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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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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.

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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!

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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!
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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

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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.

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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!

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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.

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September 5, 2011 Vol. 164 No. 4 / Fortune Asia

34 MARKETS

Relief From Economic Turmoil
The economic debate has been taken over by fanatics. Fix that, and maybe you fix
the economy.
BY ALLAN SLOAN

Anatomy of a Soft Economy
39 A graphic look at how this recovery compares with recessions past.
BY NICOLAS RAPP AND KATIE BENNER

Will Europe Come Tumbling Down?
40 The debt crisis that started in Greece now threatens the whole continent窶蚤nd
the weak recovery in the U.S. Inside the race to fix the euro economy.
BY SHAWN TULLY

46 EXECUTIVE DREAM TEAM
Why McDonald's Wins in Any Economy
Thanks to CEO Jim Skinner's no-nonsense leadership, the global restaurant
juggernaut is doing better than ever.
BY BETH KOWITT

55 Fortune's Fantasy Executive League
Turbulent times call for all-star leadership. Meet our Executive Dream Team.
BY GEOFF COLVIN, WITH JOSH DAWSEY AND SAM SILVERMAN

62 Sandler O'Neill's Journey From Ground Zero
The Wall Street firm is thriving窶馬ot in spite of the horror it endured, but
because of it. A story of loss, love, rejuvenation, and disquiet.
BY DAVID WHITFORD

6 FIRST
By the Numbers
Growth business: the Department of Homeland Security.
BY ANNE VANDERMEY

9 FIRST
The Chartist
Dunkin' Donuts' complex and tasty history.
BY BETSY FELDMAN

10 FIRST
Closer Look
Fast-growing Green Dot, a provider of prepaid debit cards, has Wal-Mart as an
investor. But its stock keeps falling.
BY CHARLES P. WALLACE

12 FIRST
The Briefing
Washington's job-killing act, the Borders gift card question, Chinese megacities,
and more.

14 TECH
The Smartest People in Tech
They are innovators, to be sure, but they also know how to turn a great idea into
a great business.
BY JP MANGALINDAN AND JESSICA SHAMBORA

18 TECH
Tech@Work
The hot new gig: Companies are hiring so-called data scientists窶琶f they can find
any.
BY MICHAL LEV-RAM

19 TECH
Mobility@Work
Workers who choose their own gadgets are a headache for tech support. But new
software is here to help.
BY MICHAL LEV-RAM

20 INVEST
Finding Value in Chaotic Markets
Roger Ferguson, CEO of retirement giant TIAA-CREF, says his firm is buying right
now.
BY KATIE BENNER

22 INVEST
Wealth Adviser
Beware of structured notes, which promise the upside of stocks with little risk.
BY JANICE REVELL

72 Bing!

24 FORTUNE 500 SERIES
THE NEW GM: A REPORT CARD
BY ALEX TAYLOR III

"Ninety percent of the GM way is great, and 10% should be totaled."

窶濡M CEO Dan Akerson

OPINION

30 John Cassidy
Let's be realistic about what the Fed can do about the economy.

31 Nina Easton
Politicians need to face harsh realities about the U.S. jobs crisis.

33 Shriti Vadera
The debt crisis: Expect more trouble across the pond.

CORRECTION: In "Startup Stars" (Aug. 15), we stated that Kayak's revenues were
currently growing at 51%; in fact, Kayak's revenues grew by 51% in 2010 over the
prior year. Fortune regrets the error.

ON THE COVER ILLUSTRATION BY SEAN MCCABE

+ FORTUNE.COM

EVERYTHING WE KNOW, THE MINUTE WE KNOW IT.

[IMAGES]

EIGHT PHOTOS

ILLUSTRATION

TWO PHOTO ILLUSTRATIONS

August 15, 2011 Vol. 164 No. 3 / Fortune Asia

26 The Enforcer
U.S. attorney Preet Bharara developed a sense of right and wrong at a very early
age. Which is too bad for Raj Rajaratnam and countless others.
BY WILLIAM D. COHAN

32 The Trouble With Green Product Ratings
When Wal-Mart said it would sponsor a "sustainability index" to rank the planet-friendliness of consumer goods, it had no idea how hard that would be.
BY PAUL KEEGAN

40 Inside Pfizer's Palace Coup
Did CEO Jeff Kindler get pushed out because he was shaking up the dysfunctional
pharmaceutical giant窶俳r because he was an ineffective leader?
BY PETER ELKIND AND JENNIFER REINGOLD, WITH DORIS BURKE

58 EOG's Big Gamble on Shale Oil
The Houston company made a bold move away from natural gas. Will its good fortune
lead to more riches?
BY JON BIRGER

64 Startup Stars
The IPO market is heating up, offering new opportunities for investors, like
LinkedIn and soon Groupon and Zynga. But what about those not-so-famous, small,
innovative companies? Fortune has profiled 11 planning to go public窶俳r rumored
to be窶杯hat show lots of promise.

4 FIRST
By the Numbers

A city in the sea: Urban development in Abu Dhabi.
BY ALEX KONRAD

6 FIRST
Closer Look

How China hurts its own economy.
BY BILL POWELL

8 FIRST
The Chartist

Who's most in debt?
BY BRIAN DUMAINE

9 FIRST
The Briefing

Another chapter in the Bear Stearns saga, Chrysler revs up, and more.

10 FIRST
Executive Dream Team

Technological change and profit-minded CEOs call for risk-taking marketing
chiefs.
BY JESSICA SHAMBORA

12 FIRST
The Forbes Family's Big Deal Causes Big Trouble

After default, emergency restructuring was needed to satisfy lenders.
BY KATIE BENNER

15 TECH
Brainstorm Tech 2011

At its annual conference in Aspen, Colo., Fortune assembled more than 400
executives and entrepreneurs for smart talk on tech, the economy, and more.

23 INVEST
Mutual Funds

Should you trust a fallen star?
BY SCOTT MEDINTZ

25 INVEST
Wealth Adviser

Having a will isn't enough.
BY JANICE REVELL

OPINION

38 Geoff Colvin
Behind the Murdoch scandal? Scandalous governance.

72 Bing!

CORRECTIONS: In our July 25 issue, Fortune erroneously omitted Chrysler Group
from the Global 500 list. With revenue of $41.9 billion, Chrysler ranks No. 205
among all the companies in the world and is 61st in the U.S. Further, once Chrysler
is added, Bristol-Myers Squibb, which had been No. 500, falls off the list. An
updated version of the Global 500 list, the rankings by country, and the list
of arrivals may be found at fortune.com/global500. Also, in the introduction to
the Global 500 identifying the next business hot spots, it was consultants from
Booz & Co., not Booz Allen Hamilton, who identified emerging innovation hubs.
And in "Don't Call It the Next Tech Bubble窶悩et" (July 25), Zetta.net, a data
backup and storage company, was misnamed Zetta.com. In addition, in The Briefing
(July 25), a caption for a photograph of Triton Logging's SHARC system described
it as removing trees in Lake Volta, Ghana; it was in Lois Lake in British Columbia.
Fortune regrets the errors.

FORTUNE.COM

Everything we know, the minute we know it.

ON THE COVER PHOTO ILLUSTRATION BY DAN SAELINGER

[IMAGES]

NINE PHOTOS

TWO ILLUSTRATIONS

July 25, 2011 Vol. 164 No. 2 / Fortune Asia / THE GLOBAL 500 ISSUE

48 Tech Bubble 2.0
Signs of exuberance are everywhere: Tesla roadsters, soaring real state,
overpriced vinegar! So why is Silicon Valley reluctant to use the B-word?
BY DAVID A. KAPLAN

59 Skype: The Inside Story of the Boffo $8.5 Billion Deal
How executive shuffles, product changes, and a delayed IPO paid off for a couple
of private equity firms.
BY KEVIN MANEY

92 Can This Man Fix America's Biggest Bank?
Bank of America is still reeling from the financial crisis. But CEO Brian Moynihan
may be the right guy to turn it around.
BY SHAWN TULLY

101 FORTUNE GLOBAL 500
The Best New Cities for Business
Looking for smart labor, solid infrastructure, and potential customers? Here are

15 markets to put on the map.
BY JOSH DAWSEY AND RUPALI ARORA

The List
109 The World's Largest Corporations
F--11 Arrivals and Departures
F--12 Definitions and Explanations
F--13 How the Companies Stack Up
F--15 Ranked Within Countries
F--21 Index

10 FIRST
By the Numbers

County fairs: Livestock shows, carnival games 窶蚤nd food!
BY TARA MOORE

13 FIRST
The Chartist
The battle for bandwidth.
BY TARA MOORE

15 FIRST
Closer Look
Banks窶杯he new post-reform reality.
BY CHARLES P. WALLACE

18 FIRST
The Briefing
Water-logged in Ghana, the Kong chronicles, a tense situation for News Corp.,
and more.

19 FIRST
100 Best Companies to Work For
Kimpton Hotels & Restaurants gives five-star treatment to its employees.
BY CHRISTOPHER TKACZYK

20 FIRST
Road Warrior
Accel Partners' Theresia Gouw Ranzetta keeps cool on two coasts.
BY JESSICA SHAMBORA

21 FIRST
Executive Dream Team
These days chief financial officers wear many hats窶巴ut not green eyeshades.
BY SCOTT CENDROWSKI

22 FIRST
World's Most Admired Companies
Samsung's a lot sexier lately. Here's how it executed its makeover.
BY SHERIDAN PRASSO

25 INVEST
We Buy High and Sell Low
That's what most companies do when they buy their own stock.
BY SCOTT CENDROWSKI

34 INVEST
Anatomy of a Trade
Nik Lalvani is arming his fund with Raytheon.
BY SCOTT MEDINTZ

OPINION
39 Geoff Colvin
The next management icon: Would you believe he's from China?

40 Dan Primack
Why a Mitt Romney nomination could spell trouble for private equity.

47 John Cassidy
Forget deficit reduction: Here comes another stimulus package.

36 INVEST
Wealth Adviser
The rising impact of stealth taxes.
BY JANICE REVELL

136 Bing!
ON THE COVER ILLUSTRATION BY MICHAEL MYERS

July 4, 2011 Vol. 164 No. 1 / Fortune Asia

40 REINVENT YOUR CAREER!
Job security has gone the way of the three-martini lunch. Here's how five gutsy professionals turned job setbacks into new, satisfying, sustainable careers.
BY DOUGLAS ALDEN WARSHAW

50 BIG OIL'S BIG MAN IN WASHINGTON
Lobbyist Jack Gerard wants to make the oil industry seem kinder and friendlier.
His largest obstacle? Oil companies.
BY TORY NEWMYER

58 MILLIONS OF ANDROID FANS CAN'T BE WRONG
The inside story of how Google conquered the smartphone world.
BY BETH KOWITT

65 ONE HUNDRED GREAT THINGS ABOUT AMERICA
Sometimes it's easy to overlook our country's glory. For the second year running,
we present 100 outstanding things about the U.S.A.
FIRST

8 | BY THE NUMBERS
Tourism in China.
BY DANIEL ROBERTS

10 | THE CHARTIST
Bytes beat bricks and mortar.
BY SCOTT CENDROWSKI

12 | GIVING PLEDGE
The first anniversary of the Gates-Buffett challenge.
BY CAROL J. LOOMIS

14 | THE BRIEFING
For 007, a license to print; CEO perk walk; and more.

16 | BRAINSTORM
The outlook brightens for green tech.
BY BRIAN DUMAINE

17 | EXECUTIVE DREAM TEAM
CIOs = strategic thinkers.
BY ADAM LASHINSKY

18 | ROAD WARRIOR
Rosetta Stone's Tom Adams.
BY SHERIDAN PRASSO

72 | BING!
VENTURE

19 | HOW I GOT STARTED
Nine West founder Vince Camuto looks back.
BY DINAH ENG

21 | VERNE HARNISH
Put down that BlackBerry! You can run a business窶蚤nd stay happily married.

22 | DAVID VS. GOLIATH
For the customers of these three small companies, the combination of service and
quality is hard to resist.
BY ELAINE POFELDT

TECH

23 | THE FUTURE IS NOW
Window glass that does it all.
BY JESSI HEMPEL

24 | MOBILITY@WORK
Your company's own app store.
BY MICHAL LEV-RAM

26 | TECH STAR
Quora's top designer, Rebekah Cox, makes sharing information addictive.
BY JESSI HEMPEL

INVEST

28 | INVESTOR Q&A
Carl Icahn is still looking for trouble. He sees plenty of poor management, but
that's just opportunity for him.
BY SHAWN TULLY

30 | WEALTH ADVISER
Getting married? Get a prenup窶杯hey're no longer just for the wealthy.
BY JANICE REVELL

OPINION

31 Doomed to fail? Why Washington's plan to break up big banks in a crisis won't
work.
BY ALLAN SLOAN

32 How smart companies like Caterpillar avoid getting burned by wild dollar
swings.
BY BECKY QUICK

LEADERSHIP

34 | THE FORTUNE INTERVIEW
Can Sanjay Jha revive Motorola's cellphone business?
BY GEOFF COLVIN

+ FORTUNE.COM

Everything we know, the minute we know it.

ON THE COVER

Photograph by Jeff Minton

[IMAGES]

EIGHT PHOTOS

TWO ILLUSTRATIONS

PHOTO ILLUSTRATION

June 13, 2011 Vol. 163 No. 8 / Fortune Asia / SPECIAL INVESTORS ISSUE

RETIREMENT GUIDE

38 | TAKE CONTROL AND WIN
You don't have to be a genius to retire in style. Just don't outsmart yourself.
Here's how to master the basics, and prosper.
BY GEOFF COLVIN

42 | FIVE BIG TRENDS AND 25 STOCKS
Investing over the long run: We've identified powerful, durable themes to
construct a portfolio you can retire on.
BY JON BIRGER AND SCOTT CENDROWSKI

50 | DO YOU NEED A RETIREMENT COACH?
For retiring baby boomers, the dimming of the Age of Aquarius can present
challenges. Professionals are standing by to help.
BY PAUL KEEGAN

56 | THE MAN WHO SEES DISASTER
Bob Rodriguez predicted the last two market crashes. So why aren't people
listening to his latest warnings?
BY MINA KIMES

64 | WHERE SHOULD YOU RETIRE?
Here are 12 options for where to spend the golden years.
BY JIM RENDON

FIRST

8 | BY THE NUMBERS
Alaska's salmon run.
BY TARA MOORE

10 | THE CHARTIST
Investors' love affair with gold.
BY TARA MOORE

12 | CLOSER LOOK
America needs more tourists窶罵et's make it easier to visit.
BY BILL MARRIOTT JR.

14 | WORLD'S MOST ADMIRED COMPANIES
Discount broker Charles Schwab.
BY SHERIDAN PRASSO

16 | THE BRIEFING
Wal-Mart on sale, don't mess with Darla Moore, assault on an all-male bastion,
and more.

22 | EXECUTIVE DREAM TEAM
What makes a CEO an MVP?
BY GEOFF COLVIN

TECH

25 | COMPUTING
Is Michael Dell making the bold moves needed to compete with IBM and Apple?
BY KATIE BENNER

28 | MOBILITY@WORK
The best apps for business.
BY MICHAL LEV-RAM

30 | HAVE YOU GOT A PIECE OF THIS LAWSUIT?
The bitter environmental suit against Chevron in Ecuador opens a window on a
troubling new business: speculating in court cases.
BY ROGER PARLOFF

Opinion
36 | A money maven's formula for investing in strange and perilous times.
BY ALLAN SLOAN

37 | Is it time to start talking about a double-dip recession? It just might be.
BY JOHN CASSIDY

7 | EDITOR'S DESK

72 | BING!

ON THE COVER

Photograph by Catherine Ledner

[IMAGES]

PHOTO:ﾂRODNEY SMITH

PHOTO:ﾂJOHAN BﾃХMAN窶燃EDUX PICTURES

THREE PHOTOS

ILLUSTRATION

May 23, 2011 Vol. 163 No. 7 / Fortune Asia / FORTUNE 500

34 | INSIDE APPLE
How America's most successful窶蚤nd secretive窶巴ig company really works.
BY ADAM LASHINSKY

44 | CATERPILLAR IS ABSOLUTELY CRUSHING IT
Thanks to astute planning, the company came blazing out of the downturn.
BY GEOFF COLVIN

52 | J.P. MORGAN'S HUNT FOR AFGHAN GOLD
A team of bankers starts to tap the country's vast mineral riches, with help from
the Pentagon.
BY JAMES BANDLER

FORTUNE 500

64 | THE INSIDE MAN
Can onetime corporate executive Bill Daley restore President Obama's ties to
business?
BY NINA EASTON

70 | THE DIRECTORS
Our annual look, in pictures, at seven of the most photogenic boards in the U.S.
PHOTOGRAPHS BY GREGG SEGAL REPORTING BY JESSICA SHAMBORA

84 | GENERAL MILLS' GLOBAL SWEET SPOT
The food giant's key overseas brand isn't Cheerios. It's Hﾃ､agen-Dazs.
BY DAVID A. KAPLAN

92 | THE WAR OVER LIPITOR
Uncertainty over the rights to a generic version of the drug has resulted in market
mayhem.
BY KATHERINE EBAN

F--1 The 500 Largest U.S. Corporations | F--27 Arrivals and Departures | F--28
Definitions and Explanations

10 | EDITOR'S DESK

132 | BING!

FIRST

14 | BY THE NUMBERS
In Google data centers around the U.S., computer networks respond to millions
of commands instantaneously.
BY TARA MOORE

16 | CLOSER LOOK
While attention is focused on the Middle East, euroland's financial troubles are
worsening.
BY CHRIS REDMAN

18 | THE CHARTIST
Forty years ago, Harold Geneen put omnivorous conglomerate ITT into the top 10
of the 500. Then shrinkage begannd it's never stopped.
BY CAROL LOOMIS

20 | THE BRIEFING
Derivative cinema, Android on the rise, and more.

22 | EDUCATION
Forget politics. The big threat to teachers unions is the digital revolution and
distance learning, which will bury the AFT and NEA.
BY DAVID A. KAPLAN

TECH

25 | THE FUTURE IS NOW
Manufacturing 2.0: Three-dimensional printers are coming to a desktop near you.
Should designers and factories be worried?
BY JOHNNY RYAN

INVEST

29 | INVESTOR INTERVIEW
Anne Gudefin, Pimco's top stock picker, sees bargains in the consumer sector and
safety in precious metals.
BY MINA KIMES

ON THE COVER Illustration by Carl DeTorres

[IMAGES]

ILLUSTRATION:ILLUSTRATION BY MICHAEL MYERS

THREE PHOTOS

In this issue
May 2, 2011 Vol. 163 No. 6 / Fortune Asia

30 LEADERSHIP Q&A: THE AIRLINE KING
How will new CEO Jeff Smisek make the United/Continental marriage work?

INTERVIEW BY GEOFF COLVIN

37 PROMOTING THE SPIRIT OF BERMUDA
Malcolm Gosling Jr.'s mission is to export the family rum窶蚤nd protect the
trademark on a certain cocktail.
BY DAVID WHITFORD

40 TROUBLE@TWITTER
Boardroom power plays, disgruntled founders, and CEO switcheroos are clipping
the wings of this tech highflier.
BY JESSI HEMPEL

49 ASIA BUSINESS
ASIA'S 25 MOST POWERFUL BUSINESSPEOPLE
Our list reflects a major power shift in the region, from Japan to China, India,
and beyond.

58 TATA TAKES ON THE WORLD: BUILDING AN AUTO EMPIRE IN INDIA
Chairman Ratan Tata has transformed the company founded by his great-grandfather.
BY ALEX TAYLOR III

66 GOOGLE AND ITS ORDEAL IN CHINA
In a new book, Steven Levy looks at Google's past five years in China窶蚤nd where
it went wrong along the way. A Fortune book excerpt.

72 | BING!

FIRST

8 | BY THE NUMBERS
Texting at 17,060 feet.
BY TARA MOORE

10 | THE CHARTIST
Rising food prices could spell trouble for fast-food chains.
BY ANNE VANDERMEY

12 | CLOSER LOOK
Sailing goes mass market.
BY PAUL V. OLIVA

14 | GUEST COLUMN
Here's how to come up with the political will to deal with the budget deficit.
BY ERSKINE BOWLES AND ALAN SIMPSON

VENTURE
15 | HOW I GOT STARTED

Cheesecake Factory's winning formula.

INTERVIEW BY DINAH ENG

18 | DAVID VS. GOLIATH
Three nimble small businesses challenge the giants.
BY ELAINE POFELDT

TECH

19 | BRAINSTORM: THE FUTURE IS NOW
The voice of a new machine.
BY JESSICA SHAMBORA

20 | TECH@WORK
Social pioneer Ning switches its focus to paying customers.
BY MICHAL LEV-RAM

INVEST

21 | INVESTOR Q&A
Chris Davis makes the case for financial and energy stocks.
BY SCOTT CENDROWSKI

24 | INSIDE WALL STREET
A fund manager uses his skills to research autism.
BY SCOTT CENDROWSKI

Opinion
25 | The hocus-pocus behind Rep. Paul Ryan's proposed Medicare "reform."
BY ALLAN SLOAN

26 | Order from chaos: Why we shouldn't panic over the world's many crises.
BY MICHAEL ELLIOTT

28 | The biggest problem for developing economies: corruption.
BY GEOFF COLVIN

CORRECTIONS