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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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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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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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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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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

64 Bing!

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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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

64 Bing!

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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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

84 Bing!

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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December 3, 2012 / Fortune Asia / Volume 166 / Number 9 /
THE 2012 BUSINESS PERSON OF THE YEAR

42 BUSINESSPERSON OF THE YEAR
JEFF BEZOS: THE ULTIMATE DISRUPTER
He’s a pro-customer, tightfisted risk-taker. If you’re running a business with high margins―watch out.
BY ADAM LASHINSKY

THE LIST: 2012’S TOP PEOPLE IN BUSINESS

51 It was a year for comebacks and cool performances for the executives on our list.

58 STEVE JOBS VS. SAM WALTON: THE TALE OF THE TAPE

A rare conversation with the writers who got inside the heads of these two extraordinary business leaders.

INTERVIEW BY ANDY SERWER

66 GLOBALISM GOES BACKWARD
They forgot to tell us globalism has a reverse gear. Now companies and countries need to get ready for the ”inside economy.”
BY JOSHUA COOPER RAMO

72 THEY’RE CALLING SUBARUS THE BEST CARS MONEY CAN BUY
The latest models are winning the highest marks for quality and safety. Here’s how the tiny, quirky, ”artisanal” carmaker does it.
BY ALEX TAYLOR III

14 FIRST
Closer Look
Disney buys the crown jewel of nerddom for $4 billion.
BY MATT VELLA

18 FIRST
Brainstorm
Keeping back the sea.
BY BRIAN DUMAINE

20 FIRST
World’s Most Admired Companies
Whole Foods’ quality crop.
BY ANNE VANDERMEY

23 FIRST
Fortune Global Forum
Rethinking China’s cities.

INTERVIEW BY BRIAN DUMAINE

27 TECH
The Future Is Now
New, gentler tasks for drones.
BY ROB WALKER

28 TECH
Tech Star
Twitter’s adman delivers.
BY JESSI HEMPEL

30 TECH
Tech@Work
Supercomputers could soon be saving patients’ lives.
BY MICHAL LEV-RAM

33 INVEST
Interview
The return of a star fund manager.
BY SCOTT CENDROWSKI

35 PURSUITS
Road Warrior
Christine Day of Lululemon.
BY ALEX KONRAD

OPINION

36 Allan Sloan
An open letter to Tim Geithner on how to dodge the next debt crisis.

39 BOOK EXCERPT
The Wit and Wisdom of Warren
While Buffett was growing larger than life, Fortune had a front-row seat.
BY CAROL J. LOOMIS

12 Editor’s Desk

80 Bing!

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November 12, 2012 / Fortune Asia / Volume 166 / Number 8

54 THE ODD COUPLE
From Harvard to Silicon Valley to Wall Street, Buddy Fletcher and Ellen Pao scaled the heights of American business and society. Their marriage was the joining of two superstars. Then they went to war with their elite worlds. Who pays the price in this tale of money, sex, and power?
BY ADAM LASHINSKY AND KATIE BENNER

62 THE BEST ADVICE I EVER GOT
What happens when you ask 21 luminaries from all walks―finance, law, tech, the military, and beyond―for the one piece of wisdom that got them to where they are today?

70 THE ELIXIR AND THE SHORT-SELLERS
Nu Skin, a $2 billion multilevel marketer in Utah―with ties to Mitt Romney―says its skin-care and nutritional products can delay aging. But short-sellers and a couple of angry ex-husbands are taking the company on, and they’re not being quiet about it.
BY PETER ELKIND, WITH DORIS BURKE

80 THE HEALING MACHINE
How a simple device for closing wounds made fortunes for its inventors, for its marketers, and for Wake Forest University―until rivals claimed it was too simple.
BY KEN OTTERBOURG

10 FIRST
Closer Look
The world’s largest fir-tree farm delivers 1 million trees in time for Christmas.
BY PAUL KVINTA

14 FIRST
Game Changers
Meet the leaders of the Treasury bureau that is shaping U.S.-Iran policy.
BY EMILY CADEI

15 FIRST
Brainstorm Green
Driverless vehicles are coming―and sooner than you think.
BY BRIAN DUMAINE

19 VENTURE
How I Got Started
Robert Johnson, company creator.
INTERVIEW BY DINAH ENG

24 VENTURE
Fastest-Growing Companies
IMAX: Bigger screens, more money.
BY RICHARD MCGILL MURPHY

25 TECH
Streaming Media
Roku looks beyond the box.
BY JP MANGALINDAN

29 INVEST
Are Dividend Stocks in a Bubble?
High-yielding equities are still a good deal―as long as you’re selective.
BY SHAWN TULLY

9 Editor’s Desk

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OPINION

32 Sheila Bair
Want to fix Congress? Let’s institute pay for performance.

33 Becky Quick
A call for frank talk about our debt from Bill Clinton (and me).

34 Nina Easton
Corporate America needs to show that it hasn’t given up on U.S. workers.

50 LEADERSHIP
MEDTRONIC: HOW TO FIX A GREAT AMERICAN BUSINESS

INTERVIEW BY GEOFF COLVIN

”The value is not only saving the person’s life, but the quality of life.”

―MEDTRONIC CEO OMAR ISHRAK

CORRECTIONS

In ”Gatorade’s G-Series Fit Runs Empty” (Oct. 8), we referred to and pictured the G-Series product line, which is still available. It is the G-Series Fit line that is no longer. And we stated that it included energy drinks and gels; it does not. In our ”40 Under 40 List” (Oct. 29), we wrote that Google+ had 100,000 users; that number should be 100 million. Also, we said that David Rhodes was 39; he is 38. Fortune regrets the errors.

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October 29, 2012 / Fortune Asia / Volume 166 / Number 7 / 40 UNDER 40

40 CAN APPLE WIN OVER CHINA?
If you’re the world’s largest company―with nearly $600 billion in market value―getting bigger is tough. But if Apple can learn how to charm the world’s largest population, the possibilities are limitless.
BY BILL POWELL

48 40 UNDER 40
MARISSA MAYER: READY TO RUMBLE AT YAHOO
Mayer―No. 3 on the 40 Under 40―is making changes at the troubled web company. But this new chief (and new mom) has miles to go before she sleeps.
BY PATRICIA SELLERS

57 THE LIST
This year’s 40 Under 40 mantra? Mobilize!
THE 40 UNDER 40 PORTFOLIO

66 Meet the Globetrotter, the Ramen Rebel, the Sofa Surfer, and others in a selection of the most influential young people in business.
PHOTOGRAPHS BY PETER YANG

76 THERE’S NO QUIT IN MICHAEL PORTER
He has influenced more executives―and more nations―than any other business professor on earth. Now, at 65, he and an all-star team aim to rescue the U.S. economy.
BY GEOFF COLVIN

12 FIRST
Closer Look
The small businesses that turn into polling places come Election Day.
BY RYAN BRADLEY

16 FIRST
Game Changer
Carol Tomé: The other star of home improvement.
BY KATIE BENNER

18 FIRST
The Chartist
CEO tenure: How long is too long?
GRAPHIC BY NICOLAS RAPP

20 FIRST
World’s Most Admired Companies
Ralph Lauren’s family brands.
BY ANNE VANDERMEY

21 TECH
The Future Is Now
New life for the internal-combustion engine.
BY ANNE VANDERMEY

22 TECH
Tech@Work
Performance reviews remade.
BY MICHAL LEV-RAM

24 TECH
Television
Viggle co-opts smartphones and tablets to boost TV revenues.
BY JENNIFER ALSEVER

26 TECH
Succession
Who’ll replace storied tech CEOs?
BY MICHAL LEV-RAM

29 INVEST
Interview
Emerging-markets legend Mark Mobius.
BY SCOTT CENDROWSKI

32 INVEST
Real Estate
Housing is back, and heading up.
BY SHAWN TULLY

34 INVEST
Anatomy of a Trade
Chuck Bath is loading up on Hartford Financial.
BY RYAN DEROUSSEAU

11 Editor’s Desk

84 Bing!
OPINION

36 Allan Sloan
Goodbye, and many thanks, to my favorite mutual fund ever.

37 John Cassidy
The fiscal cliff: Why it might be a blessing, not a curse.

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THREE ILLUSTRATIONS:

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October 8, 2012 / Fortune Asia / Volume 166 / Number 6 / DOUBLE ISSUE /
THE MOST POWERFUL WOMEN IN BUSINESS

56 THE NEW BILLIONAIRE POLITICAL ACTIVIST
TD Ameritrade’s Joe Ricketts is spending millions to promote his political vision and unseat the President.
BY JENNIFER REINGOLD, WITH DORIS BURKE

64 HOW TO SURVIVE A WALL STREET MELTDOWN
The Lehman Brothers bankruptcy almost killed Neuberger Berman. Can it succeed now by diversifying abroad?
BY SCOTT CENDROWSKI

THE 50 MOST POWERFUL WOMEN

70 IBM’S NEW CEO LOOKS AHEAD
Ginni Rommety will have to sell like never before to keep Big Blue growing.
BY JESSI HEMPEL

79 THE REHABILITATION OF BRENDA BARNES
The former Sara Lee CEO suffered a stroke that curtailed her career―but gave her a life.
BY PATRICIA SELLERS

82 THE LIST
This year’s MPW are shaping the future of technology, defense, and media.

88 THE INTERNATIONAL POWER 50
The top global businesswomen: cool heads in a turbulent world economy.
BY RUPALI ARORA

90 BAD TO THE BONE
A medical device maker decided to illegally test a bone cement on people. The results were disastrous.
BY MINA KIMES

104 GORDON MOORE’S JOURNEY
The Silicon Valley legend on Intel, life before venture capital, and, of course, Moore’s law.
INTERVIEW BY DAVID A. KAPLAN

112 THE LARGEST LANDOWNER IN AMERICA
Media billionaire John Malone owns 2.2 million acres, putting him ahead of his pal Ted Turner.
BY JEFF HULL

118 GREATEST BUSINESS DECISIONS
How Apple, Ford, Boeing, and others made radical choices that changed the course of business. A Fortune book excerpt.

126 THE STEM CELL DILEMMA
Breakthroughs promise a new era in medicine, but not even Andy Grove can figure out how to make the business work.
BY JEFFREY M. O’BRIEN

49 LEADERSHIP
Kayak Takes On the Big Dogs
Founder Paul English battles competitors by recruiting great talent and making the customer king.
INTERVIEW BY GEOFF COLVIN

53 ANALYSIS
Break Up the Euro
Don’t believe the politicians. The common currency can’t survive as is. Here’s the right way to handle a split.
BY SHAWN TULLY

14 FIRST
Closer Look
What the future holds for Old King Coal.
BY RYAN BRADLEY

16 FIRST
Burning Question
Why are we still mourning Jobs?
BY JENNIFER ABBASI

17 FIRST
Game Changers
The Khan Academy founder tells his story.
BY SALMAN KHAN

18 FIRST
The Chartist
The case for wage equality.
BY COLLEEN LEAHEY

20 FIRST
Commodity Watch
Tantalum, a metal for James Bond villains.
BY OMAR AKHTAR

22 FIRST
World’s Most Admired Companies
Vornado Realty Trust: big bets in uncertain times.
BY RICHARD MCGILL MURPHY

24 FIRST
Second Act
Michelle Lam finds her fit.
BY COLLEEN LEAHEY

25 PURSUITS
The Best New Hotels
A shortlist of the best options for any budget.
BY ALEXANDRA KIRKMAN

28 PURSUITS
Road Warrior
Tata Consultancy Services’ Natarajan Chandrasekaran.
BY SCOTT GUMMER

29 VENTURE
How We Got Started
When the founders of Blue Man Group got bald and blue.
INTERVIEW BY DINAH ENG

32 VENTURE
Verne Harnish
Ways to recharge your mind and your business.

33 VENTURE
Fastest-Growing Companies
OpenTable, the online-reservation network.
BY RICHARD MCGILL MURPHY

34 TECH
The Future Is Now
The quantified self.
BY JP MANGALINDAN

35 TECH
Tech Stars
Former dotcom CEO Keith Krach is back in the game.
BY MIGUEL HELFT

36 TECH
Social Media
Where the women are: online. More than half of social media users are female.
BY JENNIFER ALSEVER

39 INVEST
Interview
Henry Ellenbogen: tech investing’s East Coast man.
BY MINA KIMES

43 INVEST
Financial Matters
Biogen Idec’s Paul Clancy understands the other side of being a CFO.
BY KATIE BENNER

44 INVEST
Face-Off
Will a European merger and new iPhone shipments boost UPS when airfreight is flagging?
INTERVIEWS BY RYAN DEROUSSEAU

12 Editor’s Desk

136 Bing!
OPINION

45 Allan Sloan
Who would be better for the markets: Obama or Romney?

46 Jack and Suzy Welch
Why some people hate business―and why they shouldn’t.

47 Dan Primack
How Facebook killed the big IPO.

48 Becky Quick
A sticky (notes) problem: mergers and consumers.

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THREE ILLUSTRATIONS:

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September 24, 2012 / Fortune Asia / Volume 166 / Number 5

44 STOP BEATING UP THE RICH
Instead of taking them down, shouldn’t we figure out how to lift everyone up?
BY NINA EASTON

52 100 FASTEST-GROWING COMPANIES
HOW JEFFERY BOYD TOOK PRICELINE FROM DOT-BOMB TO HIGHFLIER
Since becoming CEO in 2002, Boyd has turned this former poster child of the dotcom bust into one of the great e-commerce success stories. The online travel agency is No. 14 on our list.
BY JON BIRGER

59 THE 2012 LIST
The economy is far from firing on all cylinders today. But even in stagnant times some companies thrive.

68 WHAT DATA SAYS ABOUT US
What are we learning from the vast ocean of data? Truths about our measured world and our measured selves.
Excerpted from The Human Face of Big Data, created by RICK SMOLAN AND JENNIFER ERWITT.

31 INCUBATORS
Best New Cities for Innovation
Everybody talks about innovation―here are six cities (and one city-state) that are actually enabling new companies and smart ideas.
BY OMAR AKHTAR

35 NEW ENERGY
Heavy Hitters Make an Electric Car
Coda boasts a team of bigtime backers but is losing money and on its third CEO. Is there hope?
BY BRIAN DUMAINE

40 FORTUNE GLOBAL FORUM
Facebook’s China Problem
CEO Mark Zuckerberg would like to reach the country’s 513 million Internet users. Too bad local entrepreneurs have beaten him to it.
BY JESSI HEMPEL

10 FIRST
Closer Look
Turfing U.S.A.: Growing, harvesting, and installing sod.
BY PAUL KVINTA

12 FIRST
Insurance
The policy includes a firefighter.
BY JENNIFER ALSEVER

14 FIRST
World
Mexico’s Televisa vs. the people.
BY NATHANIEL PARISH FLANNERY

17 FIRST
Game Changers
A Russian buys a U.S. car-battery maker.
BY CAITLIN KEATING

19 TECH
Mobility@Work
Can the new Lumia 920 smartphone save Nokia?
BY MICHAL LEV-RAM

22 TECH
Tech Stars
Mobile-device expert Dave Morin explains it all.
BY JP MANGALINDAN

25 INVEST
Interview
Even in ugly markets like Europe and Japan, Barnaby Wiener sees stocks that he thinks can deliver.
BY MINA KIMES

6 Editor’s Desk

76 Bing!

OPINION

28 Geoff Colvin
The economy is scary, but smart companies can still dominate.

29 Erin Burnett
Europe: Is it time to break up this marriage?

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ON THE COVER Illustration by ZOHAR LAZAR

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EIGHT PHOTOS:

FOUR ILLUSTRATIONS:

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September 3, 2012 / Fortune Asia / Volume 166 / Number 4 / ELECTION SPECIAL

ELECTION SPECIAL
50 HEY, WASHINGTON: ENOUGH ALREADY!
Neither Obama nor Romney talks about the hard choices America needs to make to solve its economic woes. Fortune’s GEOFF COLVIN and ALLAN SLOAN offer a commonsense proposal for getting the country back on track.

58 BARACK OBAMA: A PRESIDENT READY FOR A SHOWDOWN
If Obama is elected to a second term, he’s likely to stop making concessions with the GOP on economic measures and force a confrontation―right away.
BY TORY NEWMYER

64 MITT ROMNEY’S FIVE-POINT PLAN FOR THE ECONOMY
Helped by an all-star team of advisers, the Republican candidate maps out ways to stimulate business.
BY DAVID WHITFORD, WITH DORIS BURKE

41 LEADERSHIP Q&A
What’s the secret of survival these days? Change quickly, says AT&T’s Cathy Coughlin, along with your customer.

INTERVIEW BY GEOFF COLVIN
44 THE SECRET OF SEE’S CANDIES
Warren Buffett calls it a ”dream business.” Californians love it. Now CEO Brad Kinstler is expanding east. Will it work?
BY DANIEL ROBERTS

70 CAN THE NAVY REALLY GO GREEN?
Navy Secretary Ray Mabus is betting that the service will get half its energy from renewables by 2020.
BY BRIAN DUMAINE

10 FIRST
Closer Look
The ultimate corner office: In the cab of a crane on the 91st floor of 1 World Trade Center.
BY RYAN BRADLEY

12 FIRST
Housing
An eco-friendly, elegant prefab.
BY BRIAN DUMAINE

15 FIRST
Brainstorm
Where the high cost of corn will hurt most.
BY CECILIA PAASCHE GRAPHIC BY NICOLAS RAPP

16 FIRST
Game Changers
The man behind the JOBS Act.
BY RICHARD MCGILL MURPHY

19 VENTURE
How I Got Started
Zappos’s Nick Swinmurn quietly built a retail giant.
EDITED BY DINAH ENG

22 VENTURE
Fastest-Growing Companies
For Alexion, rare diseases mean big profits.
BY RICHARD MCGILL MURPHY

23 TECH
The Future Is Now
Miniature robots repair patients’ bodies from the inside.
BY RYAN BRADLEY

25 TECH
Hulu’s Drama
The networks that own the streaming TV service are squabbling, and Hulu could stall.
BY JANET MORRISSEY

27 TECH
Tech@Work
How cloud storage services stack up.
BY OMAR AKHTAR AND RICHARD NIEVA

29 INVEST
Financial Matters
Why boutique investment bank Centerview Partners matters on Wall Street―and beyond.
BY SHAWN TULLY

31 INVEST
Value Play
Betting on banks.
BY RUSSELL PEARLMAN

32 INVEST
Wealth Adviser
It’s time to adjust your thinking about mortgages.
BY JANICE REVELL

8 Editor’s Desk

76 Bing!

OPINION

35 John Cassidy
Obama should have canned Bernanke in 2009.

36 Nina Easton
A radical tax plan the left and right can agree on.

37 Sheila Bair
The Fed dropped the ball during the Libor scandal.

38 Becky Quick
Mike Oxley on Sarbox: His one big regret.

39 Dan Primack
Private equity’s twisted trip down the campaign trail.

CORRECTIONS
In ”No Borders, No Boundaries” (July 23), we quoted energy expert Daniel Yergin as saying the developed world consumed twice as much energy as the developing world 10 years ago. In fact he said, ”A decade ago the developed world consumed twice as much oil as the developing world.” We also wrote that the Middle East is home to only one Global 500 company. It is home to two: SABIC and International Petroleum Investment. Fortune regrets the errors.

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ON THE COVER Photograph by SAM KAPLAN; button design by GAIL ANDERSON and JOE NEWTON

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ILLUSTRATION: RHYTHM & HUES DESIGN

TEN PHOTOS:

TWO ILLUSTRATIONS:

© Time Inc.

44 Hostess Is Bankrupt ... Again
Caught in a fight between labor and hedge funds, the baker may finally have reached its expiration date.
By David A. Kaplan

55 FORTUNE 500 SERIES
Can Alcoa Fight Off the Feds?
A four-year investigation of alleged kickbacks paid by an agent for the metals giant in Bahrain reveals the challenges of foreign corruption cases.
By James Bandler, with Doris Burke

58 The Death of Bob Diamond’s Dream
In the wake of the Libor scandal, the star investment banker and American CEO of Britain’s Barclays was forced to resign. His departure represents the end of an era for big banks.
By Shawn Tully

65 Fortune’s Fantasy Executive League
Our 2012 squad isn’t just a collection of all-stars. They’re also team players.

73 Health Care’s New Maverick
Steward Health Care System’s Ralph de la Torre is building a model for the future.
Interview by Geoff Colvin

8 FIRST
Closer Look
The Weber grill―made in America ... and sold in India.
BY RYAN BRADLEY

10 FIRST
The Briefing
Retail meets the iPad, the myth of bad gas, and more.

12 FIRST
Game Changers
Patagonia founder Yvon Chouinard argues that we should create products that last.
BY BRIAN DUMAINE

13 VENTURE
How I Got Started
Why Ron Shaich spun off Au Bon Pain to bet on Panera.
INTERVIEW
BY BETH KOWITT

16 VENTURE
David vs. Goliath
Meet three owners who created successful businesses from scratch.
BY ELAINE POFELDT

17 VENTURE
Fastest-Growing Companies
Illumina: The future of DNA.
BY RICHARD MCGILL MURPHY

23 VENTURE
Second Act
Bruce Lisman trades Wall Street for Main Street.
BY DANIEL ROBERTS

24 CAREER
Field Test
Leadership lessons at NASA’s mission control.
BY BETH KOWITT

27 TECH
Brainstorm Tech 2012
Where the Fortune 500 and disruptors collide.

32 TECH
Mobility@Work
Tablet- and smartphone-friendly workplaces.
BY MICHAL LEV-RAM

33 INVEST
Investor Interview
Finding growth in barren times.
BY AMY FELDMAN

35 INVEST
Wealth Adviser
An unlikely way to boost your yield―dividend-paying stocks in emerging markets.
BY JANICE REVELL

42 GAMES OF SKILL
When Words Collide
At the O. Henry Pun-Off World Championships, there are no sea urchins. Because with friends like these, who needs anemones?
BY DAVID WHITFORD

7 Editor’s Desk

76 Bing!
OPINION

37 Allan Sloan
My last word on the private equity political debate ... I hope!

38 Geoff Colvin
Business’s real problem: uncertainty, uncertainty, uncertainty.

40 Jack and Suzy Welch
Looking for a great No. 2? Watch Romney choose his VP.

41 Erin Burnett
Washington gets tough on Iran (sometimes).
CORRECTION

In ”The Rehab Roll-Up” (Game Changers, April 30), we incorrectly stated that Howard C. Samuels founded the Promises Malibu treatment center. It was founded by Richard Rogg. Fortune regrets the error.

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On the cover Photograph by James Wojcik Photo illustration by Gail Anderson and Joe Newton

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PHOTO: COVER: FOOD STYLING BY BRETT KURZWELL

TEN PHOTOS:

FOUR ILLUSTRATIONS:

© Time Inc.

July 23, 2012 / Fortune Asia / Volume 166 / Number 2 / GLOBAL 500

66 BRAINSTORM TECH
The Death of Cash
Tech giants―and startups like Square―want you to use your phone to pay for everything from gum to train rides. Here’s how they plan to achieve cash-free nirvana.
By Miguel Helft

78 Megaupload and the Twilight of Copyright
Kim Dotcom’s business facilitated more online piracy than the mind can conceive. Yet it might have been legal. How did we get here? Is there any way out?
By Roger Parloff

92 FORTUNE GLOBAL 500
Das Auto Giant
How Volkswagen shucked off its provincial ways and became a global powerhouse.
By Alex Taylor III

99 No Borders, No Boundaries
The Global 500 had record profits and revenue in 2011. Where on earth will the growth come from next?
By Richard McGill Murphy

107 The List
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

8 FIRST
By the Numbers
Bike sharing is coming to New York City.
BY ANNE VANDERMEY

11 FIRST
The Briefing
Resurrecting Tupac, the rising yogurt culture, entitled France, and more.

12 FIRST
Closer Look
Reinventing Spain’s economy: How the nation could fix its productivity problem.
BY PANKAJ GHEMAWAT AND STIJN VANORMELINGEN

14 FIRST
Executive Dream Team
Marketers are teaming up with the CIO. It’s the beginning of a beautiful relationship.
BY JESSI HEMPEL

21 INVEST
Buying Into a Housing Comeback
Stocks of homebuilding companies still have room to run.
BY SCOTT CENDROWSKI

24 INVEST
Anatomy of a Trade
Fund manager John Osterweis: subscribing to Viacom’s future.
BY RYAN DEROUSSEAU

132 Bing!
OPINION

31 Allan Sloan
The five myths of the great financial meltdown: Round 2.

32 Nina Easton
Millionaire taxes hurt the masses, from Newark to Paris.

34 Sheila Bair
To avoid the risk of a bank run, European leaders must act fast.

CORRECTIONS AND CLARIFICATIONS
In ”The Best Places to Retire Now” (July 2), we incorrectly referred to Cuenca, Ecuador, as a coastal city. It is in the Andes. And in ”Bet on the Brands” (July 2), we wrote that Nestlé’s brands include Cheerios and Häagen-Dazs ice cream. In fact, Nestlé sells Cheerios outside the U.S. as part of a joint venture with General Mills, but General Mills owns the brand. In the case of Häagen-Dazs, Nestlé sells the ice cream in the U.S. and Canada but licenses the brand from General Mills.

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THREE ILLUSTRATIONS:

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