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35 Articles

BEATING CANCER IS IN OUR BLOOD

NATIONAL MAN OF THE YEAR RICH PENTZ Fishers, IN Principal Global Investors 2020 LOCAL WINNERS ALABAMA • BIRMINGHAM: Chris Devine, Green Rock • Sarah McElvy, Milo’s Tea Company • SOUTH ALABAMA: Gene Fox, Remax; Town of Dauphin Island • Cathy De La Garza, Uniti Fiber • ARIZONA • PHOENIX: Anthony Lee, MD, Synergy Rehabilitation & Wellness Center • Phoenix • Kelly Bowden, Bowden Investment Group • ARKANSAS • BENTONVILLE: Kyle Moore, Edward Jones • Helen Page, PricewaterhouseCoopers • LITTLE ROCK • Justin Kramer, Conway Christian School • Nicole Wilson, Arkansas Children’s Hospital • CALIFORNIA • BAKERSFIELD: Anthony Galagaza, Bakersfield City Fire Department • Keri Lynn Kehoe, Self-Employed • BAY AREA: William Ellis, Google • Dominique Kim, Blue Shield of California • FRESNO: Nicolas Kazarian, Wells Fargo • Kristen Droogh, Guardian Harvest • GOLD COAST:…

BEATING CANCER IS IN OUR BLOOD

A Time for Action

Robert F. Smith told me something a few months ago that stuck: The coronavirus, he said, had in some ways been “a blessing.” Specifically, it had forced upon everyone in America time to slow down, to listen, to think. That helped explain the countrywide urgency following George Floyd’s killing and other racial injustices: Given this unrequested gift of time, millions of Americans could see the obvious in ways they previously couldn’t. National reflection spurred national action. Progress requires that business play a leading role. Examples abound on our fourth annual Just 100 list (page 63), which shows that even big-box retailers like Target (page 61) have embraced the benefits of the proverbial rising tide that lifts all boats. As a voice for progress throughout our history, Forbes is also taking action. Our qualitative…

A Time for Action

Hot Spots That Could Burn U.S.

While we are focused on a possible new wave of Covid-19 cases and the upcoming elections, other crises are brewing that could have an outsize—and adverse—impact on the U.S. Two big ones are a possible conflict between Turkey and Greece—whose enmity goes back centuries—and trouble in the underappreciated and underreported country of Belarus, which had been part of the old Soviet Union but became a separate nation when the Soviet empire collapsed in 1991. Both Turkey and Greece are increasingly at odds over drilling rights for oil and gas in the eastern Mediterranean Sea. Greece, which has numerous islands in the area, says it has sovereignty over the particular waters that hold considerable drilling promise. Turkey is disputing this claim and recently sent a seismic vessel, backed up by warships, to carry…

Hot Spots That Could Burn U.S.

Thrilling Escapes from Elections and Covid Woes

The Last Trial—by Scott Turow (Grand Central Publishing, $29). This legal mystery tells a fascinating story smoothly and compellingly. Turow develops his characters in real, multidimensional ways, turning John Donne’s seeming truism that no man is an island on its head: We are complex individuals who are indeed islands, often mysterious, even as we interact with one another. Turow has a gift for portraying what could be boring courtroom procedurals as gripping dramas. This allows him not to stint in laying out the full narrative of a complicated trial. You’ll even get the best quick explanation of the differences between civil and criminal cases. His ability to explain arcane material in ways that lay people can readily grasp extends, in this case, to the mind-numbing procedures involved in getting a drug…

Thrilling Escapes from Elections and Covid Woes

(Inset) Las Vegas Raiders owner Mark Davis The NFL is back, bringing with it the two most expensive stadiums ever built: Stanley Kroenke’s $5 billion SoFiStadium in Los Angeles and Mark Davis’ $1.9 billion Allegiant Stadium in Las Vegas (page 17). The venues were the capstones of two franchise relocations and helped turbocharge those teams’ values: The Los Angeles Rams are now worth $4 billion, up 176% in five years; the Las Vegas Raiders are up 117% over the same period, to $3.1 billion. Unfortunately, SoFiand Allegiant opened in front of empty seats and vacant boxes, as virus restrictions will keep fans in both cities absent all season. Still, the Rams’ and Raiders’ valuations are both up year-over-year in 2020, as is every other NFL franchise save the Cincinnati Bengals, who were…

LARGE ACCUMULATION

When Snowflake pulled off the largest software IPO in history on September 16, it minted three new billionaires, including CEO Frank Slootman (above). Big companies including Adobe, Lionsgate and Sony love Snowflake’s cloud platform, which helps them manage enormous amounts of proprietary data across a variety of apps and programs while sharing it—safely—with business partners. Among its fans: Berkshire Hathaway and Salesforce, both of which bought in as part of the float. “The only problem today was no one wanted to be a seller because the conviction was so high,” Slootman, 62, said on the first trading day, when the stock more than doubled from its offering price of $120 to close at $253.93. Some problem. With a market cap above $70 billion after day one, San Mateo, California–based Snowflake is the…

LARGE ACCUMULATION

CHARGE IT, PLEASE

Rolls-Royce has gone back to the future thanks to Lunaz, a U.K. automotive company that converts classic British vehicles into electric versions. Founded in 2018 by David Lorenz, the Silverstone, England–based company began with vintage Jaguar XK120s and Bentley Continentals, and recently announced two electric Rolls-Royce models—a 1961 Phantom V (which starts at around $657,000) and vintage Silver Clouds (beginning at $450,000). Limited to 30 vehicles, the Rolls-Royce editions include three models: a four-door limousine, a two-door coupé and a drophead coupé. Power for the Phantom V comes from Lunaz’s 120kWh batt ery pack, which promises a range of 300 miles. And the interiors come with plenty of modern luxuries, including an infotainment system, a customizable bar and alpaca-wool floor mats. “The time is right for an electric Rolls-Royce,” Lorenz says…

CHARGE IT, PLEASE

Some dispiriting news: For viruses that cause diseases like Ebola, SARS and Covid-19, we have nothing at all that works like penicillin, a broadspectrum antibiotic that can combat dozens of bacterial strains—even ones we haven’t discovered yet. Finding something similar for viruses has been the Holy Grail of drug research for decades. That could all change soon, though, thanks to the work of Alice Zhang, a member of the Forbes 30 Under 30 for Science in 2017. Her company, San Francisco–based Verge Genomics, has spent years working on a treatment for ALS, the devastating neurological ailment also known as Lou Gehrig’s disease. As it turns out, variations of her ALS drug might be effective against Covid-19—and other viruses as well. “That’s important,” Zhang says, “because we really need drugs that we can…

HISTORY IN A BOTTLE

Old Forester whiskey loves getting older. Each summer, the family-run Kentucky distillery releases a Birthday Bourbon ($130), which has achieved cult status over the years. And 2020 represents a big milestone for Old Forester, which was founded in 1870. In honor of the brand’s sesquicentennial, it has produced three limited-release 150th Anniversary Bourbons ($150), which are bottled at individual batch strength—each is more than 125 proof—and would no doubt make founder George Garvin Brown proud. 30 UNDER 30 BY ALEX KNAPP; ILLUSTRATION BY DIEGO PATIÑO…

HISTORY IN A BOTTLE

BUY, HOLD, SELL

Sports Collectibles Michael Osacky Lead appraiser for PSA and president of BaseballInTheAttic.com 1951 Bowman #253 Mickey Mantle Rookie Card Oft en overlooked in favor of its legendary 1952 Topps counterpart, Mantle’s ’51 Bowman is severely undervalued at $11,000, and collectors are starting to catch on. 2003 Topps Chrome #111 LeBron James Rookie Card In December 2019, James’ rookie card sold for $2,200. It’s currently five times that. Hold on: A championship with the Lakers could boost that even higher. Signed Muhammad Ali Photos Serious collectors likely already have a signed Ali photo, and younger ones aren’t sold on boxing. Time to sell (at around $400) before prices sink even further. Wine Victoria James Author, sommelier, Cote beverage director and partner Coche-Dury’s Corton-Charlemagne You can taste the traditional, exacting craft smanship in this Burgundian rarity. You can also see it in its $3,000 price…

BUY, HOLD, SELL

Peggy Cherng Billionaire cofounder and co-CEO of Panda Express Grit By Angela Duckworth Penned by Asian-American psychologist Duckworth, Grit (Scribner, 2016) is a thoughtful exploration of why some people achieve success and others don’t. Her research includes interviews with successful leaders and offers inspiration we can all use, especially when the world is testing the strength in each of us. The author’s story of passion and perseverance as a daughter whose father challenged her to become her best self is something we can all relate to as we evaluate what has driven our own sense of self-determination. I found myself reflecting on where my journey has led me—as a philanthropist and a parent—and how people around me have inspired me to live a truly purposeful life. Duckworth’s perspective is riveting and insightful. Grit is…

WORLD OF FORBES

BULGARIA After a heart attack in 2008, Nikolai Sabev adopted Buddhism and expects his clients can find Zen, too. The e-commerce logistics platforms built by his Econt will make Bulgarians richer, he says, and then “they will have time for spirituality.” FRANCE Art Paris, the contemporary fair held at the Grand Palais that welcomed more than 60,000 visitors in 2019, returned in September as one of Europe’s first major events in months, limiting crowds to 3,000 at a time. CHINA After earning a biochemistry Ph.D. from the University of Cincinnati and doing a stint at Pfizer, Samantha Du started Shanghai-based pharma company Zai Lab in 2014; it now has a $6 billion market cap. GEORGIA Seventh on Forbes Georgia’s list of 12 post-Soviet countries’ highestpaid leaders, Georgia’s president, Salome Zourabichvili, earns $2,222 per month, all of which…

WORLD OF FORBES

The thirty-ninth annual iteration of The Forbes 400, our ranking of the richest people in America, was the centerpiece of our October issue. Pandemic be damned: The country’s wealthiest gained an aggregate $240 billion over the past year. The familiars at the top—Bezos, Gates, Zuckerberg, Buffett—were perhaps upstaged by the highest-ranking newcomer, Eric Yuan (No. 43; $11 billion), whose Zoom video-chat platform is the one indisputable winner of 2020, enabling classrooms, regular hellos to Grandma and Friday cocktails with friends. The majority of Forbes 400 members were as rich or richer than last year, but one notable figure was down: Donald J. Trump (No. 339; $2.5 billion). Amateur pundits pounced: “You’ve lost $600 million according to Forbes,” crowed @Eric19755 on Twitter, “all because of a pandemic you could have prepared…

It’s Saturday night in Uxbridge, Massachusetts, and Heather Nicoll, a 31-year-old graphic designer, is investigating a murder. Along with a close friend, she rummages through a box of old newspaper clippings, financial records and police reports as she attempts to solve the grisly death of Jake Morgan, the lead singer of Just4fun, a fictitious boy band. Every month Nicoll, along with 100,000 others, pays around $30 to Baltimore-based startup Hunt A Killer to receive a new installment of the game. It will take a full “season” of six boxes, costing $180, to get to the bottom of Morgan’s death. “I don’t mess around when it comes to cracking these cases,” says Nicoll, who tracks her results with a pencil in a binder. “I’m fully addicted to investigating things now.” Hunt A…

MALCOLM’S MONOPOLY

Malcolm Forbes flew hot-air balloons, rode Harleys—and spent decades collecting toy soldiers, miniature boats and board games. In 2010, 20 years after his death, his 214-lot treasure trove hit the auction block. Among the gems was a perfectly staged replica of the Sack of Troy (which sold for $21,250), a threefoot model of the Lusitania ocean liner ($194,500) and four vintage Monopoly sets, including one of the earliest known. That circular oilcloth version (above), handmade in 1933 by Charles Darrow, fetched what’s believed to be the highest price ever paid at auction for a board game: $146,500.…

MALCOLM’S MONOPOLY

Health vs. Wealth

Bob Duggan could easily have called it a career in 2015, after he sold Pharmacyclics, his cancer-drug biotech, to AbbVie. He was 71 years old and worth some $3 billion. He might well have retreated to his house in Costa Rica, with its giant mural of a green-eyed jaguar cub, and lived out the rest of his life on the beach, surfing and reading books about Scientology. But Duggan, now 76, rejects the idea of retirement. “It’s indigenous in every human to want to make a difference, to exercise their ability and capability,” he says. “It has nothing to do with age.” In April, Duggan became the CEO of Summit Therapeutics by buying more than 60% of the Nasdaq-traded company for about $63 million. Summit, which was founded in 2003 but…

Health vs. Wealth

Drug development is hazardous, because most novel therapies flop and politicians are aching to crack down on the crazy pricing of the few that succeed. A more sedate way to make money: Run clinical trials and do other contract work for pharmaceutical companies. Syneos Health gets $4.5 billion of annual revenue that way. Two negatives are an impairment of operations during the pandemic and the recent decision by two private equity backers to unload shares. The positives include a growing order backlog and a reasonable price: The enterprise value is 10 times likely 2021 earnings before interest, taxes and amortization. William Baldwin is Forbes’ Investment Strategies columnist.…

The Remote-Work Absolutist

Sid Sijbrandij knows the perils of working from home. In 2018, after years of toiling exclusively from a small room in his 47thfloor apartment in a San Francisco high-rise, the entrepreneur developed foot problems. So he moved in a treadmill desk alongside his Zoom-friendly green screen and three monitors. But GitLab’s CEO says the problem isn’t re-mote work, but how it’s practiced. Unless you’re employed by one of the handful of companies that have fully embraced the new work reality, Sijbrandij (pronounced see brandy) thinks you’re probably doing it wrong. His radical take on remote work: It’s effective only if you go all in. Partial measures will create tiers of employees who will split the workforce over time, driving away top-performing remote workers who don’t want to compete with lesser-achieving on-site…

The Remote-Work Absolutist

Microsoft is the best way to play the rise of soft - ware developer tools. The enterprise software giant in 2018 purchased GitHub, an open-platform competitor to GitLab. The $7.5 billion all-stock acquisition gave Microsoft access to the Linux community, a showcase for its own developer tools and services and a way to monetize the developer community. In the fiscal year ended June 30, 2019, its Intelligent Cloud division, where GitHub landed, reported $39 billion in revenue and $13.9 billion in operating income, gains of 21% and 20.9%, respectively. Although Microsoft shares are up roughly 28% in 2020, company outreach to developers and the growth of its cloud business could lift the stock to $290 in a year, a gain of 41% from current levels. Jon D. Markman is president of…

The Prophet and Her Profits

Tesla shares were limping along around $200 in May 2019, about where they had traded five years earlier, when Elon Musk’s biggest Wall Street booster tried a gutsy experiment. Cathie Wood and her Ark Investment Management were already well-known for their way-out-there predictions that Tesla would build a fleet of robo-taxis worth $1 trillion and that its shares would soar 20- or 30-fold by 2023. Now she stirred the pot again by publishing online Ark’s new bull’scase valuation of $1.4 trillion, implying a share price above $6,000, complete with every Excel calculation and assumption behind those estimates. Criticism came fast and furious. Tesla short seller Jim Chanos, famed for uncovering Enron’s fraud, took Wood to task over Ark’s forecasts of Tesla’s gross margins. “[W]hat Ark has produced is a forward pricing…

The Prophet and Her Profits

By the early 1990s, the Japanese had all but cornered the home-electronics market. But tech futurist George Gilder spied an opportunity for U.S. companies. “The home computer is becoming more like a television, the television more like a computer,” Gilder wrote in an October 14, 1991, Forbes cover story. “When these two appliances converge into a single box—smart TV, we could call it—a worldwide electronics market worth hundreds of billions of dollars a year will be at stake.” The Wall Street visionary was right about the rise of smart TVs (and even what we’d call them), but America didn’t capitalize—the market is dominated by Chinese, Japanese and South Korean firms.…

SURVIVORS AND THRIVERS

Even in the most challenging times, the best entrepreneurs find ways to excel. The 25 small companies listed here—all of which have less than $50 million in 2019 sales and fewer than 200 employees—are successfully navigating this turbulent year, even as some of their founders cope with personal losses from Covid-19. Their paths vary. Some make things that are increasingly critical, such as soft ware that improves hospital operations or robots that clean schools. Others have shift ed to adapt to the pandemic, such as the extended-stay hotel operator using its rooms to house displaced international students and traveling doctors, or the maker of rolling buffets that started producing plexiglass dividers. These small-business standouts showcase the strength, adaptability and diversity of America’s entrepreneurs, giving us hope for the country’s economic future. Reporters:…

SURVIVORS AND THRIVERS

THE GREAT RETAIL REINVENTION

IN late February, Target CEO Brian Cornell was sipping coffee in a Manhattan deli—one eye on the keynote address he was soon to give at an investor conference, the other on his phone as news alerts of America’s first confirmed Covid-19 death buzzed in. Target’s communications, investor relations and special-events teams had spent months agonizing over every detail of the speech, given to 200 Wall Street analysts and journalists and able, in a matter of minutes, to send Target’s stock price climbing—or crashing. Three years ago, Cornell, 61, who took over Target’s top spot in 2014 after running Pepsi’s food business, had caused the company’s shares to plunge 12% after analysts scoffed at his bid to counter Amazon by investing $7 billion to upgrade Target’s then-1,800-plus stores and raise worker wages. Cornell’s…

THE GREAT RETAIL REINVENTION

5 BIG-BOX LESSONS FOR SMALL RETAILERS

FALL ONLINE: Use digital tech to turn your store into a local fulfillment center. “A vast majority of online orders are picked, prepped and packed at our stores,” says Target CEO Brian Cornell. “FedEx and UPS sweep by to deliver it the last mile.” PICKUP ARTISTS: Takeout isn’t only for food anymore. “We had high demand but had to limit in-store traffic,” says Home Depot CEO Craig Menear. “We started curbside, which let us serve more customers without having them come into the building.” NEED FOR SPEED: Outpace Amazon with same-day delivery. During the pandemic, Target has seen sales through Shipt, a startup it bought in 2017, jump 350%. “We have over 200,000 Shipt personal shoppers across America,” Cornell says. “They shop for you and bring the order right to your doorstep.” CHOICE…

Critical Connections

Dallas-based AT&T has landed in the Just 100 top 10 for the first time this year thanks to high marks for how the Texas telecom treats its customers, particularly those who need help during an emergency. AT&T’s FirstNet wireless network, built after 9/11, helps firefighters and first responders communicate with each other during crises, while its $650 million disaster-recovery program sends drones to boost cell service for customers who have lost their connections after hurricanes or wildfires. CEO John Stankey, who took the reins of the $180 billion (2019 sales) giant from Randall Stephenson in July, knows there’s more to do. “We’re working with policymakers and the industry to make internet access more available and affordable through a mix of public subsidies for low-income households and smart policies that encourage…

Critical Connections

More than 25 million American workers were furloughed or laid off this spring, but Synchrony Financial’s call-center customer-service workers were not among them. Instead, they got bonuses. “Making it happen wasn’t easy, but it was the right thing to do,” says CEO Margaret Keane. She also set up a $1.5 million emergency fund for employees who need help with Covid-related medical costs. These initiatives helped the $13 billion (2019 net revenue) company rise 27 slots to No. 20 on the 2021 Just 100 list. Supporting working parents is another priority. The Connecticut-based credit-card provider increased paid parental leave to 12 weeks in January, and in June it launched a virtual summer camp for employees’ children. “I’m a true believer in creating an environment where every employee knows that they are…

Ecolab, which makes its Just 100 debut at No. 22, logged $15 billion in revenue last year from selling water-treatment chemicals and cleaning supplies, including hand sanitizer, to companies including Microsoft and Colgate-Palmolive. This spring, it modified production lines at seven of its water-treatment plants to increase its hand sanitizer output. It also donated $3 million worth of its alcohol wipes and disinfectant sprays to health-care providers in its St. Paul, Minnesota, home and around the world. “Our team is proud of the way we stepped up our efforts when our expertise was needed most,” CEO Doug Baker says. The market agrees: Ecolab is up more than 50% since stocks bottomed out in March. Bill Gates is a fan, too; the billionaire owns a 14% stake through his investment firm,…

Walking The Talk

Merck CEO Ken Frazier is one of four Black chief executives leading America’s largest publicly traded companies, and he’s aware of the responsibility this confers. “If you’re complacent with the status quo, you’re complicit in the structural racism and inequality that the status quo hides,” he says. In July, the New Jersey–based pharmaceutical giant—which is developing two Covid-19 vaccines and tops its industry on this year’s Just 100—stopped advertising on Facebook and Instagram, calling on the platforms to “stop hate speech, racism and discrimination.” Internally, underrepresented groups accounted for 36% of new hires in 2018, up from 22% four years earlier, and women make up 49% of its workforce. “Our goal is to ensure that the diversity of our employees mirrors the external world and our patients,” Frazier says. “We…

Walking The Talk

BOTTOM OF THE CLASS

Acadia Healthcare Acadia Pharmaceuticals Acceleron Pharma Air Lease Corp. Amedisys Amerco Antero Midstream Corporation Ares Management Avantor Beyond Meat Bill.com Holdings Cabot Oil & Gas Capri Holdings Carlyle Group Chegg Choice Hotels International CSX Diamondback Energy Dish Network Dollar Tree EchoStar Element Solutions Empire State Realty Trust Enphase Energy Euronet Worldwide Extended Stay America Five Below Fleetcor Technologies Floor & Decor Holdings Fox Corporation Frontdoor FTI Consulting Gaming & Leisure Properties Generac Holdings Globus Medical GrafTech International Graham Holdings Company Haemonetics IAC/InterActiveCorp. Immunomedics Ingersoll Rand Ionis Pharmaceuticals Iovance Biotherapeutics Iron Mountain Kinder Morgan Kirby Landstar System Life Storage Lionsgate Entertainment LKQ Madison Square Garden Madison Square Garden Sports Match Group McDonald’s Middleby Monster Beverage Corporation Murphy Oil Corporation New York Community Bancorp Nexstar Media Group Novocure Old Republic International Outfront Media Pilgrims Pride Corporation Planet Fitness PPD Prosperity Bancshares Quidel Reata Pharmaceuticals Regal-Beloit Royal Gold Seaboard Signature Bank Silgan Holdings Six Flags Entertainment Corporation Skechers U.S.A. Spectrum Brands Holdings Take-Two Interactive Soft ware Tandem Diabetes Care Targa Resources Tesla The Hain Celestral Group The Wendy’s Company TransDigm Group TripAdvisor Two Harbors Uber Technologies Vail Resorts Valmont Industries Vertiv Holdings Watsco White Mountains Insurance Group World Wrestling Entertainment Wyndham Hotels & Resorts…

AMERICA’S MOST SUCCESSFUL WOMEN ENTREPRENEURS

1. DIANE HENDRICKS $8 billion SOURCE: Roofing AGE: 73 • RESIDENCE: Afton, WI SELF-MADE SCORE: The roofing mogul tops the list for the third year running, thanks to her Beloit, Wisconsin–based ABC Supply, which sold $11.7 billion worth of roofing and building materials last year. Outside of ABC, her construction company is building a ballpark for an Oakland Athletics minorleague affiliate, the Beloit Snappers, while a nonprofit she chairs is creating a new charter school slated to open in 2021. 2. JUDY FAULKNER $5.5 billion SOURCE: Health IT AGE: 77 • RESIDENCE: Madison, WI SELF-MADE SCORE: The governor of Wisconsin called on her medical-records software company, Epic, this spring for help coordinating pandemicrelated communication and services for the Badger State’s 6 million residents. The company has also been donating its telehealth and remote-monitoring software. Faulkner, who intends to give 99% of…

AMERICA’S MOST SUCCESSFUL WOMEN ENTREPRENEURS

TORY BURCH’S SURVIVAL SKETCHBOOK

AFTER seven long days and sleepless nights in March, Tory Burch’s impeccably decorated library in her red-brick home in the Hamptons officially became a war room. Pierre-Yves Roussel, her husband and the chief executive of her eponymous fashion company, claimed the patterned green couch. Across from him, Burch—the company chairman, clad in leggings—took the desk by the window overlooking their seven acres. The couple barely stepped outside the room for three weeks. “One day went into the next, and one week went into the next,” says Burch, who left her Park Avenue apartment with a small suitcase on March 6, thinking a quarantine would not last long. “I don’t think we had a break for a solid month. It was a very scary time—2008 happened, and we saw our business change…

TORY BURCH’S SURVIVAL SKETCHBOOK

The SAT Fails Its Biggest Test

The College Board, owner of the SAT, is: A a billion - dollar monopoly B not connecting students to success and opportunity C facing an existential crisis Dall of the above Chaos. That’s the effect Covid-19 has had on America’s system of higher education, which was already struggling before the pandemic. One need look no further than the current state of affairs at the College Board, long regarded as an impenetrable fortress among the ivory towers. Its core product, the SAT, has set the standard for college admissions for more than five decades. Few realize it, but the New York City–based organization that offers the SAT and Advanced Placement tests is a nonprofit that operates as a nearmonopoly. Its tests, which have a stranglehold on their student-customers, fuel more than $1 billion in annual revenue…

The SAT Fails Its Biggest Test

Forbes’ Guide to College Admissions During the Pandemic

HOW DO YOU put together a strong application when it’s nearly impossible to take an admissions test, your school switched to pass/fail grades in the crucial spring term of your junior year and your extra-curriculars and summer job all got canceled because of the pandemic? THE GOOD NEWS: College admissions officers feel your pain. To help students navigate the rocky terrain, Forbes talked to enrollment experts and top admissions personnel at a dozen selective institutions. • If you haven’t taken an admissions test, don’t. Stu Schmill, MIT’s admissions dean, does not expect students to submit scores. “The most important thing students can do is safeguard their health and the health of the people around them,” he says. “We’re going to look at other parts of their application.” Go to FairTest.org for a list…

Forbes’ Guide to College Admissions During the Pandemic

MAXIMUM MAVERICK ISSACMAN

likes to say that everyone has a “useful fatigue life,” to use Air Force jargon. That’s literally the number of flight hours left in a fighter jet before it outlives its usefulness and needs to be retired from service. But Isaacman views the concept as a metaphor for how to live his life. “YOU ONLY get so many flight hours,” he says during a call from his Shift4 Payments office in Allentown, Pennsylvania, at 5 p.m. the day before a morning trip to his home in Montana. “It’s not a whole lot of time, so it really just comes down to maximizing it while you can.” Adds Isaacman’s older brother Michael, “He’s a big believer that we all have a limited fatigue life, so let’s do the most amazing things that we…

MAXIMUM MAVERICK ISSACMAN

Disconnected July 15, 1967 “The new technology is marvelous,” said an awed Frank Stanton, longtime president of the Columbia Broadcasting System. He could look up at the sky above his New York office and envision a time when satellites carried CBS’s news programs far and wide. That’s certainly the case today, and it’s not the only change in communications that Forbes saw coming: everything from smartphones—a.k.a. “miniaturized ‘Dick Tracy’ phones,” as we called them—to information instantly available via computer to a proliferation of television channels that would force any serious presidential candidate to be “a photogenic TV personality.” A few predictions went awry, including that the U.S. Postal Service, a “ponderous institution” even in 1967, would go electronic. But it was also clear that these innovations would come with a cost, something felt…

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