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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.

fortune.com

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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EVERYTHING WE KNOW, THE MINUTE WE KNOW IT.

On the cover ILLUSTRATION BY CHRIS LABROOY
February 27, 2012 / Fortune Asia / Volume 165 / Number 3

40 WHY STOCKS BEAT GOLD AND BONDS
In an adaptation from his upcoming shareholder letter, the Oracle of Omaha
explains why equities almost always beat the alternatives over time.
BY WARREN BUFFETT

46 HOW IT WORKS
AN INSIDE LOOK AT TOYOTA, NIKE, AND SV ANGEL
A special package of stories on the inner workings of three companies.
BY GEOFF COLVIN

48 TOYOTA'S COMEBACK KID
Akio Toyoda, grandson of the founder, has the carmaker back on track after a spell
of bad luck and breakdowns.
BY ALEX TAYLOR III

56 NIKE'S NEW MARKETING MOJO
How the legendary brand blew up its single-slogan approach and drafted a new
playbook for the digital era.
BY SCOTT CENDROWSKI

62 THE SILICON VALLEY STARTUP'S BEST FRIEND
Prolific angel investor Ron Conway has rarely met an Internet startup he didn't
like. When it comes to picking the next big thing, there's a right way and a wrong
way. And then there's the Conway.
BY MIGUEL HELFT

8 FIRST
By the Numbers

Winter tomatoesrom Maine! The promise of hydroponic farms.
BY ANNE VANDERMEY

10 FIRST
The Briefing
The states with the fattest reserves, Army chic for the urban warrior, tweeting
about the Muppets, and more.

11 FIRST
Closer Look
A new Rx for health from Dr. David Agus.
BY BRIAN DUMAINE

15 FIRST
Brainstorm
China's Mr. Solar discusses the future of the solar power industry.
INTERVIEW BY BRIAN DUMAINE

16 FIRST
The Best Advice I Ever Got
TV's Dr. Oz on leadership.
INTERVIEW BY ELLEN FLORIAN

17 VENTURE
How I Got Started
Forrest Lucas on how he built an oil empire.
INTERVIEW BY DINAH ENG

20 VENTURE
Verne Harnish
Looking for a way out of middle-management hell? Five tips for starting your own
business.

21 VENTURE
David vs. Goliath
How three small businesses are taking on the big guys.
BY ELAINE POFELDT

23 TECH
Mobility@Work
Intel's (latest) mobile comeback.
BY MICHAL LEV-RAM

28 TECH
A Facebook IPO Reality Check
The social media juggernaut's financial filing reveals some uncomfortable truths
about Silicon Valley and Wall Street.
BY ALLAN SLOAN

29 INVEST
A Hedge Fund's Canadian Land Play
Superstar investor Seth Klarman's controversial plan to develop a quarry in
Ontario could pay off bigtime.
BY SCOTT CENDROWSKI

6 Editor's Desk

72 Bing!

OPINION

35 Allan Sloan
Wall Street wants to keep its bargain tax rates. Here's why they should go.

36 Nina Easton
The Harvard Business School's new plan for U.S. competitiveness.

37 Dan Primack
Mitt Romney should act more like a private equity investor.

38 Becky Quick
It drives me crazy! A short screed on the stupidity of car salesmen.

+ fortune.com

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ON THE COVER ILLUSTRATION BY JUSTIN METZ

[IMAGES]

NINE PHOTOS:

FIVE ILLUSTRATIONS:

Time Inc.
In this issue
February 06, 2012 / Fortune Asia / Volume 165

36 The Secrets Apple Keeps
Undercover meetings! Stealth product developments! In his new book, Fortune
senior editor-at-large ADAM LASHINSKY finds out what it's really like to work
at Apple and how its secretive behavior pays off.

46 THE 100 BEST COMPANIES TO WORK FOR
Larry Page: The Fortune Interview
In an exclusive Q&A, Google's co-founder and CEO explains how he built a No.1
workplacend why it matters.
BY ADAM LASHINSKY

48 Salesforce's Happy Workforce
Marc Benioff has the mind of a fox and the body of a bear. He's also a super salesman
who's built a Bay Area giant that employees love for being prosperous and good.
BY DAVID A. KAPLAN

57 The 2012 List
For the 15th year, Fortune names the top workplaces in corporate America. The
Best Companies plan to fill more than 70,000 jobs this year.
BY MILTON MOSKOWITZ AND ROBERT LEVERING

66 The Solo Economy
A record number of Americans now live by themselvesnd they spend $1.9 trillion
per year. Businesses are beginning to take notice.
BY ERIC KLINENBERG

6 FIRST
By the Numbers

Southern Co. builds the first U.S. nuclear plant in 30 years.
BY ANNE VANDERMEY

9 FIRST
The Briefing
The super PACs behind the GOP, boosting employee brainpower, and more.

10 FIRST
Closer Look
Corn ethanol and the food-fuel dilemma.
BY SCOTT CENDROWSKI

11 FIRST
The Best Advice I Ever Got
Bob Rodriguez of First Pacific Advisors.
INTERVIEW BY ELLEN FLORIAN

14 FIRST
World's Most Admired Companies
Limited Brands (parent of Victoria's Secret) is rockin'.
BY SCOTT CENDROWSKI AND ANNE VANDERMEY

16 VENTURE
David vs. Goliath
How three small firms grew in the land of the giants.
BY ELAINE POFELDT

17 CAREER
The Real Way to Build a Network
LinkedIn founder Reid Hoffman explains how to do it right, in an excerpt from
his new book, The Start-Up of You.

22 CAREER
Game Changers
Reid Hoffman has taken social networking to a new level, professionally and
personally.
BY JESSI HEMPEL

23 TECH
Brainstorm
Tiny polling site Wayin hopes to get a lift from presidential campaignsnd
co-founder Scott McNealy.
BY MIGUEL HELFT

25 INVEST
Why You Shouldn't Blame ETFs
Critics say the popular funds are causing stocks to swing wildly together. Is
there proof?
BY SCOTT CENDROWSKI

27 INVEST
Three Ways to Find Yield
ETFs offer a wealth of smart options in the hunt for healthy dividends.
BY AMY FELDMAN

28 INVEST
Wealth Adviser
Becoming your kid's mortgage lender.
BY JANICE REVELL

72 Bing!
ACKNOWLEDGMENT
The gold photographed for the cover and inside articles of Fortune's Investor's
Guide 2012 (Dec. 26) was generously provided by Manfra Tordella & Brookes.

OPINION
29 Allan Sloan
One way to stimulate the economy: Have Wall Street bail out Main Street.

31 Geoff Colvin
Today's headlines reflect a world in chaos. That may be good news.

32 Sheila Bair
Why it's time to break up the "too big to fail" banks.

33 John Cassidy
Can "Super Mario" save Europend America's economy too?

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EVERYTHING WE KNOW, THE MINUTE WE KNOW IT.

ON THE COVER

PHOTO ILLUSTRATION BY SEAN McCABE
January 16, 2012 Vol. 165 No. 1 / Fortune Asia

THE FUTURE ISSUE

28 Fortune's Guide to the Future
Supercomputers that fit in your hand. Meat that grows in labs. Solar power窶杷rom
space. Welcome to the year 2022. It's a wild place.
BY NINA EASTON

31 The Office of Tomorrow
Imagine a technology wonderland filled with cool toys like 3-D printers, hologram
tables, and office windows that turn into media screens.

38 Why Ryan Seacrest Is the Future of Media
The one-man brand produces TV, chats up stars, and woos advertisers. He's an
emblem of where show biz is headed.
BY DANIEL ROBERTS

39 A New Vision for Cities
As the world population expands, cities will have to transform. Here come foldable
cars and flexible apartments.
BY ALEX KONRAD

40 The Hottest Tech Gig of 2022: Data Scientist
By the end of the decade, 50 billion devices will be emitting information nonstop.
Data scientists will help manage it all.
BY JESSI HEMPEL

41 Four Zany Ideas That Could Come True
Big changes are coming to the way we bank, educate our kids, treat diseases, and
eat.

43 Solving the Energy Challenge
Scientists around the globe are working on radical technologies, from 500-mile
car batteries to solar farms in space.
BY ANNE VANDERMEY AND STUART F. BROWN

50 The All-American Con Man
The many lives of Barry Minkow: entrepreneur, fraud fighter, pastor, movie
actor窶蚤nd serial swindler.
BY ROGER PARLOFF

64 The Education of Governor Rick Scott
The scandal-tarred CEO turned Tea Party darling is learning that running a state
isn't at all like running a company.
BY TORY NEWMYER

4 FIRST
By the Numbers
The Metropolitan Opera's new act.
BY SHELLEY DUBOIS

7 FIRST
Closer Look
In the midst of the eurozone crisis, a ticking time bomb: the derivatives market.
BY CHARLES P. WALLACE

8 FIRST
The Briefing
Fast food goes gluten-free, mining money on the moon, victims of auto-correct,
and more.

9 FIRST
The Best Advice I Ever Got
Sal Khan, founder and executive director of the Khan Academy.
INTERVIEW BY ELLEN FLORIAN

10 FIRST
Campaign 2012
Mitt Romney means business.
BY DAVID WHITFORD

14 FIRST
Road Warrior
Citigroup's Wei Hopeman transcends time zones.
BY SCOTT GUMMER

15 FIRST
Brainstorm
The wired doctor: Cloud-based systems can help physicians cut costs and mistakes.
BY BRIAN DUMAINE

19 VENTURE
How We Got Started
Crate & Barrel founders Carole and Gordon Segal.
INTERVIEW BY DINAH ENG

23 INVEST
Wall Street Interview
Victor Khosla: seeking profits in Europe's woes.
BY AMY FELDMAN

25 INVEST
The Search for Dividends
Mortgage REITs offer yields so lofty they're likely to fall. But they may have
potential for investors.
BY JON BIRGER

72 Bing!

OPINION

26 Geoff Colvin
Wall Street expects corporate miracles in 2012, and that means trouble.

27 Dan Primack
Congress is working to fix an imaginary IPO crisis.

CORRECTIONS

In "Advice From the Expert Roundtable" (Dec. 26), we truncated a comment by
Richard Bernstein. It should have read: "The S&P 500 (SPX) has now outperformed
the emerging market index for four years窶琶t's down 14.5% since the end of 2007,
vs. a decline of 41.1% for the Morgan Stanley BRIC index." And in "The Best and
Worst of Wall Street" (Dec. 26), we misspelled the last name of Prakash Narayanan.
Fortune regrets the errors.

+ fortune.com

EVERYTHING WE KNOW, THE MINUTE WE KNOW IT.

ON THE COVER PHOTOGRAPH BY ROBERT TRACHTENBERG

[IMAGES]

ILLUSTRATION:ツCARL DE TORRES

FOUR PHOTOS

TWO ILLUSTRATIONS

Time Inc.

Content Usage Policy: Articles and PDF files in the E-MaG database are available
to Time Inc. employees for research and reference purposes only. Any other use
or distribution of these materials outside of Time Inc. is strictly prohibited
without the expressed consent of the individual magazine
December 26, 2011 Vol. 164 No. 10 / Fortune Asia / SPECIAL ISSUE / Investor's
Guide 2012

INVESTOR'S GUIDE 2012

61 | WHERE DO I PUT MY MONEY NOW?
Our man's solution to markets in turmoil: Stick with simple and boring.
BY ALLAN SLOAN

66 | EXPERT ROUNDTABLE
Five of the world's top money managers share their best advice.

76 | TEN BEST STOCKS FOR 2012
Reliability and income matter more than ever.
BY JON BIRGER

86 | A HEDGE FUND GENIUS GOES RETAIL
Cliff Asness believes he has a better way for regular folks to invest.
BY SHAWN TULLY

93 | NEW GLOBAL HOT SPOTS FOR INVESTORS
Emerging markets can present investing opportunities.
BY RICHARD MCGILL MURPHY

99 | MUTUAL FUND ALL-STARS
Meet five who won big. Here's how they did it and what they like now.
BY SCOTT CENDROWSKI

104 | WEALTH ADVISER
Beware of amped-up ETFs窶杯hey may not work the way you expect.
BY JANICE REVELL

106 | NEW GURU ON THE BLOCK
Tough love from Ramit Sethi, Gen Y's favorite personal finance adviser.
BY MINA KIMES

112 | WHAT'S NEXT FOR WALL STREET?
To thrive again, the big firms must first change in painful ways.
BY GEOFF COLVIN

116 | THE TRIUMPH OF BLACKSTONE
The soaring private equity giant has become more than a one-man show.
BY KATIE BENNER

124 | THE BEST AND WORST OF WALL STREET
A look back at the highs and lows of the past year in the financial markets.

28 LEADERSHIP
Wal-Mart's Makeover
Marketing chief Stephen Quinn tells all about rebranding the world's largest
company.

INTERVIEW BY GEOFF COLVIN

34 The Man Powering Up GE
John Krenicki is the most important executive at GE's most important business.
Could he run the whole company someday?
BY BETH KOWITT

41 Marketing Magic
How Jack Daniel's, the Tennessee whiskey in the square bottle, became a global
megabrand without losing its small-town authenticity. A Fortune book excerpt.
BY JIM STENGEL

46 The Untamable River Trade
Barge operators wage a continual, chaotic, slow-motion battle of logistics.
BY KEN OTTERBOURG

10 FIRST
By the Numbers

Shoemaker Allen Edmonds exemplifies American craftmanship.
BY ANNE VANDERMEY

13 FIRST
The Briefing
Billionaires battle on the high seas, Lockheed's F-35 caught in a crossfire, and
more.

14 FIRST
Closer Look
Why can't Europeans get along?
BY PANKAJ GHEMAWAT

15 FIRST
The Best Advice I Ever Got
Michael Moritz, Sequoia Capital's managing partner.
INTERVIEW BY ELLEN FLORIAN

16 FIRST
Game Changers
Car shopping: a better way?
BY DAVID A. KAPLAN

18 TECH
When Supply Chains Break
Natural disasters have shown manufacturers how fragile those networks are.
BY BILL POWELL

21 TECH
Tech@Work
Personal tech gets down to work.
BY RICHARD NIEVA

22 TECH
Mobility@Work
Extreme tablets for extreme jobs.
BY MICHAL LEV-RAM

OPINION
24 Allan Sloan
Bill Miller had a great run. But did his investors?

25 John Cassidy
His forecast for the economy in 2012: cautiously ... optimistic.

26 Sheila Bair
What we need is a Volcker Rule that's simple and makes sense.

9 Editor's Desk

132 Bing!

+ FORTUNE.COM
EVERYTHING WE KNOW, THE MINUTE WE KNOW IT.
ON THE COVER PHOTOGRAPH BY TOM SCHIERLITZ
[IMAGES]
PHOTO:TOM SCHIERLITZ
EIGHT PHOTOS
ILLUSTRATION
December 12, 2011 Vol. 164 No. 9 / Fortune Asia / The 2011 BUSINESS PERSON of
the YEAR

41 BUSINESSPERSON OF THE YEAR
Our Pick for 2011 (and 49 Runners-Up)
From the euro mess to Occupy Wall Street to the U.S. unemployment crisis, 2011
was the kind of year that tests leaders. And it was Howard Schultz of Starbucks
who rose to the top of our list.
BY RICHARD MCGILL MURPHY

48 Strong Coffee
Howard Schultz rescued Starbucks. It had record financial results this year. Now
the CEO is on a campaign to save the country from its politicians. Here's how
he blends capitalism and activism.
BY DAVID A. KAPLAN

58 The $1 Billion Rare-Earth Gamble
In an extraordinary business drama that involves national security, an American
company is trying to break China's monopoly on high-tech materials.
BY RICHARD MARTIN

64 FORTUNE 500 SERIES
Inside the Fall of a Superstar Banker
Two years ago Bank of New York Mellon CEO Robert Kelly almost left to run Bank
of America窶盃ntil he changed his mind and the board welcomed him back. That's
when the trouble started.
BY KATIE BENNER AND SHAWN TULLY

8 FIRST
By the Numbers

Ikea in China, one of its fastest-growing markets.
BY ANNE VANDERMEY

13 FIRST
The Chartist
Post office makeover.
BY ALEX KONRAD

14 FIRST
The Briefing
Ellison and Benioff square off, whatever happened to Tang?, and more.

16 FIRST
Closer Look
Is your board ready to put out the next fire?
BY FAYE WATTLETON

19 FIRST
Pursuits: The 2011 Gift Guide
Time to start checking your list窶俳ur gift picks will make you look like a genius.
BY KATE FLAIM

25 VENTURE
How I Got Started
Greek-yogurt king Hamdi Ulukaya has brought Chobani from nowhere to everywhere
in a few short years.
BY SHERIDAN PRASSO

29 TECH
Mobility@Work
Retailers hoping to ease holiday shopping pain are turning to mobile phones to
speed checkout.
BY CAITLIN KEATING

30 TECH
Tech@Work
Dell gets in touch with its inner entrepreneur.
BY ANNE VANDERMEY

31 TECH
Electronic Arts' Digital Makeover
The videogame maker embraces social platforms.
BY ALEX KONRAD

33 INVEST
Wall Street Interview
T. Rowe Price's Tom Huber makes the case for dividend stocks.
BY AMY FELDMAN

35 INVEST
Wealth Adviser
Should you move out of the dollar?
BY JANICE REVELL

OPINION

38 Allan Sloan
Big corporations need to show us how much they pay in taxes.

39 Geoff Colvin
CEO Sam Palmisano is leaving IBM in great shape. Will his legacy last?

40 Nina Easton
The dollars and cents (and yen, renminbi, and pesos) case for women's rights.

76 Bing!
+ fortune.com

EVERYTHING WE KNOW, THE MINUTE WE KNOW IT.
ON THE COVER PHOTOGRAPH BY BEN BAKER
[IMAGES]
EIGHT PHOTOS
FOUR ILLUSTRATIONS
November 21, 2011 Vol. 164 No. 8 / Fortune Asia

66 Facebook vs. Google: The Battle for the Future of the Web
The rivalry between the tech titans is heating up. At stake? Hundreds of billions
of dollars窶蚤nd the chance to rule the online world.
BY MIGUEL HELFT AND JESSI HEMPEL

76 The Fight of Richard Rainwater's Life
The renowned dealmaker built a fortune using little besides his wits. Now he's
funding a crash program to stop the disease that's destroying his mind.
BY PETER ELKIND AND PATRICIA SELLERS, WITH DORIS BURKE

86 Painful Medicine
What the strange saga of Purdue Pharma窶蚤nd its $3 billion drug, OxyContin窶杯ells
us about our national dependence on painkillers.
BY KATHERINE EBAN

96 Foreign Aid, Capitalist Style
Poor countries that want money from the Millennium Challenge Corp. pledge to end
corruption and embrace democracy. Can this little-known agency change the model
for global aid?
BY NINA EASTON

105 TOP COMPANIES FOR LEADERS
You can't build a great business without nurturing great talent. Meet the
companies that are doing it right.
BY RICHARD MCGILL MURPHY

107 Secrets of the Big Blue Leader
A Q&A with Randy MacDonald, IBM's worldwide HR czar.

108 The 2011 List: 25 Top Talent Teams
Where leadership development is a strategic priority.

111 The Regional Rankings
A look at how the companies stack up locally.

8 FIRST
By the Numbers

U.S. astronauts will ride Russian rockets into space.
BY ANNE VANDERMEY

11 FIRST
The Chartist
Casino development hits the skids in Las Vegas.
BY ALEX KONRAD

12 FIRST
Closer Look
Uncle Sam's new crusade against banks.
BY ROGER PARLOFF

14 FIRST
The Briefing
Funnymen flogging cars, a defense of for-profit schools, and more.

17 FIRST
Brainstorm
Google, Citi, and others are reaping nice returns by funding rooftop solar power
projects. Will it last?
BY BRIAN DUMAINE

23 CAREER
The Way We Work
The perils of self-promotion: how to keep your brand from going sour.
BY VICKIE ELMER

27 TECH
NEA: The VC World's Best-Kept Secret
New Enterprise Associates has no celebrities on its staff. It stays under the
radar窶蚤nd lets its results do the talking.
BY DAN PRIMACK

32 TECH
Mobility@Work
BlackBerry's business problems.
BY ADAM LASHINSKY

39 INVEST
Wall Street Interview
Jeremy DeGroot of Litman Gregory: picking the best of the best.
BY MINA KIMES

OPINION

42 Sheila Bair
The eurozone crisis will not go away until the banks face up to reality.

44 John Cassidy
Are the "one percents" finally catching on? Well, maybe a few of them.

61 LETTER FROM LIBYA
A Libyan Leader Speaks Out
Former U.S. business school professor Ali Tarhouni wants to revive the economy.
Is it a gold rush for Western companies?
BY VIVIENNE WALT

112 Bing!
ON THE COVER: ILLUSTRATION BY SEAN MCCABE

[IMAGES]

TEN PHOTOS

TWO ILLUSTRATIONS
November 7, 2011 Vol. 164 No. 7 / U.S. Edition / 40 UNDER 40

37 Steve and Me
Fortune contributor Brent Schlender shares some of the stories and personal
photographs he collected during more than two decades as Steve Jobs' chronicler
and confidant.

43 40 UNDER 40
The List
Fortune's 2011 list of the most influential young people in business. The scary
thing is, they're just getting started.

54 The 40 Under 40 Portfolio
Meet the Blue-Chip Whisperer, the Comeback Kid, the Car Guy, and others in a
selection of stars who have achieved a remarkable amount at a very early age.

64 Under Armour Gets Serious
Kevin Plank took Under Armour from wishful thinking to a $1 billion business.
Where is the Baltimore brand headed next?
BY DANIEL ROBERTS

72 The Quiet Giant of the Food Business
From the eggs at McDonald's to the beef in your fridge, Cargill has a hand in
much of what you eat. Here's how the secretive private company operates.
BY DAVID WHITFORD, WITH DORIS BURKE

12 FIRST
By the Numbers

The dollars and sense behind Occupy Wall Street.
BY ANNE VANDERMEY

15 FIRST
The Briefing
The real GOP debate, health care for Fido, $1 bus tickets, and more.

16 FIRST
The Chartist
The growing wealth gap.
BY DORIS BURKE

18 FIRST
Most Powerful Women
The network effect: Influential women gather for a Fortune summit.

20 TECH
Tech@Work
Check out Zynga's zany new headquarters.
BY MIGUEL HELFT

23 VENTURE
How I Got Started
Founder Guy Lalibertテゥ tells the story of Cirque du Soleil.
INTERVIEW BY DINAH ENG

28 TECH
Mobility@Work
Is ZocDoc a tech Rx for overcrowded waiting rooms?
BY ALEX KONRAD

29 INVEST
Wall Street Interview
CEO Vikram Pandit on how Citi is coping in a trying time.
BY ANDY SERWER

32 INVEST
Analyst Face-Off
Shares of Morgan Stanley have fallen 50% since February. Should you buy?
BY ANNE VANDERMEY

OPINION

33 Allan Sloan
Procter & Gamble and the dark art of tax avoidance.

34 Geoff Colvin
Mテクller-Maersk CEO Nils Andersen talks about why his shipping company's prospects
are bright.

80 Bing!

+ FORTUNE.COM
EVERYTHING WE KNOW, THE MINUTE WE KNOW IT.
ON THE COVER
Steve Jobs photographed for Fortune by Michael O'Neill in March 2011
[IMAGES]
NINE PHOTOS
ILLUSTRATION
Time Inc.
October 17, 2011 Vol. 164 No. 6 / Fortune Asia / the 50 MOST POWERFUL WOMEN issue

MOST POWERFUL WOMEN 2011

70 THE MANY LIVES OF SUSAN LYNE
The chairman of Gilt Groupe has had many careers, none of them ordinary.
BY JENNIFER REINGOLD

77 THE 50 MOST POWERFUL WOMEN
Boardroom battles and power plays shaped the U.S. list.
BY BETH KOWITT AND RUPALI ARORA

83 THE INTERNATIONAL LIST
More clout for female executives and entrepreneurs in Asia.
BY RUPALI ARORA

86
HOW A STAR CEO KEEPS HER BANK GROWING
India's Chanda Kochhar has guided ICICI by embracing caution at the right time.
BY SHAWN TULLY

91 DOING IT FOR THEMSELVES
Meet 11 women who are on a quest to create the next great company.
BY COLLEEN LEAHEY

98 Peter Buffett Rocks Beijing
In China, where his famous father is worshiped, Peter Buffett has himself become
a star by writing a book with a radical message: Money isn't everything.
BY BILL POWELL

14 FIRST
By the Numbers
The 2011 Rugby World Cup in New Zealand.
BY ALEX KONRAD

17 FIRST
The Chartist
Beating the coming water shortage.
BY TARA MOORE

24 FIRST
The Briefing
Cellphone snatch and grab, the origins of the Lacoste crocodile, and more.

26 FIRST
Executive Dream Team
Even all-stars need a great board of directors.
BY GEOFF COLVIN

28 FIRST
Brainstorm Green
What's behind the solar scandal?
BY PAUL KEEGAN

30 FIRST
Politics
Former President Bill Clinton on the economy.
INTERVIEW BY ANDY SERWER

36 TECH
The Future Is Now
If you think 3-D movies are cool, wait until you see your first hologram table.
BY JP MANGALINDAN

38 TECH
China's New E-Commerce Star
Imagine if Amazon delivered the same day. Qiangdong Liu's 360buy does.
BY BILL POWELL

42 INVEST
Wall Street Interview
Stephanie Pomboy of research firm MacroMavens is down on U.S. stocks but bullish
on China, gold miners, and oil.
BY MINA KIMES

46 INVEST
Anatomy of a Trade
Stocking up on Target.
BY SCOTT MEDINTZ

"Our industry has a heartbeat that gets measured in decades rather than years."
窶粘hell chief strategist Brekelmans

52 LEADERSHIP
HARRY BREKELMANS OF SHELL OIL: IMAGINING THE FUTURE
INTERVIEW BY GEOFF COLVIN
OPINION

66 John Cassidy
To fix the economy, first fix the housing market.

67 Becky Quick
The U.S. jobs crisis is urgent, but there's no speedy cure for what ails us.

104 Bing!

+ FORTUNE.COM

EVERYTHING WE KNOW, THE MINUTE WE KNOW IT.

ON THE COVER CHANDA KOCHHAR: PHOTOGRAPH BY ANAY MANN

[IMAGES]

SIX PHOTOS

TWO ILLUSTRATIONS
September 26, 2011 Vol. 164 No. 5 / Fortune Asia

38 Three Surprising Bargain Stocks
Dynamic growth typically comes at a premium price. But we found a trio of
undervalued companies worth betting on.
BY JON BIRGER

46 Chipotle's Growth Machine
Founder Steve Ells has built a multibillion-dollar Mexican food chain by
providing fresh meals fast. Can he do it again, this time with Asian cuisine?
BY DAVID A. KAPLAN

54 Power Struggle
Wyoming is an ideal place to generate electricity from wind. But getting current
from turbines to customers is a political and economic puzzle.
BY KEN OTTERBOURG

68 Showdown on the Railroad
With 90% of U.S. rail freight now controlled by only four companies, shippers
claim the giants have become a cartel. The railroads say they're a free market
success story. An epic battle of business vs. business.
BY MINA KIMES

78 The Man Who Couldn't Speak
Intel's Sean Maloney was on his way to being the chipmaker's next CEO when a stroke
crippled his body窶蚤nd took away his ability to talk. The story of how he returned
to work and found his voice again.
BY PATRICIA SELLERS

8 FIRST
By the Numbers
A few of our favorite facts about Steve Jobs.
BY ANNE VANDERMEY

10 FIRST
The Briefing
Obama and red tape, a school for startups, year of the twister, and more.

12 FIRST
Closer Look
Who's afraid of fast-speed traders?
BY SHAWN TULLY

15 PURSUITS
Caffeine From Olympus
Inside the chain that might make the best cup of coffee you've ever drunk.
BY MICHAEL V. COPELAND

23 TECH
Steve Jobs' Real Legacy: Apple Inc.
Steve Jobs has quietly been making sure his beloved company is built to last.
BY MIGUEL HELFT

28 TECH
Tech Star
Meet Jeff Williams, Apple's other operations whiz.
BY JP MANGALINDAN

29 TECH
Tech@Work
How Dave Goldberg turned online questionnaires into a hot business.
BY MIGUEL HELFT

31 INVEST
Interview
Veteran manager Charles de Vaulx of the IVA Worldwide Fund has loaded up on gold
and beaten-down tech stocks.
BY SCOTT CENDROWSKI

"The Chinese for centuries have managed to mask their internal decision-making
process."
窶妊r. Henry Kissinger

33 CHINA TILT
CHINA'S NEW POLITICS BY BILL POWELL
PLUS : HENRY KISSINGER ON CHINA
INTERVIEW BY ANDY SERWER

OPINION
36 Geoff Colvin
Why Obama is wrong on where to find more American jobs.

84 Bing!
+ FORTUNE.COM

EVERYTHING WE KNOW, THE MINUTE WE KNOW IT.

ON THE COVER

PHOTOGRAPH BY MARK LEONG

[IMAGES]

EIGHT PHOTOS

THREE ILLUSTRATIONS

Time Inc.
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