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FortuneFortune

Fortune

October 2019

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.

Land:
United States
Taal:
English
Uitgever:
Meredith Corporation
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20 Edities

IN DEZE EDITIE

access_time3 min.
unopened doors

IN THE SPRING OF 2002, when I was this magazine’s Wall Street editor, I went along with a Fortune staff writer to see Sallie Krawcheck. Krawcheck, then all of 37 years old, was chairman and chief executive officer of Sanford C. Bernstein, a prestigious institutional money management firm known for its no-nonsense equity research. At a time when “research” at the big Wall Street houses was too often suspect—compromised by the desire to please the firms’ lucrative investment banking clients—the dense, sparsely illustrated Bernstein reports had a reputation for fierce independence, if not purity. Krawcheck, for her part, appeared to radiate both qualities. Whip smart, candid, and rigorous, she was by all accounts a natural leader. And after Fortune put her on its cover—under the headline “In Search of the Last…

access_time4 min.
playing the surprise move

STRATEGY HONG KONG–BASED investment firm Deep Knowledge Ventures made headlines in 2014 by appointing a computer algorithm to its corporate board. The firm, which has about 100 million euros under management, wanted a way to enforce a data-driven approach to investing, rather than relying on human intuition and personal interactions with founders. Managing partner Dmitry Kaminskiy says the algorithm served mostly as a veto mechanism—if it spotted red flags, Deep Knowledge wouldn’t invest. In the five years since Deep Knowledge’s A.I. got its board seat, there hasn’t exactly been a stampede of companies following suit. In fact, Deep Knowledge itself shifted focus and no longer uses the algorithm. “Today, big strategy decisions are based on intuition”—that is to say, by humans—“because we have a data shortage,” says Brian Uzzi, a professor at…

access_time1 min.
analytics: seeing trends in the data

BREXIT: A HANDFUL OF WINNERS Economists are in near-complete agreement that a “hard Brexit”—in which the United Kingdom crashes out of the European Union with no withdrawal agreement in place—would wreak havoc on the British economy. Estimates from German think tank Bertelsmann Stiftung suggest that the aggregate damage to the U.K. from a hard Brexit would be more than that of every other EU member combined—hardly a strong position for Prime Minister Boris Johnson to be negotiating from. But some countries could come out ahead. If the U.K. has no trade deal in place with the EU, it will be forced to rely on hastily signed trade agreements with partners outside the single market, such as the United States. With the U.K. in a weakened position, those terms could be quite…

access_time4 min.
bonds put buyers in a bind

FOR DECADES, bonds have offered a kind of fallout shelter for jittery investors in uncertain times. But in 2019, the bond market has looked more like the tip of a warhead aimed at their portfolios. Global interest rates, already low for most of the decade since the Great Recession, are falling again, making it harder for pension funds and small investors to harvest the slow-and-steady interest income that makes bonds the foundation of many retirement funds. There are a number of factors at play: A decade-long economic expansion is starting to lose its momentum. The U.S.-China trade war threatens to weigh down global commerce. And a majority of economists expect a recession by 2021. Here’s why that all matters: These factors drive down rates, as investors become more willing to accept less…

access_time2 min.
jpmorgan wooed wework. now what?

BETWEEN THE POSTPONEMENT of its initial public offering and the sharp decline in its prospective valuation, The We Co.—parent company of real estate startup WeWork—has incurred plenty of financial casualties. There’s CEO and cofounder Adam Neumann, much of whose estimated $2.2 billion net worth is tied up in the company. There’s Softbank Group, We’s largest private investor. And yet another potential loser: JPMorgan Chase, which had been eyeing a big win as lead underwriter. JPMorgan has long been a distant third in the IPO league tables, behind Goldman Sachs and Morgan Stanley. So far, 2019 has been a year of resurgence for CEO Jamie Dimon’s company, which led 13 IPOs through mid-September worth a combined $5 billion. We’s offering, expected to raise $3 billion, would have been JPMorgan’s biggest of the…

access_time2 min.
the fight against big tobacco 2.0

THE CENTERS FOR DISEASE CONTROL, the Food and Drug Administration, and a bevy of state health departments are investigating at least 380 confirmed and probable cases of mysterious lung illnesses and seven reported deaths, spanning 36 states and the U.S. Virgin Islands—all seemingly related to either nicotine or illicit marijuana vaping devices. It may take years to identify the source of the illnesses—and longer still to judge the long-term effects of vaping. But here’s what’s clear: Amid the burgeoning outcry over vaping, suits are coming. The Trump administration has already vowed to ban flavored e-cigarette pods as evidence of a youth vaping epidemic grows. And the broader legal action is in rapid flux. Currently, there are a number of suits filed in California, New York, Indiana, Ohio, and others against companies like…

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