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October 7, 2013 / Fortune Asia / Volume 168 / Number 6 / 40 UNDER 40

34 IBM’S MASSIVE BET ON WATSON
You know it as the supercomputer that beat the brainiacs on Jeopardy. Now CEO Virginia Rometty says it represents the future of IBM―and computing.
BY JESSI HEMPEL

41 FORTUNE’S 40 UNDER 40
Meet the most important young iconoclasts, risk-takers, and rule-breakers in business.

42 HE’LL DO IT ... HIS WAY
How Yelp’s CEO is succeeding―despite ignoring the advice of some very high-profile mentors.
BY DANIEL ROBERTS

48 HEY, TAXI COMPANY, YOU TALKING TO ME?
The founder of Uber is Silicon Valley’s rebel-hero, fighting the evils imposed by the taxi lobby as he grows his ride-service app into something much bigger. He just might have the audacity to pull it off.
BY JESSI HEMPEL

55 THE LIST
The 40 Under 40 are rocking areas as diverse as air travel, natural gas, genetic coding, and government.

72 THE LITTLE LOUISIANA PENSION FUND LITIGATION MONSTER
The wild tale of a police retirement fund that loves to sue corporate America.
BY ERIKA FRY

8 FIRST
Closer Look
Inside the U.S. repository of livestock sperm.
BY ANNE VANDERMEY

10 FIRST
Retail
J. Crew’s CEO joins Warby Parker’s board.
BY BETH KOWITT

10 FIRST
Q&A
Chris Malone, author of The Human Brand.

12 First
Face to Face
Warren Buffett’s grandson and grandnephew rethink how to teach giving.
BY BETH KOWITT

13 VENTURE
Great Workplaces
Etsy keeps its Brooklyn employees happy with hipster sustainability.
BY JESSI HEMPEL

15 VENTURE
Best Companies to Work For
Fortune’s 50 Best Small and Medium-Size Companies to Work For.
BY CHRISTOPHER TKACZYK

18 VENTURE
Fastest-Growing Companies
Top silver miner Pan American Silver.
BY CRAIG GIAMMONA

19 VENTURE
Road Warrior
Scouting new locations with Kent Taylor, CEO of Texas Roadhouse.
BY RYAN BRADLEY

20 TECH
Tech Star
Jack Dorsey talks to Fortune about Twitter, Square, and his beloved hometown, St. Louis.
BY MICHAL LEV-RAM

23 TECH
Startups
Anki aims to make robots mainstream.
BY JP MANGALINDAN

25 TECH
The Fortune 500 Series
Hotel company Starwood hopes to use software to unlock new business.
BY CATHERINE DUNN

26 INVEST
Interview
Is the epic boom in commodities over? Not according to investor Jim Rogers.
BY BRIAN O’KEEFE

28 INVEST
Comebacks
Shares of U.S. carmakers are racing ahead. Can they keep up the pace?
BY KATIE BENNER

29 LEADERSHIP
Housing Is Back―and So Is Home Depot
CEO Frank Blake explains his strategy for rebuilding the home-improvement retailer.
INTERVIEW BY GEOFF COLVIN

80 Bing!
INSIGHTS

32 Sheila Bair
Interest rates are rising. Can the economy handle the shock?

33 Allan Sloan
Investors might regret taking a bite of Verizon’s big bond deal.
ON THE COVER Photograph of Jack Dorsey by ART STREIBER

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PHOTO: ON THIS PAGE Photograph by HUGH KRETSCHMER

PHOTO: DORSEY: AUGUST IMAGES

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41 Meet the remarkable young stars of business in Fortune’s 40 Under 40.
LUKE SHUMAN

© Time Inc.

September 16, 2013 / Fortune Asia / Volume 168 / Number 5

34 THE MAN BEHIND THE LARGEST REAL ESTATE PROJECT IN U.S. HISTORY
With the $20 billion Hudson Yards development, billionaire developer Stephen Ross is set to reinvent a huge swath of New York City.
BY SHAWN TULLY

58 AFTER THE FALL
Five years after the collapse of Lehman Brothers, life seems mostly back to normal―one reason some fear an economic catastrophe could happen again.
BY KATIE BENNER, SCOTT CENDROWSKI, AND MARTY JONES

FORTUNE’S 100 FASTEST-GROWING COMPANIES

43 THE 2013 LIST
Anyone doubting we live in a new golden age of oil and gas need look no further than this year’s rising companies.
BY L. MICHAEL CACACE, DOUGLAS G. ELAM, CRAIG GIAMMONA, SHANNON GREEN, AND KATHLEEN SMYTH
Plus:

65 ARE WE READY FOR THE NEXT MELTDOWN?
BY ALLAN SLOAN

68 JACK LEW: THE KNOWN UNKNOWN AT THE TREASURY
BY TORY NEWMYER

52 LULULEMON: IN AN UNCOMFORTABLE POSITION
High-profile missteps (see-through yoga pants!) at the quirky apparel maker, coupled with dysfunction in the corner office, threaten to derail an amazing run.
BY BETH KOWITT AND COLLEEN LEAHEY

8 FIRST
Closer Look
In Vegas, Caesars is building the world’s largest Ferris wheel.
BY RYAN BRADLEY

12 FIRST
Marketing
Teaching storytelling to corporate America.
BY KIT DILLON

14 FIRST
Game Changers
American Peter Tufano wants to turn Oxford’s business school into a world-class institution.
BY ANNE VANDERMEY

16 PURSUITS
Road Trips
Re-creating the epic journey of the 1920s racecar drivers known as the Bentley Boys.
BY SUE CALLAWAY

22 VENTURE
How We Got Started
Margrit and Marcel Schurman of card company Papyrus.

INTERVIEW BY DINAH ENG

25 TECH
The Future Is Now
New devices that let you unlock the front door with a smartphone.
BY JP MANGALINDAN

26 TECH
Tech Star
Marketing whiz Satjiv Chahil launches his own consulting firm.
BY KEVIN KELLEHER

28 TECH
Connected
How Check Point CEO Gil Shwed keeps online bad guys at bay.
BY ADAM LASHINSKY

29 INVEST
Interview
Invesco’s Tom Bastian explains why buying low-priced stocks is the best way for investors to protect themselves.
INTERVIEW BY AMY FELDMAN

32 INVEST
New Energy
Israel has its first major energy source―and an American company to thank for it.
BY SARAH A. TOPOL

6 Editor’s Desk

72 Bing!

CORRECTIONS: ”(Brew)master of the Universe” (Sept. 2) said Budweiser was unseated as America’s top beer in 2008; it was 2001. When Carlos Brito was made zone president of North America, he moved to Toronto, not New York. Pete Kraemer’s father was a chief brewmaster for 22 years, not 27. The Piedras Negras brewery in Mexico produces 60% of Modelo’s U.S. volume, not total volume. Fortune regrets the errors.

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ON THE COVER Illustration by PATRICK VALE

[IMAGES]

PHOTO:
Twenty-four of this year’s 100 Fastest-Growing Companies operate within the oil and gas industry.
SPENCER HIGGINS

FOUR PHOTOS:

© Time Inc.

September 2, 2013 / Fortune Asia / Volume 168 / Number 4

34 THE GRAY ART OF NOT QUITE INSIDER TRADING
Scores of arrests and the indictment of SAC Capital have Wall Street spooked. But what’s the crime exactly? The SEC and the Supreme Court disagree. So nobody’s sure―and that’s how regulators like it.
BY ROGER PARLOFF

43 FORTUNE’S FANTASY EXECUTIVE LEAGUE
THE STARTING LINEUP
Our 2013 squad brings digital skills, financial smarts, and global perspective.
BY GEOFF COLVIN, CRAIG GIAMMONA, DAVID A. KAPLAN, MICHAL LEV-RAM, STEPHANIE N. MEHTA, DANIEL ROBERTS, AND ANNE VANDERMEY

(BREW) MASTER OF THE UNIVERSE

46 CEO Carlos Brito plans to keep Anheuser-Busch InBev, the world’s largest beermaker, on top.
BY DANIEL ROBERTS

52 THE REDEMPTION OF CHARLES PHILLIPS
How the CEO of Infor is reinventing his company―and himself.
BY MICHAL LEV-RAM

58 QATAR TAKES OVER THE WORLD
Fueled by vast energy riches and run by an ambitious group of young leaders, the tiny Arab nation is investing its wealth around the globe.
BY VIVIENNE WALT

8 FIRST
Closer Look
Wall Street gets into the flood-prevention business.
BY RYAN BRADLEY

10 FIRST
Briefing
Could a supercomputer beat cancer?
BY BRIAN DUMAINE

10 FIRST
Word Check
The meaning of ”wasa.”

11 FIRST
Education
How Aramark is silently taking over student dining.
BY LAUREN SILVA LAUGHLIN

12 FIRST
Good Advice
Warren Buffett’s billion-dollar memo to the Washington Post Co.
BY STEPHEN GANDEL

13 FIRST
Face to Face
The world’s largest architecture and design firm features three CEOs.
BY RYAN BRADLEY

14 FIRST
New Energy
With a wave of new models in the pipeline, automakers are betting that the hydrogen car’s time has finally come.
BY BRIAN DUMAINE

16 VENTURE
How I Got Started
Patrick Leon Esquerré’s La Madeleine married American convenience to French food and took off in the South.

INTERVIEW BY DINAH ENG

21 TECH
Brainstorm Tech 2013
Smart takes from Fortune’s conference with the brightest minds in tech.

28 INVEST

Markets
Lending Club is backed by Google and could be the next hot IPO. Here’s why it might make sense for you.
BY JESSI HEMPEL

30 INVEST
Face-Off
Will the return of its former CEO lift J.C. Penney’s shares?

6 Editor’s Desk

64 Bing!

INSIGHTS

31 Allan Sloan

Obama introduces a new game: fake bipartisanship.

32 John Cassidy

A cautiously optimistic take on our bipolar economy.

33 Becky Quick

A snack maker’s unsavory business practices.

CORRECTIONS: ”Europe’s New Iron Lady” (Aug. 12) incorrectly described the Chancellery building as being near the Rhine; it is on the Spree River in Berlin. And an umlaut was incorrectly placed in former chancellor Helmut Kohl’s last name. In Editor’s Desk (Aug. 12), we failed to credit the photograph. The photographer is Rebecca Greenfield. Fortune regrets the errors.

ON THE COVER Photograph by GEOF KERN

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EIGHT PHOTOS:


TWO ILLUSTRATIONS:


© Time Inc.

July 22, 2013 / Fortune Asia / Volume 168 / Number 2 / The Global 500

BRAINSTORM TECH

48 TWO TAKES ON THE FUTURE OF APPLE
Is Apple poised for a rebound, or are its best days a thing of the past? Our writer argues both sides.
BY ADAM LASHINSKY

60 THE NEW NEWS BUSINESS
Fighting the digital disrupters hasn’t worked. Can purveyors of serious journalism find a way to join them?
BY JOHN HUEY, MARTIN NISENHOLTZ, AND PAUL SAGAN

64 THE CEO WHO CAUGHT THE CHINESE SPIES RED-HANDED
Kevin Mandia revealed that the People’s Liberation Army has systematically hacked U.S. companies. Here is the exclusive inside look at why he did it―and how he’s dealing with the explosive fallout.
BY NINA EASTON

74 WHY I PAINT
Sequoia Capital’s chairman on what it’s like to discover a sublime pastime in middle age.
BY MICHAEL MORITZ

GLOBAL 500

80 FIAT’S FRESH FACE
As the CEO of Exor, John Elkann is restoring Fiat, acquiring Chrysler, and driving Italy’s famous Agnelli dynasty in a new direction.
BY DAVID WHITFORD

91 THE LISTS
F-1 The World’s 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

10 FIRST
Closer Look
Adobe attempts to give the stylus a second life.
BY MICHAL LEV-RAM

12 FIRST
Face to Face
The duo who created Angie’s List.
BY MIGUEL HELFT

12 FIRST
Books
A new book about the war on cancer from Fortune’s Clifton Leaf.
BY RYAN BRADLEY

15 FIRST
Fortune Global Forum
At Fortune’s international summit, leaders from 32 countries shared their views on growth and innovation.

16 INVEST
The Party Could Be Over for Stocks
The bull market was fun while it lasted. But a shift in policy by Fed chairman Ben Bernanke will change everything.
BY SHAWN TULLY

20 INVEST
Wealth Adviser
The right options strategy can offer investors a relatively cheap and easy way to protect themselves from a market plunge.
BY JANICE REVELL

116 Bing!
INSIGHTS

22 Allan Sloan
Uncle Sam ahead on the $17 billion Ally bailout? Who’da thunk it?

24 Becky Quick
My love-hate relationship with airlines (I love to hate ’em).

26 Sheila Bair
A bold plan for rebuilding our roads and bridges.

CORRECTIONS: The sidebars in ”How to Invest at Every Stage”(July 1) did not appear in some editions. They are available as ”Five Great Stocks for the Long Haul” at fortune.com/longtermstocks and in the digital tablet editions. ”The Rebirth of Fannie & Freddie” (July 1) stated incorrectly that Fannie Mae reported $58.7 billion in net income in the first quarter of 2012; it was the first quarter of 2013.

ON THE COVER

Photograph by MITCHELL FEINBERG Styling by MEGAN CAPONETTO

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Everything we know, the minute we know it.

[IMAGES]

PHOTO: JAMIE CHUNG

FIVE PHOTOS:

TWO ILLUSTRATIONS:

© Time Inc.

July 1, 2013 / Fortune Asia / Volume 168 / Number 1

36 LINKEDIN: HOW IT’S CHANGING BUSINESS (AND HOW TO MAKE IT WORK FOR YOU)
Once considered a nerdy repository for digital résumés, the service is becoming an indispensable social-networking tool.
BY JESSI HEMPEL

44 HOW TO INVEST AT EVERY STAGE
There’s more to managing your money at different points in your life and career than simply increasing your bond allocation as you age. Here are six targeted techniques to help you take control of your financial future.
BY JANICE REVELL

PLUS: Five great stocks to buy at any age.

WEALTH ADVISER

A RISKY TAX TACTIC

51 Moving your residency to a low-tax-rate state can save you money. But if you don’t do it right, the downside could be dire.
BY JANICE REVELL

52 THE REBIRTH OF FANNIE & FREDDIE
The government pledged to phase out Fannie Mae and Freddie Mac, but now the mortgage giants are back with record profits and a virtual monopoly on home financing. What went wrong, and what should be done to bring private capital back to housing.
BY SHAWN TULLY

58 INTRODUCING: THE KID VC
Alex Banayan has befriended dozens of CEOs and turned down a TV show about his life, and is writing a book of business advice. Did we mention he’s just 20 years old?
BY SCOTT CENDROWSKI

28 Velcro Just Wants Some Closure
Velcro Industries is trying to build a brand. That means convincing consumers that not all fasteners are created equal.
BY BETH KOWITT

32 The Deal He Couldn’t Close
Eric Gleacher was a legendary dealmaker― but he wasn’t able to persuade his own board to sell his firm and save it.
BY SCOTT CENDROWSKI

8 FIRST
Closer Look
Can Chinese manufacturer Sany Heavy Industry make it in America?
BY NIN-HAI TSENG

10 FIRST
Chartist
St. Regis Museum Tower: a high-rise of power players.
BY KURT WAGNER

12 First
Fastest-Growing Companies
Under Armour pulls a range of big-name athletes into its orbit.
BY KURT WAGNER

14 VENTURE
The Confections of Jeff Rubin
It’Sugar finds sweet success with candy’s illicit allure.
BY RYAN BRADLEY

16 VENTURE
Social Enterprise
Rwanda’s coffee beans are bolstering its economy.
BY ANNE VANDERMEY

18 VENTURE
Verne Harnish
Five steps to find (and keep) young stars.

19 VENTURE
Trailblazers
InfoArmor CEO Drew Smith.
BY DINAH ENG

20 TECH
Tech Star
Lars Dalgaard sold SuccessFactors for $3.4 billion. Then his son was diagnosed with leukemia.
BY MICHAL LEV-RAM

23 TECH
Connected
Martin Koffel, CEO of URS, runs a vast infrastructure business, from high-speed rail to nuclear power.
BY ADAM LASHINSKY

24 TECH
Car+Tech
Today’s cars have more in common with tablets and smartphones than meets the eye.
BY MATT VELLA

6 Editor’s Desk

64 Bing!

INSIGHTS

25 Geoff Colvin
Can Indra Nooyi keep investors sweet on Pepsi?

26 John Cassidy
Just because tax avoidance is legal doesn’t mean it is right.

27 Nina Easton
Did Congress miss the moment on serious plans for U.S. workers?

CORRECTIONS
”The Next Oil Boom” (May 20) misidentified Incheon Airport as being in Singapore; it is in South Korea. ”What’s Driving One of China’s Richest Men?” (June 10) misidentified Deng Xiaoping as China’s Premier. ”A Different Kind of Incubator” (June 10) misidentified Gabriel Baldinucci as SU Lab’s VP of strategy; he is its executive director. The school’s inaugural program was in 2009, not 2011, and Coca-Cola has not signed on to the program but is currently in talks to do so.

ON THE COVER Photograph by MITCHELL FEINBERG

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TEN PHOTOS:

© Time Inc.

June 10, 2013 / Fortune Asia / Volume 167 / Number 8

39 SPECIAL REPORT: THE NEW CHINA
A NATION ON THE MOVE
China makes big investments in roads, railways, and other infrastructure.
BY ANNE VANDERMEY

CAN LENOVO DO IT?
46 CEO Yuanqing Yang is trying to build a global brand―and outmaneuver Apple and Samsung.
BY MIGUEL HELFT

WHAT’S DRIVING ONE OF CHINA’S RICHEST MEN?
56 Wanda Group founder Wang Jianlin wants to build a global real estate and entertainment empire.
BY DAVID WHITFORD

66 UNILEVER’S CEO HAS A GREEN THUMB
Paul Polman embraces sustainability, and the consumer-products colossus grows like crazy.
BY MARC GUNTHER

72 AMAZON’S (NOT SO SECRET) WAR ON TAXES
The retail giant has waged a lengthy campaign against state sales taxes on Internet purchases―which Congress finally seems poised to mandate. But even when Amazon loses, it wins.
BY PETER ELKIND, WITH DORIS BURKE

14 FIRST
Closer Look
Can outsourcing be improved? Lessons after the Bangladesh collapse.
BY SCOTT CENDROWSKI

17 VENTURE
How I Got Started
Barbara Corcoran’s dramatic climb to success and prominence.

INTERVIEW BY DINAH ENG

20 VENTURE
Trailblazers
Celergo co-founder and CEO Michele Honomichl makes sure paydays around the world go off without a hitch.
BY DINAH ENG

21 VENTURE
David vs. Goliath
Three dynamic entrepreneurs go toe to toe with vastly bigger competitors.
BY ELAINE POFELDT

22 VENTURE
Fastest-Growing Companies
Steve Madden and his company stay true to the sole.
BY KURT WAGNER

24 PURSUITS
Road Warrior
Jason Browning, tour manager for rock stars, hunts down bargains.
BY OMAR AKHTAR

28 TECH
The Future Is Now
Palmer Luckey, the 20-year-old creator of Oculus Rift, wants to give virtual reality a second life.
BY JP MANGALINDAN

29 TECH
Startups
SU Labs’ startups aim to fix the world’s biggest problems.
BY TED GREENWALD

30 TECH
Tech@Work
Firms are increasingly turning to cybercrime forensics experts like Stroz Friedberg.
BY MICHAL LEV-RAM

32 TECH
Tech Star
Why your teen loves Wanelo.
BY COLLEEN LEAHEY

34 INVEST
Stocks
Small, fast-growing economies are the next big thing.
BY SCOTT CENDROWSKI

12 Editor’s Desk

84 Bing!

INSIGHTS

36 Allan Sloan
I hate to say it, but what this country needs is another financial crisis.

37 Nina Easton
Why the march on genetically modified food hurts the hungry.

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ON THE COVER Illustration by MARIAN BANTJES

[IMAGES]

SEVEN PHOTOS:

FIVE ILLUSTRATIONS:

© Time Inc.

May 20, 2013 / Fortune Asia / Volume 167 / Number 7 / FORTUNE 500

FORTUNE 500
54 WHAT IT’S LIKE TO DROWN IN CASH
Apple has finally taken steps to distribute its unprecedented hoard, but will that be enough to revive its stock?
BY CAROL J. LOOMIS

62 CITIGROUP’S NEW CEO IS A BANKER. IMAGINE THAT.
Unlike his predecessors, Michael Corbat has spent 30 years working in banking operations. Could that be just what Citi needs?
BY JENNIFER REINGOLD WITH DORIS BURKE

68 CAN UNITEDHEALTH REALLY FIX THE SYSTEM?
CEO Stephen Hemsley has a data-driven plan to lead a health care revolution.
BY SHAWN TULLY

76 LOCKHEED’S SECRET WEAPON
Marillyn Hewson, operations whiz, is suited to lead Lockheed in uncertain times.
BY BETH KOWITT

82 THE NEXT OIL BOOM
Energy giants are flocking to Kurdistan, but their presence is provoking tensions with Baghdad.
BY VIVIENNE WALT

91 INSIDE THE BOARDROOM: THE PARTY IS OVER!
Being on a corporate board isn’t the cushy gig it used to be. The hours are long and the scrutiny is intense. So why are executives lining up for a seat at the table?
BY GEOFF COLVIN

96 THE DIRECTORS
Our annual portfolio of the people behind some of the biggest and most important organizations in America.
PHOTOGRAPHS BY GREGG SEGAL PRODUCED BY ALIX COLOW REPORTING BY COLLEEN LEAHEY

109 A YEAR OF FRENZIED ACTIVITY
Flush with profits, America’s biggest companies put their money to work in 2012, fueling a surge in M&A.
BY SHAWN TULLY

F-1 THE 500 LARGEST U.S. CORPORATIONS

F-27 EXPLANATIONS AND NOTES

F-28 INDEX

41 THOUGHT LEADERS
Warren Buffett
The Berkshire Hathaway chairman explains why he’s bullish on women.

44 LEADERSHIP
Whole Foods’ Other CEO on Organic Growth
Co-chief Walter Robb aims to empower employees.

INTERVIEW BY GEOFF COLVIN

48 Shaq Inq.
Shaquille O’Neal wants to be a business superstar.
BY DAVID A. KAPLAN

8 FIRST
Closer Look
Inside Corning, where glass is pushed to its limits.
BY RYAN BRADLEY

10 FIRST
International
The threat from economies at the bottom.
BY RICHARD HAASS

12 FIRST
Chartist
Notable declines on the Fortune 500 through the years.

14 FIRST
Retail
Starbucks redesigns its cafés.
BY BETH KOWITT

16 FIRST
Brainstorm
A new kind of truck stop in America.
BY BRIAN DUMAINE

19 FIRST
World’s Most Admired Companies
GE gets back to basics.
BY ERIKA FRY

21 FIRST
New Energy
First Solar sees brighter days ahead.
BY BRIAN DUMAINE

23 PURSUITS
The Best New Business Hotels
The most buzzed-about hotspots.
BY ALEXANDRA KIRKMAN

27 TECH
Startups
The CIA’s investment arm partners with Silicon Valley.
BY HELEN COSTER

29 TECH
Car+Tech
Cars are becoming connected devices.
BY SETH FLETCHER

30 TECH
Fastest-Growing Companies
Baidu, China’s biggest search engine.
BY KURT WAGNER

31 TECH
Software
How Linux conquered the Fortune 500.
BY ROGER PARLOFF

32 INVEST
Profitmakers
Economic Value Added shows which companies are able to turn capital into true profits.
BY SCOTT CENDROWSKI

34 INVEST
Anatomy of a Trade
Loomis Sayles’s Warren Koontz on Lowe’s.
BY RYAN DEROUSSEAU

35 INVEST
Wealth Adviser
When picking stocks, bet on pricing power.
BY JANICE REVELL

6 Editor’s Desk
144 Bing!

INSIGHTS

38 Allan Sloan
Obama has a sweet retirement package. Will you?

39 Dan Primack
Where is Calpers’s governance when you need it?

40 John Cassidy
Abenomics: Good for Japan (and for us too).

CORRECTIONS

”The Hottest VCs Since Andreessen” (April 29) misstated the investment types that Formation 8 will avoid. While it plans to stay away from alternative-energy-production investments, it expects to invest in other energy-related companies. ”The Second Coming of Facebook” (April 29) implied that Facebook’s deals with international phone companies are tied to the distribution of its forthcoming Home software. The relationship with carriers is not strictly related to Home.

ON THE COVER AND THIS PAGE

Photograph by MITCHELL FEINBERG; styling by MEGAN CAPONETTO

[IMAGES]

PHOTO: MITCHELL FEINBERG; styling by MEGAN CAPONETTO

PHOTO: BUFFETT: COURTESY OF WARREN BUFFETT

SEVEN PHOTOS:

ILLUSTRATION:

© Time Inc

April 29, 2013 / Fortune Asia / Volume 167 / Number 6

34 THE SECOND COMING OF FACEBOOK
How Mark Zuckerberg owned up to his mistakes and retooled his company to conquer smartphones.
BY JESSI HEMPEL

42 GETTING BANK OF AMERICA TO GROW AGAIN
BofA CEO Brian Moynihan has fixed his company’s mortgage woes and revived the stock. What’s left? Rebuilding the bank’s reputation with customers―and attracting more of their assets.
BY SHAWN TULLY

50 DEAN KAMEN’S NEW MACHINES
A conversation with the master inventor, engineer, and visionary who knows that to move forward, we must first look back.
BY BRIAN DUMAINE

56 FRACKING COMES TO CHINA
With help from Shell and other Western energy giants, Beijing hopes to turn vast shale gas assets into a new source of clean(er) energy. The trick is to avoid an environmental disaster.
BY BRIAN DUMAINE

4 FIRST
Closer Look
Who buys a $10,000 cellphone? And why?
BY MATT VELLA

6 FIRST
Thought Leaders
The fall of Cyprus’s banking system highlights bigger problems.
BY MOHAMED A. EL-ERIAN

8 FIRST
Face to Face
Ben and Jerry: still working together since selling their ice cream empire.
BY BETH KOWITT

10 FIRST
Chartist
Tracking bank settlements.
BY OMAR AKHTAR WITH ANNE VANDERMEY

11 FIRST
Fortune Global Forum
Former Treasury Secretary Hank Paulson forecasts big changes coming to China.
INTERVIEW BY ANDY SERWER

12 VENTURE
How I Got Started
IDEO’s David Kelley has been creating better products for decades.
INTERVIEW BY DINAH ENG

15 TECH
Venture Capital
Formation 8 aims to help startups succeed in Asia.
BY ADAM LASHINSKY

17 TECH
Connected
Bombardier CEO Pierre Beaudoin on going after Boeing and Airbus.
BY ADAM LASHINSKY

18 TECH
Car+Tech
Electric vehicles and driverless cars are fueling automotive innovation in Silicon Valley.
BY MICHAL LEV-RAM

19 TECH
Computing
PC makers add sex appeal with touchscreens and mobile-friendly designs.
BY MATT VELLA

20 INVEST
Activist Investing, Nelson Peltz--style
What is Peltz thinking these days?
INTERVIEW BY KATIE BENNER

22 INVEST
Retirement
Venturing abroad for yield.
BY AMY FELDMAN

23 INVEST
Face-Off
General Dynamics: Buy or sell?
INTERVIEWS BY RYAN DEROUSSEAU

24 GAME CHANGERS
Social Media Comes to Health Care
These startups think tech can cure a broken system.
BY RYAN BRADLEY

31 LEADERSHIP
An Insurance Company’s Hot Hand
Mass Mutual CEO Roger Crandall is defying gloomy industry trends.
INTERVIEW BY GEOFF COLVIN

64 Bing!
INSIGHTS

27 Allan Sloan
The real reason corporate tax reform is going nowhere fast.

28 Nina Easton
America’s wayward sons: Why they can’t carry on.

CORRECTION
In ”Talking to a Bear at a Market Peak” (April 8), Aon was incorrectly described as the world’s largest insurance company. It is a global insurance brokerage and provides risk management and other services.

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ON THE COVER

Photograph by NIGEL PARRY

[IMAGES]

NINE PHOTOS:

TWO ILLUSTRATIONS:

© Time Inc.

April 8, 2013 / Fortune Asia / Volume 167 / Number 5

38 YES WE CANNABIS
Galvanized by marijuana legalization in Colorado and Washington, these investors and entrepreneurs are pioneering a new industry.
BY ROGER PARLOFF

46 WHEN WALL STREET WEARS THE PANTS
Sears and J.C. Penney are two vastly different case studies of what happens when hedge fund guys control big retail chains. The results, however, are the same.
BY JENNIFER REINGOLD AND ALLAN SLOAN WITH DORIS BURKE

52 50 GREATEST BUSINESS RIVALRIES OF ALL TIME
These stories of no-holds-barred competition, contempt, and all-out conflict shaped the modern business world. Here’s what you can learn from them.

61 CAN TIME INC. MAKE IT ALONE?
The spinoff of Time Warner’s magazine business has a chance to succeed―if it’s not overloaded with debt.
BY SHAWN TULLY

6 FIRST
Closer Look
The bee business: The real money isn’t in honey, but in almonds.
BY RYAN BRADLEY

10 FIRST
Washington Watch
Sen. Claire McCaskill vs. the U.S. Chamber of Commerce.
BY TORY NEWMYER

12 FIRST
Face to Face
Facebook’s Sheryl Sandberg and AmEx CEO Ken Chenault on what Lean In means for men.
BY PATRICIA SELLERS

13 FIRST
Thought Leaders
A prescription for growth: foreign direct investment.
BY PETER BLAIR HENRY

14 FIRST
Great Workplaces
How CarMax cares.
BY ERIKA FRY

15 VENTURE
How I Got Started
Jim Koch, Samuel Adams’s beer revolutionary.
INTERVIEW BY DINAH ENG

19 VENTURE
Game Changers
SodaStream, the quirky firm behind the DIY soda trend.
BY MICHAL LEV-RAM

23 TECH
Apple’s Streaming-Music Problem
Google and others are launching subscription music services. Will iTunes jump in?
BY RYAN BRADLEY

26 TECH
Car+Tech
QNX’s software can get your car to think.
BY KURT WAGNER

27 TECH
Connected
California Lt. Gov. Gavin Newsom on how technology can make government better.
BY ADAM LASHINSKY

28 TECH
Tech@Work
A new tool to stop cybercrime.
BY MICHAL LEV-RAM

29 INVEST
Talking to a Bear at a Market Peak
FPA’s Steven Romick urges caution as the Dow continues to chalk up records.
BY KATIE BENNER

31 INVEST
Anatomy of a Trade
Will Nasgovitz of the Heartland Value Fund thinks shares of Spirit Airlines are ready for takeoff.
BY RYAN DEROUSSEAU

35 LEADERSHIP
Novartis’s Pathway to Business Longevity
CEO Joe Jimenez explains how the drugmaker innovates and finds new markets.

INTERVIEW BY GEOFF COLVIN
INSIGHTS

32
Geoff Colvin
America’s 400 richest: Not a club but a collective (really!).

33
John Cassidy
Meet the ”missing millions” who’ve vanished from the economy.

34
Becky Quick
Don’t call it a flip- flop. Companies can and should reverse bad calls.

5 Editor’s Desk

64 Bing!

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ON THE COVER Photograph by DAN FORBES

[IMAGES]

SIX ILLUSTRATIONS:

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March 18, 2013 / Fortune Asia / Volume 167 / Number 4

22 INSIDE THE WORLD’S BIGGEST AIRLINE MERGER
Doug Parker was lauded for the merger of American Airlines and US Airways. But it was Tom Horton’s deals behind the scenes that clinched it.
BY SHAWN TULLY

27 THE WORLD’S MOST ADMIRED COMPANIES
After 30 years, our survey finds some reigning champs―and new favorites.
BY GEOFF COLVIN

THE LIST OF INDUSTRY STARS
The 50 All-Stars, and our annual ranking of corporate reputation by industry.

40 GUGGENHEIM IS FLEXING ITS $170 BILLION MUSCLES
It bought the L.A. Dodgers last year, and more deals are on the way. What is the secretive firm―and its client Michael Milken―up to?

46 BMW GETS PLUGGED IN
The company is making huge bets on green, wired cars for city dwellers.
BY ALEX TAYLOR III
BY SCOTT CENDROWSKI AND JAMES BANDLER

52 THE UNSEEN HAND THAT MOVES THE WORLD’S OIL
Vitol, the largest private petroleum trader, reports more revenue than Chevron or Toyota. Ever heard of it?
BY BRIAN O’KEEFE

60 THE EDUCATION OF PAPA JOHN
How America’s most famous pizza guy got schooled on the hazards of politics and media.
BY JAMES BANDLER WITH DORIS BURKE

6 FIRST
Closer Look
Toll Brothers pushes into New York City.
BY LEIGH GALLAGHER

9 FIRST
Road Warrior
Jaume Tàpies, of Relais & Châteaux.
BY RYAN BRADLEY

10 VENTURE
How We Got Started
Mel and Patricia Ziegler turned khaki into gold at Banana Republic.
BY DINAH ENG

13 PURSUITS
Up in the Trees
The latest trend in high-end travel? Tree-house villas.
BY JESSI HEMPEL

17 TECH
The Future Is Now
The Raspberry Pi, a $35 bare-bones PC, is a hit with tinkerers.
BY SHELLEY DUBOIS

18 TECH
Tech Star
David Fischer has turned Facebook’s nascent ad business into a $5 billion juggernaut.
BY MIGUEL HELFT

19 TECH
Car+Tech
Carmakers reboot the dashboard.
BY MATT VELLA

20 INVEST
Silicon Valley Meets Wall Street
New websites, some run by tech stars, are making it ever easier for regular investors to build portfolios at low cost.
BY ERIKA FRY

68 Bing!
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[IMAGES]

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February 25, 2013 / Fortune Asia / Volume 167 / Number 3

26 EBAY’S BACK!
Supercharged by PayPal, the e-commerce company and its stock are red-hot. Watch out, Amazon!
BY JP MANGALINDAN

34 CAN P&G’S CEO HANG ON?
Procter & Gamble says it’s emerging from a rough patch. Will that be enough to save Bob McDonald’s job?
BY JENNIFER REINGOLD, WITH DORIS BURKE

43 THE TRAILBLAZERS
Meet a new generation of founder CEOs changing the way we work, shop, and play.
BY OMAR AKHTAR, ERIKA FRY, AND KURT WAGNER

PLUS: The case for having a founder run the business.
BY JESSI HEMPEL

52 THE MYSTERY COMPANY IMPORTING AMERICANA TO THE MIDEAST
How M.H. Alshaya is transforming mall culture in the Gulf region with lattes, milk shakes, and cheesecakes.
BY BETH KOWITT

58 THE CHINESE ARE COMING!
Tourists from China are the new big spenders. Are U.S. companies ready for them?
BY MINA KIMES

8 FIRST
Closer Look
The pinball industry is down to its last ball, but help is on the way.
BY ERIKA FRY

11 FIRST
More Women Coders
A different approach to hiring in a male-dominated field.
BY ALISON OVERHOLT

13 FIRST
World’s Most Admired Companies
John Deere plows ahead.
BY ANNE VANDERMEY

15 TECH
The Future Is Now
A sharper image: ultra-high- definition TV.
BY JP MANGALINDAN

17 TECH
Security
Who are the hackers costing companies and large institutions millions?
BY ERIKA FRY

19 INVEST
Thriving on the Dividend and Buyback Diet
Why it’s important to focus on the cash that companies return to shareholders.
BY SHAWN TULLY

21 INVEST
Anatomy of a Trade
The Delafield Fund is stocking up on Staples shares.
BY RYAN DEROUSSEAU

24 GAME CHANGERS
Turkish Airlines Goes Global
The carrier aims to become an international powerhouse.
BY ERIKA FRY

7 Editor’s Desk

64 Bing!

INSIGHTS

22 Allan Sloan

Three lessons for Apple’s shareholders.

23 John Cassidy

Even if the economy does well, the stock market is headed for a rough patch.

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ON THE COVER Illustration by JASON SCHNEIDER

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NINE PHOTOS:

THREE ILLUSTRATIONS:

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February 4, 2013 / Fortune Asia / Volume 167 / Number 2 / 100 BEST COMPANIES TO WORK FOR

THE 100 BEST COMPANIES TO WORK FOR
26 INSIDE MARS
From free candy to pet-friendly perks, working at America’s third-largest private company is a pretty sweet gig. An exclusive look at the secretive empire of Mars Inc.
BY DAVID A. KAPLAN

37 | THE 2013 LIST
For the 16th year, Fortune names the top workplaces in corporate America. Seventy-eight of the Best Companies are looking to fill over 65,000 jobs this year.

46 SAMSUNG’S ROAD TO MOBILE DOMINATION
The South Korean company is trampling rivals and gunning for Apple. Can its hot streak last?
BY MICHAL LEV-RAM

52 THE JUDGE WHO RULES ON BUSINESS
Jed Rakoff―who bashed the SEC on Bank of America and sentenced Rajat Gupta to prison―weighs in on corporate crime and punishment.
BY DAVID A. KAPLAN

BOOK EXCERPT: AMERICAN TURNAROUND
58 GM ON THE BRINK
Days after GM went bankrupt, former AT&T CEO Ed Whitacre took over as chairman. He found a company paralyzed by old ways and seemingly unable to change. In a Fortune book excerpt, Whitacre takes us inside his fight to get General Motors moving again.

6 FIRST
Closer Look
A 700-mile road trip in the electric Tesla Model S.
BY RYAN BRADLEY

9 FIRST
Thought Leaders
A new system for a new century.
BY KLAUS SCHWAB

10 FIRST
Face to Face
How Jawbone’s designer and CEO co-create.
BY RYAN BRADLEY

11 FIRST
Fortune Global Forum
The Fed’s big dollar gamble.
BY ALLAN SLOAN

15 TECH
Smartphones: The Battle to Be No. 3
Microsoft and RIM find themselves fighting for third place.
BY JESSI HEMPEL

17 TECH
Holding Off on That IPO
SurveyMonkey’s CEO is in no hurry.
BY ADAM LASHINSKY

19 INVEST
The Great ETF Mega-War
Vanguard, BlackRock, and State Street vie for dominance.
BY ERIKA FRY

21 INVEST
Face-Off
Life Technologies: Can it rise in a tough market?

INTERVIEWS BY RYAN DEROUSSEAU
22 INVEST
Wealth Adviser
Cut your exposure to Medicare taxes.
BY JANICE REVELL

5 Editor’s Desk

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INSIGHTS
23 Geoff Colvin
The case for optimism: How this year could be lucky ’13.

24 Sheila Bair
My New Year’s resolution? To kick my savings habit.

25 Dan Primack
How Goldman Sachs beat Washington at its own game.
ON THE COVER Photograph by ADAM LEVEY

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SIX ILLUSTRATIONS:

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January 14, 2013 / Fortune Asia / Volume 167 / Number 1 / THE FUTURE ISSUE

THE FUTURE ISSUE

19 THE FUTURE ISSUE
How machines are getting smarter, and what it means for the future―of everything.

20 LARRY PAGE LOOKS AHEAD
The Google CEO’s dreams have a way of coming true.
BY MIGUEL HELFT

28 MEET YOUR NEXT SURGEON
Thanks to big technological leaps, robots―yes, robots―are becoming standard operating procedure.
BY RYAN BRADLEY

34 WILL.I.AM, HIT MACHINE
Why the Black Eyed Peas frontman is teaming up with some of the world’s biggest brands.
BY DANIEL ROBERTS

38 DISPATCHES FROM THE FUTURE
The world of tomorrow, from artificial minds to superhuman strength.

42 The Third-Richest Man in the World
From nothing, Amancio Ortega built the world’s largest fashion empire. An exclusive portrait of an unlikely executive.
BY VIVIENNE WALT

48 Bay Area Medicine Man
He’s pals with Obama, he can outcharm a Kennedy, and he’s networked to the hilt. So how come you don’t know health care CEO Lloyd Dean?
BY DAVID A. KAPLAN

55 Are Generics Really the Same as Branded Drugs?
Many doctors and medical societies are increasingly willing to ask that question. To a surprising degree, they say, the answer is no.
BY KATHERINE EBAN

58 Still Crazy After All These Years
The founder and chairman emeritus of Southwest Airlines, Herb Kelleher, shares his thoughts.
INTERVIEW
BY JENNIFER REINGOLD

4 FIRST
Closer Look
The space-travel startups: Inside the companies vying for the privatized space age.
BY PETER ELKIND

7 FIRST
Insurance
How a former AIG subsidiary helped save the company.
BY NEEL CHOWDHURY

7 FIRST
Dealmakers
Tracking Warren Buffett’s buying power.
BY SCOTT CENDROWSKI

8 FIRST
Face to Face
Two Hollywood titans take on advertising.
BY PATRICIA SELLERS

9 VENTURE
How I Got Started
Rich Barton, the king of online travel and real estate, is launching a new business.

INTERVIEW BY DINAH ENG

13 INVEST
Mr. BRIC Is Still Bullish on China
Goldman’s Jim O’Neill, the man who coined the acronym, believes Chinese stocks are primed for a big 2013.
BY STEPHEN GANDEL

15 INVEST
Anatomy of a Trade
Small-cap manager Andrew Baumbusch believes that ABM Industries will rebound.
BY RYAN DEROUSSEAU

3 Editor’s Desk

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INSIGHTS

16 Allan Sloan
The rich now face a big tax hike. Why? Because Bush way overreached.

17 Geoff Colvin
2013: The year we become the health care nation.

CORRECTIONS

In ”What’s an Investor to Do?” (Dec. 24), we said that the Oppenheimer Developing Markets Fund owns shares of PCS Technology. It does not. And in ”Will Adobe’s New Cloud Strategy Pay Off?” (Dec. 24), we misspelled the name of Adobe CEO Shantanu Narayen. Fortune regrets the errors.

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ON THE COVER Photograph by ART STREIBER

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TWO ILLUSTRATIONS:

PHOTO ILLUSTRATION:

© Time Inc.

December 24, 2012 / Fortune Asia / Volume 166 / Number 10 /
SPECIAL ISSUE / Investor’s Guide 2013

2013 INVESTOR’S GUIDE

31 INTRODUCTION
There are many steps to managing your money wisely. A good way to start: a visit with the father of indexing, John Bogle.
BY ANDY SERWER

34 TOP PICKS FROM 15 STAR INVESTORS
Elite fund managers share their best stock ideas for 2013.
BY RYAN DEROUSSEAU, AMY FELDMAN, AND MINA KIMES

44 WHAT’S AN INVESTOR TO DO?
Despite market uncertainty, our panel of experts says there are plenty of ways to make a bundle.
INTERVIEW BY GEOFF COLVIN

52 WHY INVESTORS ARE RIGHT TO BE OBSESSED WITH APPLE STOCK
Loading up on the tech giant’s shares has been a winning strategy.
BY JON BIRGER

60 TOO GOOD TO BE TRUE
Many investors don’t trust Wall Street anymore, so they’re putting money into exotic alternatives. The saga of two friends provides a window into a growing peril.
BY JAMES STERNGOLD

70 MEET THE NEW QUEEN OF WALL STREET
Irrepressible muni bond scion Alexandra Lebenthal is building a powerful new family firm.
BY SHAWN TULLY

76 A FUND MANAGER’S FAITH PRODUCES RESULTS
Don Yacktman has led two of the world’s fastest-growing stock funds while helping his daughter recover from a stroke.
BY SCOTT CENDROWSKI

10 FIRST
Closer Look
One company controls cheerleading. So how does it grow? By inventing a new sport.
BY COLLEEN LEAHEY

12 FIRST
Chartist
Marijuana’s new market.

14 FIRST
Real Estate
Why U.S. private equity firms are quietly snapping up buildings in Europe at bargain prices.
BY CHARLES WALLACE

14 FIRST
Thought Leaders
Why prosecutors’ focus on the board’s role in scandals is bad news.
BY MATT FRIEDRICH AND FAYE WATTLETON

17 FIRST
Game Changer
The world’s first large-scale biofuel farm goes online―but will it work in the long term?
BY MARC GUNTHER

18 FIRST
Most Powerful Women
As GM’s head of product development, Mary Barra is the highest-ranking woman in the auto industry.
BY ALEX TAYLOR III

21 TECH
Software
A risky makeover of Adobe, the king of shrinkwrapped software, is starting to win over skeptics.
BY KEVIN KELLEHER

24 TECH
Hardware
Apple dominates tablet sales. Now Microsoft is going after the iPad head-on.
BY JP MANGALINDAN

9 Editor’s Desk

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INSIGHTS
28 Allan Sloan
Why you shouldn’t buy my overpriced munis.

29 Sheila Bair
Why Republicans should help President Obama succeed.

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EVERYTHING WE KNOW, THE MINUTE WE KNOW IT.

ON THE COVER Illustration by JUSTIN METZ

[IMAGES]

PHOTO: JUSTIN METZ

FOUR PHOTOS:

THREE ILLUSTRATIONS:

© Time Inc.