Fortune October 1, 2018

FORTUNE covers the entire field of business, including specific companies and business trends, tech innovation prominent business leaders, and new ideas shaping the global marketplace. FORTUNE is particularly well known for its exceptionally reliable annual rankings of companies. FORTUNE furthers understanding of the economy, provides implementable business strategy, and gives you the practical knowledge you need to maximize your own success. Fortune currently publishes 3 double issues. Each count as two of 12 issues in an annual subscription.

United States
Meredith Operations Corporation
9 €(TVA Incluse)
27 €(TVA Incluse)
6 Numéros

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2 min
fortune’s power source

PART OF OUR MISSION AT FORTUNE these past many decades has been to benchmark success. Our well-established rankings, though, don’t merely show who’s up and who’s down from one year to the next. They reflect the changing face of business—and, to a fair extent, of society itself. Consider our 2018 “Most Powerful Women” list—the 21st edition of what we, at Fortune, consider to be one of our most prestigious franchises. The No. 1 picks on our U.S. and international rankings, respectively, reveal plenty about our changing world: Marillyn Hewson, chief executive of Lockheed Martin, who tops our domestic list (and commands our cover), is part of a coterie of women CEOs who now utterly dominate America’s defense industry, a sector long ruled by men. Four of the top five military contractors…

4 min
how to spot the next financial crisis

TEN YEARS AFTER the weekend that upended the financial world, its most important lessons lie not in what has changed, vast and profound though that is, but in what hasn’t changed. The main causes of the last crisis—human self-delusion and irrationality—will be the main causes of the next one. If that seems unbearably depressing, cheer up: It tells us what to watch out for. Lehman Brothers’ bankruptcy announcement in the predawn darkness of Sept. 15, 2008, wasn’t the first or worst event of the financial crisis, but it was the most frightening because it was unthinkable, given the investment bank’s size and exalted stature. It unmoored us from our certainties and set the stage for other disorienting changes, many of which are now embedded in our daily lives. But those same certainties…

1 min

DEBT DOESN’T CAUSE all financial crises, but it caused the last one, and global debt has again climbed to a sweaty-palms altitude. That doesn’t mean a crisis is necessarily imminent; luck and wise policy can achieve a soft landing. The danger is that a shock, like Lehman Brothers’ 2008 collapse, or just a confluence of individually minor factors (steadily rising interest rates, gradually increasing loan defaults), could destabilize an increasingly fragile system. 10 YEARS AFTER THE GREAT RECESSION, NEW THREATS HAVE APPEARED.…

1 min
a biotech boom in china? not just yet

RECENT REGULATORY changes in China have led to an outpouring of enthusiasm from investors and biopharmaceutical companies looking to gain a foothold in one of the world’s major markets—a market that was, until recently, stymied by restrictions that barred pre-revenue biotech firms from listing on the Hong Kong stock exchange. That all changed earlier this year. “They didn’t have a mechanism for a true publicly traded biotech sector, and that changed overnight,” says Brad Loncar, a veteran biotech investor who recently launched an index fund for Chinese biopharma companies. “This is the beginning of a new era of biotech in China.” But Loncar also noted that despite evolving regulations—including moves to specifically prop up the local Chinese biotech sector and speed drug approvals for companies around the globe—there are still some strong…

1 min
art crypto

ANDY WARHOL: artist, icon … blockchain poster boy? New York City–based Masterworks is preparing to sell digital tokens representing shares in a $1.8 million Warhol portrait of Marilyn Monroe—seeking the first SEC-sanctioned securities offering of a painting. Overseas, a September auction of ART tokens representing stakes in Warhol’s 14 Small Electric Chairs raised $1.7 million. While blockchain’s immutable ledger theoretically allows collectors to verify the provenance of the masterpieces, there are downsides: They can’t hang the paintings at home. And cryptographic security won’t protect the tableaux from tricksters. Just ask the guy who in June used a blockchain to falsely claim ownership of the Mona Lisa. BIOTECH: GILLES SABRIE—BLOOMBERG VIA GETTY IMAGES; WARHOL: COURTESY OF MASTERWORKS/© 2018 THE ANDY WARHOL FOUNDATION FOR THE VISUAL ARTS, INC./LICENSED BY ARTISTS RIGHTS SOCIETY (ARS), NEW…

1 min
the next crisis: a frack up?

In the book you argue that the entity most responsible for the fracking boom is Wall Street, and you compare valuations to the first dotcom boom. Can you explain that? What’s made this whole thing work is that fracking companies aren’t valued on earnings. Nor are executives compensated for producing returns for shareholders. Fracking companies have been valued as a multiple of the acreage they own, or on their level of production, regardless of whether it’s profitable or not. CEOs have been compensated based primarily on production. It’s analogous to the way dotcom companies were valued on multiples of eyeballs. It all sounds logical until it doesn’t. You quote Charlie Munger as saying, “Imported oil isn’t your enemy. It’s your friend.” Why does he say that—and do you agree with him? Oil and…