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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

88 Bing!
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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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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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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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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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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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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EVERYTHING WE KNOW, THE MINUTE WE KNOW IT.

On the cover Illustration by Marta Cerdà Alimbau

[IMAGES]

SEVEN PHOTOS:

THREE ILLUSTRATIONS:

© Time Inc.

July 2, 2012 / Fortune Asia / Volume 166 / Number 1 / SPECIAL INVESTORS ISSUE

RETIREMENT GUIDE

28 | TAKE CONTROL OF YOUR FUTURE
Here’s how to save smarter, invest better, live more fully―and reach your retirement goals.
BY GEOFF COLVIN

32 | 25 PICKS FROM GREAT INVESTORS
Our roster of market-beating money managers offer their best long-term ideas.

40 | THE QUEST FOR YIELD
With interest rates near zero, attractive dividend-paying investments are hard to find. We turned up four areas to explore.
BY STEPHEN GANDEL

46 | THE 401(K) FEE REVOLUTION
Plan providers have been overcharging for decades, creating a drag on returns.
But new rules on fee disclosure should help. Are you paying too much?
BY SCOTT CENDROWSKI

51 | HEDGE YOUR INCOME
Even the best retirement plan can be derailed by an illness. You can protect yourself with long-term disability insurance.
BY JANICE REVELL

52 | BET ON THE BRANDS
Food, drink, and household-product stocks can deliver stellar returns. Here are some picks from top fund managers.
BY SCOTT CENDROWSKI

58 | EUROPE NEEDS A HERRO
Vaunted international stock picker David Herro is betting big on banks in France, Spain, and Italy. Is he crazy?
BY MINA KIMES

65 | THE BEST PLACES TO RETIRE NOW
Retirement is different today. So are retirees. These five new places will suit both.
BY ANNE VANDERMEY

12 FIRST
By the Numbers
”Just Like You”: the American Girl doll phenomenon.
BY COLLEEN LEAHEY

15 FIRST
The Briefing
The longevity sweepstakes, China’s love affair with Toledo, the rapper and the financier, and more.

16 FIRST
Closer Look
Basketball star Yao Ming’s second act.
BY JP MANGALINDAN

17 FIRST
Game Changers
The coming revolution in gesture-recognition computing.
BY JP MANGALINDAN

19 TECH
Tech Star
MicroStrategy CEO Michael J. Saylor wants to be taken seriously again.
BY DAVID A. KAPLAN

22 TECH
Fastest-Growing Companies
Riverbed Technology, the big dog in the network-optimization market.
BY RICHARD MCGILL MURPHY

OPINION

23 Allan Sloan
Misconceptions and myths from the financial crisis: 2007--2012.

26 Jack and Suzy Welch
Why Joe Biden is wrong about private equity execs.

27 Erin Burnett
A globetrotter’s top place to retire: North Africa.

11 Editor’s Desk

72 Bing!

ON THE COVER Photograph by Catherine Ledner

[IMAGES]

PHOTO: DAN SAELINGER; STYLING: DOREEN HOFF; PROP STYLING: ARIANA SALVATO; HAIR AND MAKEUP: JANE CHOI

FIVE PHOTOS:

TWO ILLUSTRATIONS:

© Time Inc.

50 How Tim Cook Is Changing Apple
Steve Jobs’ successor is making his mark and trying to keep the Apple magic going. By Adam Lashinsky

58 Why Shell Is Betting Billions to Drill for Oil ... Here
This summer, the energy giant will begin exploring off the icy coast of Alaska預fter years of resistance by environmentalists. The payoff could be the
largest U.S. offshore oil discovery in a generation.
By Jon Birger

68 Can Mark Kvamme Save Ohio’s Economy?
The Silicon Valley native left a lucrative gig funding startups for a post as
Ohio’s jobs czar. His simple goal: to help a million people.
By Tory Newmyer

74 FORTUNE 500 SERIES
Indra Nooyi’s Challenge
By the numbers, PepsiCo has done a pretty good job since she took the helm six
years ago. So why is the CEO taking so much heat from investors? By Geoff Colvin

12 FIRST
By the Numbers
Endless summer: The rebirth of Coney Island.
BY ANNE VANDERMEY

14 FIRST
The Briefing
Razor wars, tycoon sailboat selloff, Romney’s web push, and more.

15 FIRST
Closer Look
The problem seat on Goldman’s board.
BY BETH KOWITT

16 FIRST
Executive Dream Team
Chairman/CEO dynamic duos.
BY DANIEL ROBERTS

19 FIRST
Game Changers
The fall of party bigwig Bo Xilai is good news for China’s reformers. BY BILL POWELL

21 PURSUITS
Road Warrior Special
The CEO guide to business travel.
BY CAITLIN KEATING AND ALEX KONRAD

27 TECH
High Tech’s Fashion Model
CEO Angela Ahrendts is making Burberry (yes, Burberry) into an innovation
machine.
BY BETH KOWITT

32 INVEST
Wall Street Q&A
Pimco’s Rob Arnott: Going abroad for growth.
BY SHAWN TULLY

34 INVEST
Analyst Face-Off
Forest Laboratories: buy or sell?
INTERVIEWS BY RYAN DEROUSSEAU

OPINION

35 John Cassidy
It’s time for Europe to choose inflation over austerity.

36 Jack and Suzy Welch
Why you should heed whistleblowers.

38 Sheila Bair
The benefits of breaking up Chase.

43 THE CHARTIST
The (Big) Bucks Behind the Olympics
Even before the athletes could be paid professionals who might make millions
bringing home a medal, the Olympics were about money.

11 Editor’s Desk
80 Bing!

”We’re dancing as fast as we can. There are 167 plants in 33 countries in the
General Motors universe.”

40 LEADERSHIP
GM CHIEF DAN AKERSON ON GETTING THE AUTOMAKER ON TRACK AGAIN INTERVIEW BY GEOFF COLVIN

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EVERYTHING WE KNOW, THE MINUTE WE KNOW IT.
On the cover Photograph by Mary McCartney
[IMAGES]
TEN PHOTOS:
PHOTO ILLUSTRATION:
ILLUSTRATION:
ｩ Time Inc.

May 21, 2012 / Fortune Asia / Volume 165 / Number 7 / FORTUNE 500

48 THE NEW COKE
In four years as CEO of the Coca-Cola Co., Muhtar Kent has cranked up profits
and trumped Pepsi. Now he's shaking up Coke's culture and remaking the company
in his own image.
BY PATRICIA SELLERS

54 HOW HP LOST ITS WAY
Lo Apotheker's disastrous tenure at Hewlett-Packard follows a decade of
missteps and scandal. Can his replacement, Meg Whitman, bring direction to the
tech giant?
BY JAMES BANDLER WITH DORIS BURKE

68 THE FUN KING
An inside look at Disney chief Bob Iger's stewardship of some of the most valuable
names on the planet (not just Mickey and Minnie but also ESPN, ABC, Marvel, and
Pixar).
BY JENNIFER REINGOLD

76 THE DIRECTORS
These six boards steer some of America's most high-profile organizations.
PHOTOGRAPHS BY FLOTO+WARNER PRODUCED BY ALIX COLOW,
WITH REPORTING BY COLLEEN LEAHEY

89 FEDEX CHIEF FRED SMITH ON... EVERYTHING
China, the U.S. economy, the value of a good name, and why the government shouldn't
pay for a liberal arts education.
INTERVIEW BY BRIAN DUMAINE

F--1 The 500 Largest U.S. Corporations | F--27 Arrivals and Departures | F--28
Notes | F--29 Performance | F--33 Within Industries | F--41 Index

10 FIRST
By the Numbers
Lockheed's Space Operations Simulation Center.
BY RYAN BRADLEY

12 FIRST
Closer Look
An investment fund that solves the problem of owning too much startup stock.
BY JESSI HEMPEL

14 FIRST
The Briefing
Big business loves photo sharing, Canada kills the penny (should we?), and more.

16 FIRST
The Best Advice I Ever Got
DuPont's Ellen Kullman: Water, and it will grow.
INTERVIEW BY ELLEN FLORIAN

17 FIRST
Road Warrior
Arne Sorenson of Marriott.
BY SCOTT GUMMER

18 FIRST
Game Changers
Meet the "HBS of China."
BY ANDY SERWER

20 FIRST
Executive Dream Team
Team players trump All-Stars.
BY GEOFF COLVIN

25 FIRST
Brainstorm
Building a better world: highlights of Fortune's fifth annual Brainstorm Green
conference.

26 CAREER
The Way We Work
Want to move up? Get a sponsor.
BY JENNIFER ALSEVER

28 CAREER
Coaching
Former Campbell Soup CEO Doug Conant on how introverts can be leaders.
INTERVIEW BY CAITLIN KEATING

30 TECH
Tech Star
Airbnb: More than a place to crash? The CEO thinks the web startup can be an eBay
for the social age.
BY JESSI HEMPEL

34 TECH
Tech@Work
True Office aims to turn compliance testing into a videogame-like experience.
BY ALEX KONRAD

35 INVEST
Wall Street Interview
"Perma bull" James Paulsen on why investors shouldn't panic.
BY AMY FELDMAN

38 INVEST
Anatomy of a Trade
Chuck Akre cashes in on MasterCard.
BY RYAN DEROUSSEAU

43 Q&A
Admiral Mike Mullen
After a 43-year military career, the former Joint Chiefs chairman is as outspoken
as ever.
INTERVIEW BY GEOFF COLVIN

6 Editor's Desk

144 Bing!

OPINION

39 Allan Sloan
Looking for a corporate feel-good story? Say hello to United Technologies.

40 Geoff Colvin
If Obamacare survives, employers may do it in.

41 Erin Burnett
The problem with the Arab world's love affair with English.

ON THE COVER Illustration by Carl DeTorres

[IMAGES]

ILLUSTRATION: AXEL PEEMOELLER

FIVE PHOTOS:

PHOTO ILLUSTRATION:

ILLUSTRATION:

Time Inc.

April 30, 2012 / Fortune Asia / Volume 165 / Number 6

42 BRAINSTORM 2012: ENERGY
Exxon's Big Bet on Shale Gas
America's most profitable company now produces as much natural gas as it does
oil. CEO Rex Tillerson thinks the fracking party has just begun.
By Brian O'Keefe

50 America's New Job Machine Is Heating Up
Deep-sea drilling and fracking are helping to unearth abundant supplies of oil
and gas. The coming energy renaissance could be just the elixir the U.S. economy
needs.
By Richard Martin

53 Will Gas Crowd Out Wind and Solar?
Energy expert Daniel Yergin talks about the impact fracking will have on
renewables.
Interview by Brian Dumaine

56 They Showed Him the Money
But NFL superagent Leigh Steinberg said by some (especially himself) to be the
real-life Jerry Maguire lost it all. These days, two years sober and emerging
from bankruptcy, he's trying to get back in the game.
By Daniel Roberts and Pablo S. Torre

64 Avon: The Rise and Fall of a Beauty Icon
CEO Andrea Jung was the toast of the business world, with seats on the boards
of Apple and GE. But at Avon she made bad bets and missed opportunities. Now she's
been replaced, and the 126-year-old company is in play.
By Beth Kowitt

8 FIRST
By the Numbers
Panama's Big Dig: a $5.25 billion expansion of the canal.
BY DORIS BURKE

11 FIRST
The Briefing
Baseball's new price tag, Greyhound roars back, and more.

12 FIRST
Closer Look
The vanishing JD.
BY DAVID A. KAPLAN

13 FIRST
The Best Advice I Ever Got
Tony Hsieh, CEO of Zappos.com.
INTERVIEW BY ELLEN FLORIAN

15 VENTURE
How I Got Started
Serial entrepreneur John Paul DeJoria, co-founder of John Paul Mitchell Systems.
INTERVIEW BY DINAH ENG

18 VENTURE
Verne Harnish
Winning business from the Fortune 500 is a great way to put your company on the
map.

20 TECH
The Future Is Now
Bottles to bridges.
BY ERIK RHEY

21 TECH
Tech Star
Martin Casado is trying to reinvent routing.
BY RICHARD NIEVA

22 TECH
Mobility@Work
Google romances the app developers.
BY ALEX KONRAD

23 INVEST
Wall Street Interview
How Guggenheim Partners' Scott Minerd plans to deal with the coming bear market
in bonds.
BY AMY FELDMAN

26 GAME CHANGERS
Rehab Roll-Up
Is the treatment of addiction scalable? CRC Health Group and owner Bain
Capital sure hopes so.
BY DUFF MCDONALD

36 LEADERSHIP
"Can I Help You?"
American Express customer service czar Jim Bush on changing the way that
cardholders are treated.
INTERVIEW BY GEOFF COLVIN

7 Editor's Desk

72 Bing!

28 Allan Sloan
I'm not buying bonds anytime soon nor should you. Here's why.

29 John Cassidy
The jobs numbers and the real threat to Obama.

31 Sheila Bair
Watch out! Is the Fed pushing us into another bubble?

32 Jack and Suzy Welch
Goldman, Wall Street, and the culture-killing lesson being ignored.

34 Nina Easton
The pay gap is vexing, but don't blame the rich: a defense of the 1%.

35 Geoff Colvin
We're having the wrong debate about rising health care costs.

CORRECTION
In "The 12 Greatest Entrepreneurs of Our Time" (April 9), we misquoted Herb
Kelleher, No. 9 on the list: He actually said, "Your employees [not customers]
come first." Fortune regrets the error.

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EVERYTHING WE KNOW, THE MINUTE WE KNOW IT.

On the Cover Photograph by Jamie Chung

[IMAGES]

TEN PHOTOS:

FOUR ILLUSTRATIONS:

Time Inc.

April 9, 2012 / Fortune Asia / Volume 165 / Number 5 / ASIA'S 25 HOTTEST PEOPLE IN BUSINESS

44 Asia's 25 Hottest People in Business
Meet the entrepreneurs, CEOs-in-waiting, and next-gen leaders shaking up the region.
By Rupali Arora

50 The 12 Greatest Entrepreneurs of Our Time and What You Can Learn From Them
Great ideas are hard to come by. Putting them to work is even harder. Meet the founders who turned concepts into companies and changed the face of business.
By John A. Byrne

64 Europe's Foxiest Banker Takes On the World
Emilio Bot n has made Santander a European financial powerhouse by acquiring prominent foreign banks for bargain prices.
By Charles P. Wallace

70 Mitt Romney's Hedge Fund Kingmaker
Elite money manager Paul Singer, a passionate defender of the 1% and a rising Republican power broker, is determined to put a candidate who shares his views back in the White House.
By Michelle Celarier

10 FIRST
By the Numbers
Versailles no, not the one in France is America's biggest house.
BY ANNE VANDERMEY

15 FIRST
The Briefing
Putin's nemesis gains ground; the rush is on for tungsten; and more.

16 FIRST
Closer Look
Yahoo is suing Facebook, saying it violated its patents. Does Amazon have a case too?
BY ROGER PARLOFF

17 FIRST
The Best Advice I Ever Got
Kevin Ryan, chairman and CEO of AlleyCorp, a New York City incubator.
INTERVIEW BY ELLEN FLORIAN

20 FIRST
World's Most Admired Companies
How Intuit rules.
By RICHARD MCGILL MURPHY

21 FIRST
The Chartist
Wheels of tomorrow. By anne vanderMey graphics
BY NICOLAS RAPP

29 TECH
Tech@Work
Inside SAP's radical makeover.
BY MICHAL LEV-RAM

32 TECH
Tech Star
AnchorFree: a road warrior's friend and a censor's foe.
BY ALEX KONRAD

33 INVEST
Wall Street Interview
Daniel Peris: It's all about the dividends.
BY SCOTT CENDROWSKI

36 INVEST
Wealth Adviser
Beware the tax bite of oil and gold ETFs.
BY JANICE REVELL

37 INVEST
Face-Off
Is Boeing's stock ready to fly?
INTERVIEWS BY RYAN DEROUSSEAU

9 Editor's Desk

76 Bing!

38 Geoff Colvin
Politicians say they can cure the middle-class blues. Don't believe them.

40 Allan Sloan
Which part of government deserves props for doing its job? Yup, the Fed.

41 Becky Quick
To fill local coffers, strike down the "Amazon exemption."

42 Jack and Suzy Welch
What do great leaders have in common? They're authentic. Authenticity alone doesn't make you a leader, but you sure can't be a leader without it.

43 Dan Primack
Obama and private equity: friends or foes?

March 19, 2012 / Fortune Asia / Volume 165 / Number 4

61 THE 50 ALL-STARS
Asked to name the best of the best, 3,855 executives, directors, and analysts chose these businesses.

63 WHAT DO CEOs ADMIRE?
Fortune asked prominent business leaders which companies they hold in high esteem, and why. Here are their responses.

65 THE LIST OF INDUSTRY STARS
Our annual ranking of corporate reputation by industry. The results? More than half of the No. 1 rankings changed hands.

76 COMCAST BETS BIG ON SPORTS
The company raised eyebrows last year when it bid $4.4 billion to broadcast the Olympics. Turns out the cable guys have a plan〓and they're just getting started.
BY DOUGLAS ALDEN WARSHAW

42 Inside Facebook
How does the social media giant really work? Read this story before you buy the stock.
BY MIGUEL HELFT AND JESSI HEMPEL

52 Retail's New Radical
Ron Johnson is the guy behind the Apple Store and Target's cool cachet. Now he wants to fix J.C. Penney. Will his high-stakes makeover work?
BY JENNIFER REINGOLD

84 Stand by Your Madoff
Catherine Hooper moved in with Andrew Madoff three days before his father confessed to his fraud. She stuck around. Now they're building a business together.
BY PATRICIA SELLERS

10 FIRST
By the Numbers

Wichita, America's jet capital, looks for growth in Asia.
BY ANNE VANDERMEY

13 FIRST
Brainstorm
Getting the U.S. back on its feet〓a CEO's master plan.
BY SANDY CUTLER

14 FIRST
Closer Look
The Arab Spring, Part II.
BY VIVIENNE WALT

16 FIRST
The Best Advice I Ever Got
Box CEO Aaron Levie.
INTERVIEW BY ELLEN FLORIAN

18 FIRST
Game Changers James Kim's North Korean science and tech school is struggling for money. What's next?
BY BILL POWELL

19 CAREER
The Way We Work
How to land a job: Show, don't tell.
BY JENNIFER ALSEVER

21 VENTURE
How I Got Started
Maxine Clark, the woman who built Build-a-Bear.
INTERVIEW BY DINAH ENG

24 VENTURE
Verne Harnish
Want healthier and more productive employees? Here are five ideas companies are already using.

25 VENTURE
David vs. Goliath
How do you take on the established giants? Three small businesses find their niche.
BY ELAINE POFELDT

28 TECH
The Future Is Now
A tablet for reading in the tub.
BY CAITLIN KEATING

29 TECH
Mobility@Work
With its core business in decline, GPS maker Garmin tries to move into the dashboard.
BY ERIK RHEY

30 TECH
Health + Tech
Social gaming isn't just a diversion anymore. This startup thinks the model can make people healthier.
BY MIGUEL HELFT

31 INVEST
Wall Street Interview
Laszlo Birinyi, an unusual (and successful) contrarian, is feeling relatively bullish these days.
BY JON BIRGER

33 INVEST
Profile
Who is James J. Wang? A star fund's mystery man.
BY MINA KIMES

9 Editor's Desk

88 Bing!

36 Allan Sloan
Should we cut Social Security benefits for the rich? We already have.

38 John Cassidy
Just in time for Obama, America's economy is looking up.

39 Sheila Bair
Want to spur growth? For one, end the home mortgage deduction.

40 Geoff Colvin
The seven key elections this year that will reshape the global economy.

41 Jack and Suzy Welch
Party on, Facebook. Just beware the day after. Actually, beware the year after, and the year after that.

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On the cover ILLUSTRATION BY CHRIS LABROOY