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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.

February 24, 2014 / Fortune Asia / Volume 169 / Number 3

16 THE BILLION-DOLLAR BOURBON BOOM
How did American whiskey get so damn hot? The inside story.
By Clay Risen

24 50 Most Powerful Women: Global Edition
By pushing into new territories and inspiring women in their home countries, these globetrotters are taking on the world.
By Rupali Arora, Catherine Dunn, Beth Kowitt, Colleen Leahey, Patricia Sellers, and Anne VanderMey

30 Car Talk (And More!) With GM’s New Chief
Mary Barra opens up about GM’s future, her unconventional path to power, and, of course, what she’s driving now.
Interview by Patricia Sellers

34 Josh James: The Wildest, Craziest, Most Death-Defying (Mormon) Mogul on the Planet!
He’s already sold a company to Adobe for $1.8 billion, and he’s launching a new software operation. But his grandest creation isn’t his enterprises― it’s his big bad self.
By Jessi Hempel

40 ’But You Don’t Like to Read. Why Do You Want to Go to Harvard?’
The high-stakes, high-drama world of fraudulent international college applications.
By Erika Fry

48 Ralph Nader: The Fortune Interview
In a career spanning more than 50 years, Nader has become both beloved and despised, often by the same folks. But few doubt his iconic status as a ”public citizen” who has shaped the contemporary regulatory state.
Interview by David A. Kaplan

4 MACRO
Closer Look
A company calculates our use of oil, natural gas, water, and electricity and our production of garbage all as a single unit.
By Kirk Kardashian

7 MACRO
World’s Most Admired Companies
The Marriott hotel chain introduces boutiques, buys up Africa, and builds in Asia.
By Caroline Fairchild

8 VENTURE
How I Got Started
Jo Malone’s improbable journey from difficult origins to a global bath and beauty company.
Interview by Dinah Eng

11 TECH
On Trend
A prescient decision to enter the amateur-DJ market has Pioneer riding a (bass-heavy) wave.
By Clay Dillow

13 INVEST
Corporate Governance
Do proxy advisers hurt your returns? Evidence suggests that their input on voting may hinder more than help.
By Jen Wieczner

15 Allan Sloan
The new Fiat Chrysler faces a rougher road than most think.

CORRECTION
In the 100 Best Companies to Work For list (Feb. 3), we incorrectly stated that Edward Jones employs financial planners and tax accountants. The company provides only financial advisory services and does not give tax advice. Fortune regrets the error.

56 BING!
ON THE COVER PHOTOGRAPH BY MITCHELL FEINBERG
[IMAGES]
PHOTO: MITCHELL FEINBERGPROP STYLING: MOLLY FINDLAY―MAREK & ASSOCIATES
PHOTO:
34 Domo’s headquarters in American Fork, Utah―complete with a Smokey and the Bandit wall―reflects CEO Josh James’s rebellious style.
ART STREIBER

© Time Inc.

February 3, 2014 / Fortune Asia / Volume 169 / Number 2 / 100 BEST COMPANIES TO WORK FOR

43 THE 100 BEST COMPANIES TO WORK FOR
Fortune surveyed employees at hundreds of companies to find out what makes them happiest.

26 Chris Christie: Can Corporate America’s Candidate Get Out of This Jam?
The New Jersey governor was riding high as a moderate Republican who could win his party’s nomination in 2016. Then came a mysterious traffic jam and a whole mess of questions.
By Tory Newmyer

30 First Solar Rises Again
With backing from the heirs of Sam Walton and a tough CEO, the company has been reborn as a profit-making powerhouse.
By Adam Lashinsky

38 Norway’s Trillion-Dollar Oil Problem
Thanks to Norway’s petroleum riches, the country’s sovereign wealth fund is minting money. The challenge? How to spend it all. By Vivienne Walt

44 Yes, Goldman Sachs Really Is a Great Place to Work
The company has a reputation for long hours and intense competition, but scary-smart colleagues and sweet perks make the bank the ultimate career destination for the truly type A.
By Anne VanderMey

52 The 2014 List
Google tops Fortune’s 17th annual ranking of the best workplaces in corporate America. The big news: All 100 of the Best Companies are hiring.
By Milton Moskowitz and Robert Levering

4 MACRO
Closer Look
From the billionaire couple who made pomegranates popular comes the next supermarket superfruit: the mandarin. One problem―there’s competition.
By Anne VanderMey

7 MACRO
Urban Planning
Warren Buffett visits Quicken Loans chairman Dan Gilbert, who is investing heavily in downtown Detroit.
By Anne VanderMey

8 MACRO
Road Warrior
Travel tips and tales from Kenneth Feld, CEO of Feld Entertainment, producer of Ringling Bros. and Barnum & Bailey Circus.
By Catherine Dunn

10 VENTURE
How I Got Started
Hobie Alter, founding father of the surfing industry, followed his bliss to design surfboards and sailboats.
Interview by Dinah Eng

13 VENTURE
Verne Harnish
Domestic manufacturing can be profitable if you do it right.

14 TECH
Tech Transfer
The maker of Keurig machines emerges from the lab with top-secret tech to reinvent home beverages.
By Beth Kowitt

17 TECH
Tech Star
Eugene Kaspersky made billions crusading against cyber-evil. Now he’s living the high life.
By Vivienne Walt

18 TECH
The Fortune 500 Series
The best place to find a qualified job candidate? At PepsiCo, the answer is increasingly ”on the go.”
By Jennifer Alsever

20 INVEST
Interview
Morgan Stanley’s Dennis Lynch embraces volatility.
By Scott Medintz

22 INVEST

21st-Century Investing
Big-data companies are soaring. Despite high prices, it’s still possible to cash in.
By Lauren Silva Laughlin

23 INVEST
Wealth Adviser
European stocks are ready to rebound. Here’s how to make sure a rising dollar doesn’t erase your gains.
By Janice Revell

24 Allan Sloan
A word of caution for investors: Don’t be a slave to history.

25 Sheila Bair
When it comes to the new banking rules, more isn’t always better.

3 LETTERS

60 BING!

ON THE COVER PHOTOGRAPH BY SAM KAPLAN

[IMAGES]

PHOTO: SAM KAPLANSTYLING BY SARAH GUIDO

PHOTO:
14 Green Mountain, which makes the Keurig brewing machine, is reengineering its pods and building new appliances to expand beyond coffee.
SAM KAPLAN

© Time Inc.

January 13, 2014 / Fortune Asia / Volume 169 / Number 1 / THE FUTURE ISSUE

26 The New Koch
Koch Industries may be known as an oil company. But the vast private business empire run by billionaire brothers Charles and David Koch is expanding into vital industries like food, water, and personal technology.
By Christopher Leonard

35 The Future Issue

36 Everything Is Connected
Qualcomm, the company that brought you ubiquitous mobility, is now on a quest to connect all things to the Net.
By Michal Lev-Ram

42 Where Google Ventures Is Pinning Its Hopes
The search giant’s venture capital unit, no longer a Silicon Valley punch line, is shaking up the business.
By Miguel Helft

46 A Futurist Knows
In an interview about his career and the future of the movie industry, Robert Downey Jr. tells Fortune about the real-life discussions that have influenced his thinking about technology, business, and entertainment.
By Stephanie N. Mehta

48 Countdown to the Snapchat Revolution
The photo-sharing app is having a moment. Can it figure out a way to make money before the clock runs out?
By Jessi Hempel and Adam Lashinsky

54 The Fortune Crystal Ball
What will get the talking heads talking in 2014―the big deals, the inescapable trends, the newsmakers? Our well-studied predictions for the year ahead.

4 MACRO
Closer Look
Apparel company American Giant makes the most desired sweatshirt on the market. Demand brought an unexpected move: to source and manufacture it all in the U.S.
By Craig Giammona

6 MACRO
International
After relaxing its one-child policy, China braces for a wave of infants. Will it last?
By Scott Cendrowski

7 MACRO
Extraterrestrial
A company that first made outfits for zero gravity redesigns its gear.
By Catherine Dunn

8 MACRO
Hollywood’s Military Complex
The extraordinary savings behind a blockbuster partnership.
By Soo Youn

9 MACRO
Chartist
Dubai leads the Middle East’s rise as a hub for air travel.
Graphic by Nicolas Rapp

11 VENTURE
How I Got Started
Inspired by an unlikely episode, Dal LaMagna built Tweezerman from the bottom up.
Interview by Dinah Eng

14 VENTURE
Family Business
Kathleen Doyle is making a bid to turn her family auction house into a global player.
By Dinah Eng

15 INVEST
Emerging Markets
Why 2014 could be Mexico’s year.
By Jen Wieczner

17 INVEST
Wealth Adviser
Emerging-market bonds offer diversification and, thanks to a plunge in prices, generous yields.
By Janice Revell

18 INVEST
21st-Century Investing
Private equity firms are rolling out IPOs of their overhauled portfolio companies at a record rate. You should think twice before buying.
By Lauren Silva Laughlin

22 LUXURY
Gucci, Chanel, and ... Qeelin?
The fashion conglomerate Kering is betting that Chinese consumers will covet one of their own―a high-end Asian jewelry brand.
By Jennifer Reingold

3 EDITOR’S DESK

60 BING!

19 Allan Sloan
The Volcker Rule: a triumph of complexity over common sense.

20 Dan Primack
Venture capital will thrive even if tech IPOs don’t.

21 Nina Easton
Will allowing more foreign workers shrink the salary gap?
ON THE COVER PHOTOGRAPH BY NIGEL PARRY

[IMAGES]

PHOTO: NIGEL PARRYPRODUCTION DESIGN BY PETER GARGAGLIANO; STYLING BY JULIE WALDOF; GROOMING BY DAVY NEWKIRK AT TRACY MATTINGLY; BLAZER, SHIRT, TIE, AND PANTS FROM H. LORENZO, SUNSET PLAZA, LOS ANGELES

PHOTO:
7 At engineering firm ILC Dover, which is designing a space suit for NASA, 3-D-printed glove molds are custom-made for each astronaut.
CHRISTOPHER LEAMAN

© Time Inc.

December 23, 2013 / Fortune Asia / Volume 168 / Number 10 / SPECIAL ISSUE / Investor’s Guide 2014

33 2014 INVESTOR’S GUIDE

34 TOP PICKS FROM 20 STAR INVESTORS
A time-tested group of elite fund managers offer their best stock ideas for 2014.
BY JON BIRGER AND SCOTT MEDINTZ

Plus: Bill Gross on the outlook for bonds.

46 WHERE SHOULD YOU PUT YOUR MONEY NOW?
It’s getting harder to find undervalued assets, but our panel of market experts has plenty of smart ideas.

INTERVIEW BY GEOFF COLVIN

54 THE ICE MAN COMETH
Jeffrey Sprecher bought a commodities exchange for $1, built it into a powerhouse energy trader called ICE―aided by his wife and colleague, Kelly Loeffler―and took it public at a valuation of $1.4 billion. Now that he has acquired the New York Stock Exchange, can he stop its slide?
BY CAROL J. LOOMIS

62 THE TROUBLE AT BLOOMBERG
The company is still a profit machine, but its growth is slowing, and its reputation has been singed by questions about its journalistic independence. With an internal war raging between old and new factions, can it figure out what it wants to be?
BY PETER ELKIND

10 FIRST
Closer Look
Hammacher Schlemmer, the oldest catalogue in America, gets a remodeling.
BY RYAN BRADLEY

12 FIRST
Game Changers
Retailing is abuzz over Starbucks’ Venti push into supermarkets.
BY BETH KOWITT

14 FIRST
World’s Most Admired Companies
How BMW focused on its design and production to boost sales in China.
BY CRAIG GIAMMONA

15 VENTURE
How I Got Started
John Tu didn’t know much about storage when he started Kingston Technology. But he knew how to sell it.

INTERVIEW BY DINAH ENG

19 TECH
Rivalries
The threat of Apple’s next move looms large over streaming-media pioneer Roku. Not that it’s worried.
BY CHANELLE BESSETTE

22 TECH
Tech@Work
A dream team of Cisco veterans returns from retirement to take on the company’s biggest threat to date.
BY MICHAL LEV-RAM

30 TECH
Logistics
Can the tech industry find a way to make money with same-day delivery? The clock is ticking.
BY JP MANGALINDAN

8 Editor’s Desk

76 Bing!

INSIGHTS

31 Geoff Colvin

In a digital era does youth trump experience?

+

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EVERYTHING WE KNOW, THE MINUTE WE KNOW IT.

ON THE COVER Photographs by DAN FORBES

[IMAGES]

PHOTO: DAN FORBESPROP STYLING: LINDA KEIL

PHOTO ILLUSTRATION:
62 Bloomberg has diversified, but the terminal is still the source of virtually all its profits.
PETER FUNCH

PHOTO:

© Time Inc

December 9, 2013 / Fortune Asia / Volume 168 / Number 9 / THE 2013 BUSINESS PERSON OF THE YEAR

41 THE 2013 BUSINESSPERSON OF THE YEAR

42 THE LIST: 2013’S TOP PEOPLE IN BUSINESS
Fortune’s annual list is filled with executives who defied expectations, executed big turnarounds, and delivered great results for their shareholders.
BY MARILYN ADAMO AND COLLEEN LEAHEY

48 THE SHARED GENIUS OF ELON MUSK AND STEVE JOBS
Yes, these two iconoclasts have disrupted multiple industries. But what Musk and Jobs really have in common is a rare form of design thinking powered by unfettered conviction.
BY CHRIS ANDERSON

59 THE BEST IN BUSINESS 2013
The top products, mergers, profits, movies, babies, buildings, takeovers, fads, sayings, and more.
BY CATHERINE DUNN, ERIKA FRY, AND ANNE VANDERMEY

66 TED TURNER AT 75
The media mogul and philanthropist talks to Fortune about religion, population, CNN, and the highs and lows of his extraordinary career.

INTERVIEW BY PATRICIA SELLERS

6 FIRST
Closer Look
An unusual real estate scramble inside Brazil’s shantytowns.
BY VIVIENNE WALT

8 FIRST
Wall Street
The SEC takes up a strange scandal in which the ”victims” seem to be benefiting.
BY STEPHEN GANDEL

9 FIRST
Sports
How the NFL will harness big data to improve football.
BY COLLEEN LEAHEY

10 FIRST
Mining
In Zambia, Chinese-owned businesses are drawing ire.
BY ALEXIS OKEOWO

12 FIRST
Chartist
A graphic profile of the tobacco trade.
BY NICOLAS RAPP AND RYAN BRADLEY

15 PURSUITS
Fortune’s 2013 Gift Guide
Twenty ways to make the people you love feel special this holiday season.
BY KATE FLAIM

20 VENTURE
How I Got Started
Wolfgang Puck changed how Americans look at restaurants.
INTERVIEW BY DINAH ENG

23 VENTURE
Verne Harnish
Four good ideas worth pursuing in 2014.

25 TECH
Mobility @ Work
With the startup Stripe, two Irish brothers are helping other web entrepreneurs get paid for their wares.
BY MIGUEL HELFT

28 TECH
Rail-Time Feedback
Can a train trip across the Irish countryside turn you into a VC darling?
BY VIVIENNE WALT

29 TECH
Connected
Brooks Running CEO Jim Weber on why his hot sneaker company is a perfect fit for Berkshire Hathaway.
INTERVIEW BY ADAM LASHINSKY

30 INVEST
Interview
Oppenheimer’s Justin Leverenz tells Fortune why he’s sticking with emerging markets.
BY SCOTT MEDINTZ

32 INVEST
Wealth Adviser
It may be time to bet on Brazil.
BY JANICE REVELL

72 Bing!
INSIGHTS

34 Allan Sloan
The biggest turkeys of 2013.

35 Nina Easton
How Twitter is driving change in Saudi Arabia.

36 Dan Primack
Rewarding failure at Harvard’s endowment.

37 Sheila Bair and Jutta Urpilainen
How Europe can avoid costly taxpayer bank bailouts.

+

Fortune.com

EVERYTHING WE KNOW, THE MINUTE WE KNOW IT.

ON THE COVER Photograph by BENJAMIN LOWY

[IMAGES]

PHOTO:
15 Find Dandelion chocolate (pictured) and other items in our 2013 Gift Guide.
TOM SCHIERLITZ

PHOTO:
48 Elon Musk’s Tesla Motors is proving that cars can be green and sexy.
BENJAMIN LOWY

FOUR PHOTOS:

© Time Inc.

November 18, 2013 / U.S. Edition / Volume 168 / Number 8

90 CHINA GETS READY FOR TAKEOFF
Can a state-owned company that’s just five years old take on Boeing and Airbus? Comac, China’s aircraft maker, has exceedingly lofty ambitions.
BY SCOTT CENDROWSKI

106 REINVENTING FOOTBALL
Led by youthful owner Jed York and a team of Silicon Valley veterans, the San Francisco 49ers are bringing big data to the business of football and building a cutting-edge stadium in Santa Clara that will redefine the fan experience.
BY BRIAN O’KEEFE

117 THE BEST ADVICE I EVER GOT
Wisdom isn’t cultivated just over time, but through relationships. Fortune spotlights business partners, government leaders, heads of foundations, mentors, and others with a willingness to learn from one another.

136 THE BIG HANDOFF AT HEARST
Legendary CEO Frank Bennack Jr. remade the publishing company by pushing into new businesses (and grabbing a chunk of ESPN). Can successor Steven Swartz keep it going?
BY BETH KOWITT

146 THE FORTUNE INTERVIEW: LARRY SUMMERS
The controversial economist talks about markets, the two Presidents he has served, his years at Harvard, ”the power of careful thought,” and much more.
INTERVIEW BY DAVID A. KAPLAN

156 AN OUTSIDER IN THE FAMILY CASTLE
For six decades the Estée Lauder clan ruled in cosmetics. Then they realized they needed a different kind of leader to carry on the dynasty.
BY SHAWN TULLY

16 FIRST
Closer Look
High-tech medical devices for pets may help save humans.
BY RYAN BRADLEY

18 FIRST
Chartist
The Budweiser Clydesdales vs. Wells Fargo’s stagecoach horses.
BY DANIEL ROBERTS

18 FIRST
Off the Field
Billy Beane scores with NetSuite.
BY ADAM LASHINSKY

20 FIRST
Great Workplaces
Scottrade’s family-like workplace of ice cream socials and cook-offs.
BY CATHERINE DUNN

22 FIRST
Face to Face
Siblings build a Fair Trade tea empire.
BY CATHERINE DUNN

24 FIRST
World’s Most Admired Companies
St. Jude Medical returned to growth by promising innovative new products.
BY CRAIG GIAMMONA

26 FIRST
The New Metropolis
How Seattle cut municipal waste and saved money.
BY ERIKA FRY

29 VENTURE
How I Got Started
Marie Gray went from refugee to model to founder of dressmaker St. John.

INTERVIEW BY DINAH ENG

34 VENTURE
David vs. Goliath
Three small businesses show how a tiny player can rock a giant.
BY ELAINE POFELDT

37 VENTURE
Verne Harnish
The five most important business books of the past year.

39 TECH
Entrepreneurs
Iliad founder Xavier Niel wants to shake up France’s education system.
BY VIVIENNE WALT

44 TECH
Mobility@Work
Samsung is spending big to win over Silicon Valley.
BY MICHAL LEV-RAM

46 TECH
The Future Is Now
The Internet of things is coming to an appliance near you.
BY JESSI HEMPEL

49 TECH
The Fortune 500 Series
MetLife is using data and software to improve its business and change corporate culture.
BY JENNIFER ALSEVER

51 INVEST
Activism
ValueAct’s Jeffrey Ubben has some ideas for Microsoft.
BY STEPHEN GANDEL

54 INVEST
Face-Off
Alcoa: Buy or sell?

INTERVIEWS BY NIN-HAI TSENG

56 INVEST
Anatomy of a Trade
Why Anthony Lombardi of Delaware Value Fund is betting on Broadcom.
BY SCOTT MEDINTZ

59 INVEST
21st-Century Investing
What’s missing from Twitter’s IPO: profits.
BY LAUREN SILVA LAUGHLIN

64 INVEST
Wealth Adviser
Retailers are duking it out with aggressive discounting. Here’s how investors can survive.
BY JANICE REVELL

66 LEADERSHIP
Advice for Curing an Ailing Medical System
Mayo Clinic CEO John Noseworthy aims to make health care more efficient.

INTERVIEW BY GEOFF COLVIN

72 SMALL BIZ
Grow the Right Way
Three ways entrepreneurs can hone their strategy to land new business.
BY ELAINE POFELDT

8 Editor’s Desk

10 Letters

168 Bing!
INSIGHTS

81 Allan Sloan
Why we need leaders with some sense of shame.

82 Sheila Bair
We’re still on the hook for Fannie Mae and Freddie Mac. Let’s abolish them.

84 Nina Easton
A ”Buffett rule” GOP leaders should heed.

86 John Cassidy
The biggest threat to the U.S. economy? Washington dysfunction.

+

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EVERYTHING WE KNOW, THE MINUTE WE KNOW IT.

ON THE COVER Photograph of clouds by GETTY IMAGES

[IMAGES]

PHOTO ILLUSTRATION: JUSTIN METZ

PHOTO:
117 Fortune asked powerful pairs to reveal their best advice.

FOUR PHOTOS:

© Time Inc.

October 28, 2013 / Fortune Asia / Volume 168 / Number 7

53 FORTUNE’S MOST POWERFUL WOMEN 2013
The definitive rankings of power and potential in the corporate world.

54 SHERYL SANDBERG: THE REAL STORY
A billionaire bestselling author, Facebook’s COO is one of the most powerful women on the planet. But what does she really do?
BY MIGUEL HELFT

63 THE 50 MOST POWERFUL WOMEN
Meet a group of executives who don’t sit still.
BY CATHERINE DUNN, BETH KOWITT, COLLEEN LEAHEY, AND ANNE VANDERMEY

69 QUESTIONS FOR SHONDA RHIMES
The creator and executive producer talks about her growing television empire.
BY COLLEEN LEAHEY

70 THE INTERNATIONAL POWER 50
The women on Fortune’s annual list are changing the face of global power.
BY RUPALI ARORA

72 TWITTER’S AMBASSADOR
As the social-networking service gets ready to go public, Katie Stanton takes stock of her career.
BY PATRICIA SELLERS

75 THE LAST GLASS CEILING?
Women remain woefully underrepresented on U.S. corporate boards. Here’s how to fix a persistent problem.
BY PATRICIA SELLERS

76 WENDY KOPP
The Teach for America entrepreneur is taking her education model abroad.
BY PATRICIA SELLERS

78 THE MYSTERIOUS LIFE AND DEATH OF INTRADE’S CEO
John Delaney tried to build a global betting market out of the ”wisdom of crowds.” Two years after his death, many who knew him well are wondering if they truly did.
BY BRIAN O’KEEFE

86 INTEL’S DO-OR-DIE DUO
Brian Krzanich and Renée James both wanted to be CEO of the chipmaker. Now they’ve teamed up to take on one of tech’s toughest tasks: getting Intel inside the smartphone.
BY MICHAL LEV-RAM

94 THE PROBOSCIS FILES
In which an Omaha plastic surgeon brings to justice those who would make illicit use of his nose-job photographs.
BY DAVID A. KAPLAN

100 SQUEEZING HEINZ
It’s been four months since Heinz sold itself to Warren Buffett and 3G. Now 3G is making radical cuts at the $11.6 billion ketchup titan. Will it work?
BY JENNIFER REINGOLD

108 OVITZ DOES SILICON VALLEY
Once upon a time, Michael Ovitz ruled Hollywood. Then he flamed out. Now he’s edging back onstage―as an adviser to tech companies.
BY DAVID A. KAPLAN

116 PAINFUL PRESCRIPTION
Pharmacy benefit managers became a $250 billion industry by promising to save companies millions. But critics say they make out better than their customers.
BY KATHERINE EBAN

122 UNCLE SAM’S RIVER
Eighty years after its founding, the Tennessee Valley Authority is once again in politicians’ cross hairs.
BY KEN OTTERBOURG

8 FIRST
Closer Look
A technology-focused food company shakes up online video.
BY PAUL ADAMS

10 FIRST
Retail
How Home Depot benefits from Burning Man.
BY CATHERINE DUNN

12 FIRST
Chartist
The media try to keep up in the Internet Age.
BY RYAN BRADLEY, NICOLAS RAPP, ANNE VANDERMEY, AND MARILYN ADAMO

14 FIRST
Game Changers
Tracy Gaudet’s overhaul of the Veterans Health Administration might transform health care.
BY BETH KOWITT

18 FIRST
Fastest-Growing Companies
Polaris, the top seller of ATVs, is taking on Harley.
BY CRAIG GIAMMONA

19 FIRST
Road Warrior
Steven Wong scours the globe to find the freshest seafood.
BY CATHERINE DUNN

20 FIRST
Face to Face
Steve Case and Ted Leonsis aim to build the East Coast’s biggest venture fund.
BY RYAN BRADLEY

21 PURSUITS
Travel
Experiential travel is one of the hottest trends in tourism, allowing you to step out among the fauna.
BY SCOTT GUMMER

25 VENTURE
How We Got Started
Eric Ryan and Adam Lowry’s Method helped create a new category: eco-friendly cleaning products.

INTERVIEW BY DINAH ENG

28 VENTURE
Verne Harnish
Time is running out on 2013. Here are five winning fourth-quarter plays.

29 TECH
Tech@Work
Lookout co-founder John Hering is making corporate mobile networks safer.
BY JP MANGALINDAN

32 TECH
Tech Star
Assembled Objects founder Adam Pritzker thinks he’s found the secret to marketing anything.
BY JESSI HEMPEL

34 TECH
The Fortune 500 Series
Caterpillar is building smarter backhoes, bulldozers, and excavators.
BY STEPHANIE N. MEHTA

36 INVEST
Interview
Legg Mason’s Bill Miller is rediscovering his winning touch.
BY JON BIRGER

38 INVEST
Anatomy of a Trade
Ira Rothberg of Hennessy Focus thinks Dick’s Sporting Goods can outpace its competition.
BY SHANNON GREEN

39 INVEST
21st-Century Investing
Regular folks can now invest in funds long limited to the elite.
BY LAUREN SILVA LAUGHLIN

40 INVEST
Wealth Adviser
How to cash in on stock buybacks.
BY JANICE REVELL

46 REAL ESTATE
Moving East to California
A shuttered air base is redeveloped with immigrants from Asia in mind.
BY ADAM LASHINSKY

7 Editor’s Desk

132 Bing!

INSIGHTS

41 Geoff Colvin
Ignore these leadership lessons at your peril.

42 Allan Sloan
Why J.P. Morgan’s current woes may be the least of its problems.

43 Becky Quick
How I got schooled on college savings plans.

44 Dan Primack
We’re all investors, but we’re no angels.

45 Nina Easton
Keystone XL and the dark side of green.

+

Fortune.com

EVERYTHING WE KNOW, THE MINUTE WE KNOW IT.

ON THE COVER Photograph by MICHELE ASSELIN

[IMAGES]

PHOTO: YASU & JUNKO

PHOTO:
100 Private equity firm 3G is making deep cuts at Heinz.
ADAM LEVEY

FIVE PHOTOS:

© Time Inc.