered the art of advancement. Here’s what you can learn from him about managing your career.
By Adam Lashinsky

36 Can Big Data Cure Cancer?
A tale of two twentysomething entrepreneurs, a mountain of money from Google, and one of the oldest, most vexing problems of all time.
By Miguel Helft

44 Ford’s Epic Gamble: The Inside Story
How the company took a chance on building its crown jewel-the F-series truck-out of aluminum.
By Alex Taylor III

52 How MasterCard Became a Tech Company
Four years after taking the helm, CEO Ajay Banga has turned the payments processor into an innovator. The stock’s response? Priceless.
By Daniel Roberts

56 Is T.J. Maxx the Best Retail Store in the Land?
The off-price chain has built a fantastically loyal following. So have sister stores Marshalls, HomeGoods, and others. How have they done it? We got inside the playbook of parent company TJX. The secrets are out of the bag.
By Beth Kowitt

4 MACRO
Closer Look
Health-conscious Americans have turned away from ice cream in favor of frozen yogurt. Don’t count on the trend to last.
By Anne VanderMey

7 MACRO
Briefing
Why extremist group ISIS is the world’s most frightening ”startup.”
By Vivienne Walt

7 MACRO
Briefing
Workers are generating more value per hour but aren’t recouping that productivity in wages.
By Robert Hackett

8 MACRO
World’s Greatest Leaders
Kaiser Permanente CEO Bernard J. Tyson.
Interview by Geoff Colvin

11 VENTURE
How I Got Started
Tumi bags began with a Peace Corps volunteer in Peru.
Interview by Dinah Eng

14 INVEST
Strategy
Should you follow an activist into a stock?
By Lauren Silva Laughlin

64 BING!
INSIGHTS

16 Allan Sloan
How to stop companies from deserting America before it’s too late.

17 Nina Easton
As foreign aid dries up, companies take the lead in global development.

CORRECTION

”The $4.3 Trillion Force” (July 21) identified the hedge fund run by BlackRock co-founder Keith Anderson as Anderson Micro. In fact, the hedge fund’s name is Anderson Macro.

ON THE COVER PHOTO ILLUSTRATION BY FORTUNE

STATUE OF LIBERTY FIGURINE PHOTOGRAPH BY GREGOR SCHUSTER-GETTY IMAGES

HANG TAG PHOTOGRAPH BY PETEK ARICI-GETTY IMAGES

[IMAGES]

JEONG SUH, BRYAN CHRISTIE DESIGN



18 Critics of the EB-5 visa program say it makes it easy for developers like Anshoo Sethi, in cream suit above, to take advantage of investors.
AMY BOYLE PHOTOGRAPHY


ｩ Time Inc.

July 21, 2014 / Fortune Asia / Volume 170 / Number 1 / THE GLOBAL 500

30 Positively Un-American
Bigtime companies are moving their ”headquarters” overseas to dodge billions in taxes ... That means the rest of us pay their share.
By Allan Sloan

38 Instagram Is Ready to Take Its Shot
The photo-sharing social media service has a fast-growing, hyper-engaged user base that advertisers love. Now it just needs to figure out how to make money for corporate parent Facebook.
By Jessi Hempel

46 The Secretive Billionaire Who Built Silicon Valley
How John Arrillaga Sr. transformed California fruit orchards into high-priced office space for the likes of Google, Apple, and Cisco.
By JP Mangalindan

53 Fortune Global 500
After limping through a worldwide financial crisis and economic slowdown, the 500 largest companies ranked by revenues shattered all sorts of performance records in 2013.

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

77 China’s Baddest Billionaire Builder
Yan Jiehe has no problem trash--talking Mao, playing hardball with Communist Party--led competitors, or knocking down a few mountains擁f that’s what it takes to build a new city. In China there’s simply no one like him in business.
By Scott Cendrowski

84 The $4.3 Trillion Force
Larry Fink has spent 26 years building BlackRock into the manager of the most assets on the planet. Now he’s finding that size (and power) can be a mixed blessing.
By Carol J. Loomis

10 MACRO
Closer Look
The great coal migration: China’s solution to pollution?
By Richard Martin

13 INVEST
Q&A
For Todd Ahlsten of Parnassus Investments, success starts with understanding risk.
By Jen Wieczner

28 INVEST
Wealth Adviser
The European Central Bank wants to drive down the value of its currency. Here’s how to profit.
By Janice Revell

96 WHILE BING WAS OUT
A Return to Hieroglyphics
A new catalogue of emoji threatens to change business correspondence forever. Possibly.
By Erin Griffith

INSIGHTS

29 Nina Easton
Stealing back the story line on China cyber theft.

CORRECTIONS
”Is Tony Fadell the Next Steve Jobs or ... the Next Larry Page?” (June 30) incorrectly stated that the Nest Protect smoke detector speaks in a computerized voice. It talks in a recorded human’s voice. The article also said the Consumer Product Safety Commission determined that a defect in the smoke detector required a recall. In fact, Nest initiated the recall, repaired the defect, and notified the CPSC.

In ”This Is Your Brain on ... Surgical Sound Waves” (June 30) we misspelled the name of the founder of the Focused Ultrasound Foundation. It is Neal Kassell.

In ”How to Build a Great American City” (June 30), we incorrectly stated that MD Anderson Cancer Center has a facility at Lake Nona Medical City. Anderson operated such a facility in partnership with Orlando Health beginning in 2009. But earlier this year, Anderson terminated its lease and left Lake Nona.

ON THE COVER ILLUSTRATION BY BRIAN LEVY

[IMAGES]

Tech sprawl: John Arrillaga Sr. helped build Silicon Valley from the ground up. Here, Palo Alto in 1948.
SILICON VALLEY HISTORICAL ASSOCIATION

77 Pacific Construction, which is razing mountaintops in Lanzhou, China, to make room for a new town, is No. 166 on Fortune’s Global 500.
CHINAFOTOPRESS/ZUMA PRESS

ｩ Time Inc.

June 30, 2014 / Fortune Asia / Volume 169 / Number 9

26 New Blood
Elizabeth Holmes founded her revolutionary blood diagnostics company, Theranos, when she was 19. It’s now worth more than $9 billion, and poised to change health care.
By Roger Parloff

THE NEW METROPOLIS

37 The New Metropolis
We’re in the midst of one of the biggest demographic trends to hit our landscape in decades: a global migration of wealth to cities. Fortune explores this shift in depth.
By Leigh Gallagher

39 The End of Driving (as We Know It)
Thanks to smartphone-based services like Uber and Zipcar, Google’s self-driving ”pod car,” and renewed interest in city living, getting around town will never be the same.
By Michal Lev-Ram

48 How to Build a Great American City
Is Lake Nona’s medical and residential development the future of cities熔r a unique creation that can’t be replicated?
By Jennifer Reingold

55 The Community Builders
Zappos’s Tony Hsieh and Meetup’s Scott Heiferman on what it takes to bring people together.

Interview by Leigh Gallagher

56 Africa’s Big Apple
With tech hubs, a newly wealthy class, and an exploding population, Lagos is forging a model for Africa’s urban future.
By Vivienne Walt

60 Is Tony Fadell the Next Steve Jobs or ... the Next Larry Page?
At Apple he masterminded the iPod and was once seen as a potential CEO. Now the founder of Nest謡hich he recently sold to Google for $3.2 billion擁s leading the search giant’s effort to disrupt your home.
By Adam Lashinsky

8 MACRO
Closer Look
The World Cup is in Brazil, but this summer, soccer’s best marketing may be in the U.S.
By George Quraishi

12 MACRO
Pro-Files
Three-time Masters champion Gary Player’s golf empire.
By Daniel Roberts

14 VENTURE
How I Got Started
New Belgium Brewing co-founder Kim Jordan.
Interview by Dinah Eng

17 TECH
Health Care
An incision-free alternative to surgery.
By Ryan Bradley

19 INVEST
Retirement Special
Five top money managers share their strategy預nd their single favorite stock.
By Jen Wieczner

23 INVEST
An Oasis for Yield Seekers?
Income-builder funds are having their moment.
By Lauren Silva Laughlin

7 EDITOR’S DESK

68 BING!

INSIGHTS

24 John Cassidy

Can new leadership reignite the ”Indian miracle”?

25 Allan Sloan

Jersey gave us bridge backups and Snooki. Now it’s tobacco bonds.

CORRECTIONS

”Portraits of the 500” (June 16) stated incorrectly that Instagram is based in San Francisco. The company is now based in Menlo Park, Calif. In ”The Big Money Surprise About MH370” (May 19), we incorrectly represented Robert Alpert Sr.’s analysis of the Montreal Convention. The convention calls for unlimited provable damages unless the airline can prove it was not negligent or that a third party was solely responsible for the accident. The victims’ families do not have the burden to prove negligence. ”Fuel Cells Power Way, Way Up” (May 19) understated the revenues of United Technologies. The company had more than $62 billion in sales in 2013.

ON THE COVER PHOTOGRAPH BY JOE PUGLIESE

[IMAGES]

SEAN MCCABE

12 Golf legend Gary Player, here at the 1964 British Open, now designs golf courses as the face of Black Knight.
BOB THOMAS宥ETTY IMAGES


ｩ Time Inc.

May 19, 2014 / Fortune Asia / Volume 169 / Number 7

38 A Busch Brews Again
Anheuser-Busch is now part of a Belgian beverage behemoth, so a family scion got back into the business. There’s a new Billy Beer in St. Louis.
By Beth Kowitt

42 Marissa’s Moment of Truth
As her second anniversary as CEO of Yahoo approaches―and one of its big assets (Alibaba) prepares to go public―all eyes are on Mayer.
By Jessi Hempel

50 The World’s Top 25 Eco-Innovators
Want an antidote to the grim news about climate change? Here are the business leaders, academics, regulators, and entrepreneurs doing the most to make our world smarter and more sustainable.
By Brian Dumaine

56 What Is Water Worth?
Farmland is parched. Companies are worried. The global demand for water will soon outstrip supply. What’s the solution? Simple, say some business leaders and economists: Make people pay for the most precious commodity on earth.
By Brian Dumaine

64 The Fortune Interview: Melinda Gates and Susan Desmond-Hellmann
The new CEO of the Bill & Melinda Gates Foundation explains how she got the job to run the world’s largest private foundation. Desmond-Hellmann and Gates talk about their partnership and their plans for deploying $40 billion.

Interview by Patricia Sellers

6 MACRO
Closer Look
The search for Malaysia Airlines Flight 370 highlights the complicated world of aviation insurance.
By Peter Greenberg

11 MACRO
Briefing
The Baltics feel the heat as Russia stirs the pot in Ukraine.
By Vivienne Walt

12 MACRO
Pro-Files
Cal Ripken Jr. is a model for how to build a career after professional sports.
By Daniel Roberts

14 MACRO
Leaders in Innovation
Lei Jun has built Xiaomi into one of China’s hottest handset makers.
By Zhang Maiwen and Zhang Dan

17 MACRO
New Energy
The stocks of fuel-cell companies are surging. Has their time come?
By Brian Dumaine

20 PURSUITS
Adventure Travel
For diehards, no destination is too remote to view a solar eclipse.
By Ryan Bradley

26 VENTURE
How We Got Started
With a little moxie, brothers Bert and John Jacobs built a $100 million T-shirt company.
Interview by Dinah Eng

29 TECH
Valley Talk
Can Rand Paul find support in the liberal stronghold of Silicon Valley?
By Tory Newmyer

33 INVEST
Interview
Market turbulence spells opportunity for Oakmark’s Bill Nygren.
By Jen Wieczner

35 INVEST
Anatomy of a Trade
Fund manager Kevin Holt sees profitable days ahead for Citigroup.
By Lauren Silva Laughlin

5 EDITOR’S DESK

68 BING!

INSIGHTS

36 Allan Sloan
One man’s upstream battle to achieve bipartisan tax reform.

37 Dan Primack
Startup funding will go on, even after the music stops.

CORRECTIONS

”The New Teamwork” (April 28) said Toyota has been working on fuel cells since 2001. It began on them in 1992. ”The Fortune Interview With Rupert Murdoch” (April 28) referred to the 21st Century Fox film studio. The parent company is 21st Century Fox, while the studio is 20th Century Fox.

ON THE COVER PHOTOGRAPH BY DAVID PAUL MORRIS―GETTY IMAGES

[IMAGES]

KENJI AOKI


29 GOP star Rand Paul is finding a receptive audience among libertarian-leaning techies in the traditionally liberal bastion of Silicon Valley.
JONATHAN ERNST―REUTERS

© Time Inc

April 28, 2014 / Fortune Asia / Volume 169 / Number 6

28 Whole Foods Takes Over America
The hugely successful natural-food retailer is expanding into new and unexpected markets―Boise! Tulsa! Detroit!―and changing the way the country eats, one kale smoothie at a time.
By Beth Kowitt

36 The New Teamwork
Collaboration has never been more crucial in business. Meet six teams that know how to get things done.
By Jennifer Alsever, Jessi Hempel, Daniel Roberts, and Alex Taylor III

42 The Dawn of the Chrome Age
Google’s once-underdog browser is now No. 1. And Chrome is making inroads in laptops and TV. The success has made Sundar Pichai, who runs Chrome and Android, a top power in the company.
By Miguel Helft

48 Business Created China’s Pollution Problem. Now It Needs to Fix It
As Beijing finally confronts crippling air quality, it must turn to an unexpected ally to repair the damage.
By Scott Cendrowski

52 The Fortune Interview: Rupert Murdoch
In his first wide-ranging press interview in five years, the media mogul opens up about remaking his empire, succession and his children, his divorce, politics, and his new vineyard.

Interview by Patricia Sellers

6 MACRO
Closer Look
The People’s Republic is placing a giant bet on nuclear energy. Will the U.S. follow suit?
By Catherine Dunn

10 MACRO
Leaders in Innovation
How Major League Baseball aims to maintain its lead in the crowded sports-analytics field.
By Daniel Roberts

11 MACRO
Thought Leaders
Shareholder activists up their game.
By John Studzinski

12 MACRO
World’s Most Admired Companies
As online sales change the shipping business, FedEx stays a step ahead.
By Caroline Fairchild

13 MACRO
Road Warrior
Slava Rubin, CEO of crowdfunding platform Indiegogo, on T-shirt marketing, close calls, and in-flight productivity.
By Daniel Roberts

14 TECH
Reversals
Web-hosting firm GoDaddy is realizing that it must change its tune to attract small businesses.
By Adam Lashinsky

16 TECH
Mobility@Work
BlackBerry (OMG!) and others (O RLY?) see potential in business-messaging apps.
By Michal Lev-Ram

17 TECH
Connected
Can a roboticist program real human minds? Udacity CEO Sebastian Thrun is working on just that.
By Adam Lashinsky

18 INVEST
Market Strategy
After lagging small-caps for years, stocks of large companies are poised to outperform again.
By Jen Wieczner

24 CRISIS MANAGEMENT
New GM: Same As It Ever Was?
As the growing scandal around its ignition-switch recall illustrates, GM still hasn’t fixed its problematic culture in the years since bankruptcy.
By Doron Levin

INSIGHTS

20 Sheila Bair
Watch out for those hidden fees in prepaid debit cards.

21 Geoff Colvin
Welcome to the era of Lego innovation (some assembly required).

22 Allan Sloan
How Warren Buffett and Don Graham are saving $675 million in taxes.

23 Becky Quick
Retailing 2.0: The humble strip mall is bouncing back.

5 EDITOR’S DESK

60 BING!

ON THE COVER PHOTOGRAPH BY LAN YANG JI―IMAGINECHINA

[IMAGES]

PHOTO:
New York Post owner Rupert Murdoch reading the rival Daily News in 1982
MURDOCH: TED THAI―TIME & LIFE PICTURES/GETTY IMAGES
PHOTO:
6 A turbine at China’s Sanmen nuclear plant, now under construction. The country expects to nearly quadruple its nuclear energy capacity by 2020.
STEFEN CHOW
© Time Inc

April 7, 2014 / Fortune Asia / Volume 169 / Number 5 / THE WORLD’S 50 GREATEST LEADERS

35 The World’s 50 Greatest Leaders
In an era that feels starved for leadership, we’ve found men and women who will inspire you―some famous, others little known, all of them energizing their followers and making the world better.
By Geoff Colvin
Plus: Former President Bill Clinton distills his leadership wisdom for Fortune.

45 Leading in a ”VUCA” World
Volatility. Uncertainty. Complexity. Ambiguity. Each poses a unique challenge for any decision-maker. Here’s how to lead in hazy, changing times.
By Gen. George W. Casey Jr.

48 How to Fail in Business While Really, Really Trying
Big dreams, arrogance, infighting, and delusion all collided in the disastrous attempt to fix venerable retail giant J.C. Penney. The inside story of a revolution derailed.
By Jennifer Reingold

60 Why Mitch McConnell Really Matters
Kentucky’s senior senator is fighting to bring back the grand old Grand Old Party.
By Tory Newmyer

6 MACRO
Closer Look
A schism is brewing in the $11 billion gluten-free industry―and it’s coming to a head over beer.
By Catherine Dunn

9 MACRO
Thought Leaders
Former mayor and ambassador Andrew Young on being pro-business and pro-city.
By Caroline Fairchild

10 MACRO
Letter From Kiev
Amid Ukraine’s collapse, a rush to ”unshred” evidence of corruption.
By Vivienne Walt

12 MACRO
Great Workplaces
Hyatt’s new-hire program extends hospitality to colleagues.
By Catherine Dunn

13 MACRO
World’s Most Admired Companies
Nordstrom has won plaudits―and profits―by putting customers first.
By Caroline Fairchild

15 VENTURE
How I Got Started
Jay Stein transformed his family’s store into the Stein Mart off-price chain.
Interview by Beth Kowitt

18 VENTURE
Trailblazers
TOMS founder Blake Mycoskie has made a transition from handsome hippie with an idea to boldfaced business name.
By Daniel Roberts

19 TECH
Synergy
Silicon Valley’s clubbiness makes the tech hub work. But at what cost to startups?
By Erin Griffith

22 TECH
Tech@Work
Two new phones promise to amp up privacy for their owners.
By Michal Lev-Ram

23 TECH
Connected
Jayshree Ullal, CEO of Arista Networks, is going head-to-head with her old employer, Cisco.
By Adam Lashinsky

24 INVEST
Stocks
Five reasons the market must fall―and one reason the bull might not be done yet.
By Jen Wieczner

26 INVEST
Fixed-Income Strategies
Big money is once again flowing into asset-backed securities.
By Jen Wieczner

27 INVEST
Wealth Adviser
Regional banks are benefiting as consumers and small businesses begin to borrow again.
By Janice Revell

68 BING!

30 Allan Sloan
Sometimes the federal government can actually get it right.

31 Dan Primack
The ”Icahn effect” hits Silicon Valley.

32 John Cassidy
You can buy stocks, but Keynes’s Old Maid is out there.

33 Nina Easton
Were the good old days really so good? The truth about inequality.

CORRECTION
”Delta Takes Off” (March 17) incorrectly stated that the crash of Continental Airlines Flight 1713 in 1987 occurred in Detroit. The site of the crash was Stapleton International Airport in Denver.

ON THE COVER PHOTOGRAPH BY WESLEY MANN

[IMAGES]

PHOTO ILLUSTRATION:
James Cash Penney
JAMES VICTOREIRA GAY SEALY―THE DENVER POST VIA GETTY IMAGES
PHOTO:
IS THE PARTY OVER? FIVE SIGNS THE BULL MARKET WON’T LAST. Page 24
BROCK DAVIS
© Time Inc.

March 17, 2014 / Fortune Asia / Volume 169 / Number 4

30 SILICON VALLEY’S STEALTH POWER
Ben Horowitz is schooling tech’s young guns.
By Miguel Helft

38 Delta Takes Off
Led by CEO Richard Anderson, the airline is growing internationally, courting business travelers, and booking record profits.
By Shawn Tully

45 The World’s Most Admired Companies
Atop our annual ranking: innovators, disrupters, and companies that overcome adversity.

52 Taking On the Trolls
In the crossfire between so-called patent trolls and big companies, RPX looks to provide a market solution to the nation’s most pressing legal challenge.
By Roger Parloff

60 Big Coal’s Last Stand
As public opinion hardens on the ethics of burning the fuel, Peabody fights for West Coast terminals to expand exports to Asia.
By Richard Martin

8 MACRO
Closer Look
Steven Murphy, the first American to run Christie’s, has a three-part plan to keep the auction house on top.
By Ryan Bradley

12 MACRO
Briefing
A pricey social network helps the one percent meet the one percent.
By Caroline Fairchild

13 MACRO
Game Changers
How a Danish firm helped Lego find its fun.
By Ryan Bradley

16 PURSUITS
Road Warrior
Don’t book your next trip without reading these top tips from the world’s best travel sleuth.
By Peter Greenberg

19 TECH
Revivals
Sony jettisons PCs, shuns TVs, and redefines the meaning of ”tech company.”
By Andrew Nusca

22 TECH
The Fortune 500 Series
In pursuit of a younger clientele, Dockers gets smarter about social media.
By Sheila Marikar

24 TECH
Connected
John Thompson, Microsoft’s new board chairman, discusses his latest passion projects.
By Adam Lashinsky

26 INVEST
Advice From the Oracle
Why I like to think of stocks like farms. Lessons from a pair of real estate purchases.
By Warren Buffett

6 EDITOR’S DESK

7 LETTERS

68 BING!

ON THE COVER PHOTOGRAPH BY NIGEL PARRY

[IMAGES]

PHOTO:
The underbelly of a Delta Airbus A320
JEFFREY MILSTEIN

PHOTO:
60 At Peabody Energy’s North Antelope Rochelle Mine in Wyoming, giant trucks haul coal on the first leg of a journey that is increasingly ending in Asia.
WESTECH/CASPER STAR-TRIBUNE/AP

© Time Inc.