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REAL









SUSTAINABILITY









ANSWERS








BEFORE









’
IT S ASKED






































We adopted sustainability practices such as zero routine flaring decades
W e a d o p t e d s u s t a i n a b i l i t y p r a c t i c e s s u c h a s z e r o r o u t i n e f l a r i n g d e c a d e s

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greenhouse gas emissions and powering a more sustainable future. .
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THIS IS REAL ENERGY.
THIS IS ARAMCO.











March 2020 Volume 203 | Number 1

INSIDE





8



S
T
N COVER STORY
E
T
N 84 | Elon’s New Nemesis
O
C Check your rearview mirror, Tesla.
Rivian Automotive has a $3 billion
war chest from Amazon, Ford and the
Saudis, and is revving up production
on its electric SUVs and trucks. Now
all its 37-year-old founder, R.J. Scar-
inge, has to do is start building cars
and avoid the roadblocks that almost
caused Tesla to crash.
By Chuck Tannert




























































COVER AND CONTENT PHOTOGRAPHS BY
JAMEL TOPPIN FOR FORBES



M A R C H 2 0 2 0 F O R B E S . C O M



10



S
T
N
E
T
N
O
C








98 | Bloom and Bust
KR Sridhar’s Bloom Energy promised to turn natural gas
into clean electricity “cheaper than the grid.” But after blowing
through billions, its fuel cells have turned out to be outrageously
costly—and not so green after all.
By Christopher Helman



















2020 FORBES INVESTMENT GUIDE
60 | In Crypto He Trusts

For now, Coinbase looks like a casino, but its billionaire
founder, Brian Armstrong, sees it as just the beginning of the
financial liberation of the planet.
PLUS: THE FINTECH 50
By William Baldwin and Michael del Castillo
















53 | Best-in-State Wealth Advisors 92 | Trust Your Gut
Our 2020 Best-in-State Wealth Advisors list spotlights more On the bravest frontier in human health, scientists are using
than 4,000 advisors across the country, nominated by their bacteria from the digestive system to create novel medicines for
firms—then researched, interviewed and assigned a ranking a range of ailments. The result could be blockbuster drugs that
by Shook Research. transform lives—and deliver massive returns for early investors.
By Shook Research and Jason Bisnoff By Susan Adams and Will Yakowicz


F O R B E S . C O M M A R C H 2 0 2 0

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FRONTRUNNER

21 | Murder, They Spoke 21 24
These top-earning podcasters prove that
crime really does pay.
24 | Quid Pro . . . Whoa!

12 George Kurtz has gotten rich with Crowd-
Strike, despite some Trumped-up allegation.

25 | Buy, Hold, Sell
S
T Reserve the Barolo; ditch the Miata.
N
E
T
N 26 | FORBES INSIGHTS
O With Clifford Chance
C
Unlocking Tech-Driven Growth—
Four Strategies for Success


28 | 30 Under 30: Men’s Grooming
Splitting hairs in 30 words or less.

30 | World of Forbes 37
Around the globe with our 34 editions.
34 | Conversation
Rapper 21 Savage’s immigration advocacy.


CONTRARIAN

ENTREPRENEURS

37 | Cleaning Up
Laundry man Yaakoub Hijazi is proving
that there’s still money in low-tech service.
By Amy Feldman
INVESTING
40 | Question Everything

Want to make money in the crypto market?
Challenge every assumption.
By Jeff Kauflin

TECHNOLOGY

44 | Long Live Email
48
The inbox had been left for dead. Now it’s being
resurrected by Front and its big-name backers.
By Alex Konrad

LIFE
48 | The James Bond of Burgundy

Jean-Charles Boisset has built a $450 million
oenological empire—and uncorked a lascivi-
ous secret-agent persona.
By Chloe Sorvino

17 | FACT & COMMENT
Steve Forbes
How to save U.S. politics.

114 | THOUGHTS
On morale.


F O R B E S . C O M M A R C H 2 0 2 0

grand-seiko.com

Sidelines

History’s Imagemaker


MARCH 2020 | VOLUME 203 NUMBER 1 The lovely print magazine you’re holding comes cour tesy
of Bob Mansfield, who oversaw the design for this issue
CHAIRMAN AND EDITOR-IN-CHIEF: STEVE FORBES; CEO AND PRESIDENT: MICHAEL FEDERLE
EDITORIAL much in the way he has for the previous 854 or so. He has
RANDALL LANE, Chief Content Officer
14 Director, Editorial Operations: Caroline Howard; Executive Editors: Luisa Kroll, Kerry Lauerman, Michael Noer decided this will also be his last, a capstone for someone
Assistant Managing Editors: Jessica Bohrer (Editorial Counsel), Kerry A. Dolan, Brett Knight, Rob LaFranco, who, more than anyone, influenced how Forbes appeared
Laura Mandaro, Janet Novack, Michael Ozanian, Matt Schifrin, Michael Solomon, Alex Wood
Senior Editors: Susan Adams, Maneet Ahuja, Dan Alexander, Kurt Badenhausen, Steven Bertoni, Abram Brown, to the world for the past 37-plus years.
S Dawn Chmielewski, John Dobosz, Amy Feldman, Martin Giles, Christopher Helman, Alan Ohnsman, Zack
E O’Malley Greenburg, Susan Radlauer (Research), Jennifer Rooney, Tina Russo McCarthy, Nathan Vardi, Bob’s career echoes the modern era of Forbes. His
B Merrill Vaughn
R Deputy Editors: Rob Berger, Jeremy Bogaisky, Colleen Curry, Iain Martin, Andrea Murphy, name first appeared in the iconic inaugural issue of The
O Chase Peterson-Withorn, Helen A.S. Popkin, Chuck Tannert, Halah Touryalai, Jennifer Wang, Taesik Yoon
F Associate Editors: Thomas Brewster, Amy Danise, Ashlea Ebeling, Daphne Foreman, Antoine Gara, Julius Forbes 400 “rich list” in 1982.
Juenemann, Alex Knapp, Alexander Konrad, Maggie McGrath, Ezequiel Minaya, Michael Nuñez, Vicky Valet The junior art assistant’s job
Staff Writers: Angel Au-Yeung, Madeline Berg, Jason Bisnoff, Michael del Castillo, Lauren Debter, Jillian
D’Onfro, Jeffrey Kauflin, Carly Schaffner, Samantha Sharf, Chris Smith, Kelly Anne Smith, Chloe Sorvino, description: “help on what-
Michela Tindera, Ruth Umoh, Andrew Wendler, William Yakowicz
Reporters: Noah Kirsch (Chief); Deniz Çam, Carter Coudriet, Hayley Cuccinello, Elizabeth Daffin, David ever needed to be done.”
Dawkins, Tanya Klich, Matthew Perez, Jonathan Ponciano, Rachel Sandler, Christina Settimi, Kristin Stoller,
Marty Swant, Giacomo Tognini, Isabel Togoh, Glenda Toma, Lisette Voytko, Alexandra Wilson This was before personal-
Assistant Editors: Justin Conklin, Katherine Love (Associate Managers, Editorial Operations); Kellen Becoats,
Elisabeth Brier, Kenrick Cai, Marley Coyne, Brianne Garrett, Sarah Hansen, Christian Kreznar, Monica Melton, computer ubiquity, when
Sofia Lotto Persio, Leah Rosenbaum, Ariel Shapiro, Alexandra Sternlicht, Kristin Tablang, Samantha Todd,
Hank Tucker magazines were laid out on
Art and Production: Bob Mansfield (Art and Design Director); Merrilee Barton, Charles Brucaliere, Sarkis
Delimelkon, Nick DeSantis, Anton Klusener, Suzanne O’Neill, Robin Regensburg, Robyn Selman, Gail Toivanen paper using black-and-white
Social Media: Shauna Gleason (Director); Caroline Dilone, Dario Foroutan, Natasha Lekwa, Baylee Mozjesik, photos fresh from the Forbes
Evan Spadaccini
Video: Tim Pierson (Director); Greg Andersson, Leah Bottone, Meghan Christensen, Ivan Clow, Julia Ferrier, darkroom. Eventually, Bob
Marc Gomes, Nick Graham, Riley Hallaway, Matthew Kang, Kieran Krug-Meadows, Chad McClymonds, Juliet
Muir, Bernard Osei, Jonathan Palmer, Brian Petchers, Morgan Sun, Kirsten Taggart; Forbes Entertainment: began designing Malcolm
Travis Collins, Kyle Kramer
SALES AND MARKETING Forbes’ column, a tough as-
JESSICA SIBLEY, Chief Revenue Officer signment given the powerful,
AD SALES: Maria Aiza Contro, Aaron Andrews, Julia Aziz, Jake Bell, Jessica Blitzer, Leann Bonanno, Marissa
Brown, Shae Carroll, Andrea Celis, Samantha Charlino, Seema Chaudhari, Julie Chisar, Ruth Chute-Manning, perfectionist protagonist. “It Mansfield behind J.P. Morgan’s
Alexandra Cohn, Jennifer Cooke, Jennifer Crowe, Sarah Curry, Hannah Davidson, Leigh Day, Sean Downey, desk at the Morgan Library
Emilie Errante, Taylor Felgenhauer, Olivia Gelade, Louisa Goujon, Taylor Green, Janett Haas, Shauna Haras,
Megan Hennessey, Daniel Hennessy, Matthew Herrmann, William Hosinski, Victoria Kreher, Martina Landeka, was like riding a bicycle on
Jordan Loredo, Brian McLeod, Tara Michaels, Leah Monroe, Dana Moretti, Matt Muszala, Akshay Patel, Ryan
Queler, Paul Reiss, Melanie Ruderman, Jesse Silberfein, Abbey Smith, Rebecca Taroon, William Thompson, the edge of a volcano,” he says. “Beautiful and dangerous.”
Laura Villaraut, Kyle Vinansky, Adam Wallitt, Charles Yardley, Casey Zonfrilli
BRAND STRATEGY/MARKETING/PARTNERSHIPS: Lynn Schlesinger (Chief Marketing Officer); Rachel Aquino, As the Macintosh became designers’ machine of choice,
Mary Baru, Kate Bishop, Erika Burho, Brandon Bycer, Nicholas Clunn, James Colistra, Danielle Collins, Connor
Davis, Krystle Davis, Tom Davis (Chief Growth Officer), William Delehanty, Samantha Evans, Erica Ferraro, young Mansfield took the lead. “I was invited out to Palo
Moira Forbes (EVP, ForbesWomen), Kristine Francisco, Ross Gagnon, Cara Gilmartin, Sahara Gipson, Ashley
Grado, Matthew Haensly, Julie Hildenbrand, Adelaide Hill, Olivia Hine, Merryl Holland, Amani Hussain, Alto to visit Stanford,” Bob recalls. “I was one of the first
David Johnson, Kari Jones, Nicolette Jones, Evelyn Kanu, Juliana Longo, Brian Lee, Douglas Lopenzina, Erika
Maguire, Scott McGrath, James Mentzinger, Sophia Minassian, Sade Muhammad, Alexis Murillo, Romy Oltuski, art directors to try out this thing called ‘Photoshop.’ ” In
Jahcelyne Patton, Zehava Pasternak, Alexi Potter, Jennifer Ramos, Allison Rickert, Claire Robinson, Joshua
Robinson, Danielle Rubino, Claire Ryan, Robert Salgado, Peter Sarnoff, Kelsey Simmons, Andrey Slivka, Allyson 1997, he created the design for what is now Forbes Asia.
Souza, Gregory Spitz, Kara Stiles, Neha Tandon, Ashka Thaker, Rashaad Denzel Toney, Meenal Vamburkar,
Liz Walsh, Jason Webster, Janet Yin By 1999, he was design director of the flagship. Bob’s first
DIGITAL REVENUE OPERATIONS: Kazuki Akiba, Gaston Alegre, Sergiu Bucur, Sal Cangeloso, Lisa Chiobi,
Andrew Dizon, Danielle Gilman, Rachel Goroff, Lauren Gurnee, Jonathan Jones, Victor Lee, Emily Lewis, Nicole cover shoot: a Jerry Seinfeld/Sean Combs mashup. “I was
Lewitinn, Kelly Mui, Ryan Pearce, Casey Riordan, Rebeca Solorzano, Steven Song, Jacqueline Subramaniam,
Alyson Williams scared to death,” he says. “There were no monitors then, so
FORBESLIVE: Sherry Phillips (SVP); Andrea Cantor, Jessica Charles, Chardia Christophe, Alex Engel,
Lindsay Ezykowich, Julieanna Gray, Nicole Kerno, Susan Kessler, Jessica Lantz, Michael Martin, Sydney you had no idea how the image came out until you devel-
Melin, Menaka Menon, Jimmy Okuszka, Mary Margaret Soderquist, Elizabeth Strozier, Shelby Tompkins,
Blair Walther, Jessica Wolf oped the film. And Puff Daddy, as he was known then, was
DIGITAL quite demanding.”
NINA GOULD, Chief Product Officer; VADIM SUPITSKIY, Chief Technology Officer
PRODUCT: Ebony Shears; Terrence Agbi, Youssef Drihmi, Nina Foroutan, Kelly Hanshaw, Erica Ho, Mike Medric, Bob got that shot, and a few thousand more followed,
Martin Navarrete, Dayne Richards, Nick Shippers, Rachel Thomas, Grant Tunkel, Katie Ward, Mila Wentrys
CORPORATE TECH: Peter Hahm; Jiten Bhojwani, Christopher Frank, Justin Harris, Joshua Hartzog, with presidents and kings and pretty much every major
Adaze Idehen-Amadasun, Julia Kim business figure of this century passing through his com-
DESIGN: Dan Revitte; Sara Amato, Andres Jauregui, Joy Hwang, Adrienne Michalski
E-COMMERCE: Emily Jackson; Madeline Kaufman puter. Bob is unflappable. He chews up deadline pressure
ENGINEERING: William Anderson; Adrian Ali, Ken Barney, Don Cao, Igor Carrasco, Brian Chamberlain, Chris
DeLeon, Mudit Dhawan, Philip Diaz, Stephen Dotz, Jaekyung Ha, Benjamin Harrigan, Isabelle Ingato, Daryl like vitamins, setting a collegial tone for the entire staff.
Kang, Yanella Lopez, Johnny McCampbell, Marissa Orea, Drew Overcash, Sungmin Park, Sameer Patwardhan,
Mads Pedersen, Joseph Pietruch, Ronak Ray, Charles Rea, Rodney Rodriguez, Kyle Rogers, Aaron Romel, In 2017, for our 100th-anniversary issue, he again found
Kelly Sample, Alexander Shnayderman, Zachery Shuffield, Dmitri Slavinsky, Scott Warner, JD Weiner, Forrest
Whiting, Heath Woodson, Boris Yakubchik himself shooting Sean Combs. “I told him how nervous I
CORPORATE had been at that first shoot,” he says. “He confided that
FINANCE/OPERATIONS: Michael York (Chief Financial Officer); Cristina Baluyut, Noemi Baraket, Oneil Brodie,
Adele Cassano, Rosa Colon, Chelsea Deluca, Mike Deochand, Cindy Eng, Jessica Feintisch, Nancy Garcia, Iris he was, too. He said looking good on the cover of Forbes
Garcia, Christie Hansen, Giedre Kristahn, Christopher Labianca, Nina LaFrance (SVP, Consumer Marketing),
Stephanie Lewis, Penina Littman, Jaclyn Liu, Christopher Lopiano, Andrea Maniscalco, Natalie Maquiling, launched his business career, and he thanked me.” On
Christine Martinez, Paul Motta, Nelson Osegueda, Willie Osegueda, Amanda Pasquarello, Barbara Passarella,
Jeanine Pecoraro, Gary Prasto, Ivette Reyes, Angel Sauri, Diane Schmid, Lisa Serapiglia, William Simmons,
Vera Sit, Courtney Stanton, Parag Tolia, Buddy Trocchia, Donald Walsh behalf of millions of our readers and hundreds of your MICHAEL PRINCE
CORPORATE PARTNERSHIPS: Peter Hung (Senior Liaison, Investment Group); Taha Ahmed, Greg Derby, colleagues past and present, let me thank you as well, Bob.
Rich Karlgaard, Katya Soldak, Chris Thermistocleous, Amanda Xiang
COMMUNICATIONS: Matthew Hutchison (SVP); Laura Brusca, Susan Masula, Jocelyn Swift, Christina Vega You made history beautiful.
HUMAN RESOURCES: Margy Loftus (SVP); Ashley Abendschoen, Brooke Dunmore, Emanuel Joseph-Bain,
Amanda Sedlak, Rachel Shapiro, Mary Urum-Eke
LEGAL: MariaRosa Cartolano (General Counsel); Paul Anderson, Lindsey Datte, Susy Garcia, Nikki Koval,
Josephine Love-Loftin
FORBES ASIA: William Adamopoulos (CEO), Justin Doebele (Editor); FORBES CHINA: Sherman Lee (CEO),
Russell Flannery (Editor)
Founded in 1917
B.C. Forbes, Editor-in-Chief (1917–54) Malcolm S. Forbes, Editor-in-Chief (1954–90) —RANDALL LANE, CHIEF CONTENT OFFICER
James W. Michaels, Editor (1961–99) William Baldwin, Editor (1999–2010)

F O R B E S . C O M M A R C H 2 0 2 0

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“With all thy getting, get understanding”



FACT & COMMENT

By Steve Forbes, Editor-in-Chief



How to Save U.S. Politics





17



Critics of the much-maligned Electoral Col- had to explain how she was going to pay for all
lege overlook one of its fundamental virtues: the “free stuff” she was promising. Party mem-
tamping down dangerously divisive politics. bers were also put off by her harsh negativity.
Advocates of replacing this “18th-century If one of the parties does veer far from the
anachronism” with a straight popular vote im- existing center, it will suffer a shattering de-
plicitly assume the current two-party system feat, as the Democrats did in 1972 when they
would remain intact and that the candidate nominated a far-left candidate who ended
with the most individual votes—instead of up carrying only one state and the District
electoral votes—would win the White House. of Columbia.
That’s the way things work for every other Along the same lines, because candidates
elected office in the U.S.; why wouldn’t it be so have to wage nationwide campaigns to win,
for the most important one of all? the Electoral College forces these contenders
But the basic two-party arrangement we to become familiar with local and regional
take for granted exists only because of the Electoral Col- issues they might otherwise overlook, most particularly in
lege. To win the presidency, a candidate has to appeal to battleground states. The current arrangement does more to
people across the country. A nationwide coalition is essen- give a voice to minorities, people whose support could be
tial to gaining a majority in the Electoral College. A narrow crucial in key states.
sectional or special-interest base simply won’t cut it. That’s Today’s parties are state and local organizations. Each runs
why our parties are collections of many diverse interests and its own show its own way. Sure, there are national committees,
backgrounds, reflecting the character of this continental na- but they are essentially fundraising entities for congressional
tion whose citizens, or forebears, have come from all corners and gubernatorial candidates—and their party’s presidential
of the world and reflect a wide array of cultures and beliefs. candidate. Every four years local parties come together to for-
It’s why supporters of the Democratic and Republican par- mally nominate a presidential candidate, who then is auto-
ties are so often uneasy with one another. GOP voters in the matically put on the ballot in every state in the union (and the
Northeast, for instance, who tend to emphasize economic is- District of Columbia). In contrast, independent candidates for
sues such as low taxes, are put off by social conservatives. our ultimate office have to go through an expensive, laborious
The system puts a premium on moderation. Yes, candidates process to get on all the ballots. Few manage to do so. Each
can advocate bold programs, but they have to do so in ways that state has its own rules—some easy, others extremely difficult.
don’t alienate more tepid members of their party, not to men- A direct popular vote for president would shatter this po-
tion independent voters. A radical idea usually goes through litical ecosystem that’s uniquely suited to America.
what might be called a marinating process, during which time Individuals and special-interest organizations would con-
people become accustomed to the notion, and even then it has tinuously create their own parties. For example, would Mike
often become a watered-down version of the original. Bloomberg—who at various times during his political career
The Electoral College’s systemic bias for softening the has been a Democrat, a Republican and an independent—even
rough, potentially dangerous edges of national politics has en- bother to try to fetch the Democratic nomination for president?
abled us for over two centuries to debate and resolve even bit- Of course not. With his resources, he would do it on his own.
terly contentious issues without tearing apart the country and Unlike the two-party system the Electoral College fosters
leaving wounds that can fester for generations. The exception, today, there would be numerous candidates competing in
of course, was the issue of slavery. Otherwise, the tendency to a national election. More basic and ominous is that in con-
move toward moderation and inclusion has held. trast to the moderating bias of the Electoral College, a direct
Look at the Democrats. The party has indeed lunged to the popular-vote system would put a premium on inflaming pas-
left, but behold what’s happened to its presidential wannabes sions to gin up support for candidates in a crowded field.
who most faithfully parroted the extreme views of far-left ac- Of course, if no aspirant reached a certain threshold—and
tivists on such matters as rigid anti-individual identity politics what level should that be: 40%? 50%?—there would have to
or an immediate government takeover of health care: They’ve be a runoff. Since there would be so many candidates vying to
floundered or have tried to soften the sharpness of their views. occupy 1600 Pennsylvania Avenue, one could easily envision
Elizabeth Warren’s once expanding bubble deflated once she elections in which the runoff would be between two extremist


M A R C H 2 0 2 0 F O R B E S . C O M

Steve Forbes Cont.


candidates who each received, say, 10% vantage in elite running races, thereby RESTAURANTS:
of the vote in the first round. To win a threatening the integrity of the sport. It GO, CONSIDER, STOP
runoff, contenders would have to bar- appears the shoes won’t be banned in Edible enlightenment from our eatery
gain with the field’s losers for support in this summer’s Tokyo Olympics; how- experts and colleagues Richard Nalley,
the final round. The horse-trading and ever, the world governing body for track Monie Begley and Randall Lane, as
outright payoffs this new system would and field is trying to curb further im- well as brothers Bob, Kip and Tim.
18 encourage would make today’s political provements in this technology. z Caviar Russe
bargaining look tame in comparison. Huh? What’s the big deal here? 538 Madison Avenue, between
Then, of course, you would have cru- We’re not talking about drugs. Isn’t 54th & 55th Streets (212-980-5908)
T
N cial, nitty-gritty details to resolve. Who sports equipment supposed to get bet- This small second-floor restaurant is a civi-
E
M would police the 175,000 voting districts ter? The way Vaporflys are constructed lized oasis where you can enjoy a conversation
M to avoid chicanery? Who would ensure reduces a runner’s “energy cost.” Run- on comfortable banquettes surrounded by
O that absentee ballots were not tampered ners love them. Winners of recent lovely murals and hushed and helpful service.
C Such pleasure does not come without cost:
with? All of this could involve a major marathons, at which records were set,
& 50 grams of osetra logs in at $190 but arrives
with crème fraîche, chopped chives and your
T expansion in the central government’s wore versions of the sneaker. Natu-
C power. Each state today has its own rules rally, Nike’s competitors are unhappy choice of tiny warm blinis, slivers of toast
F A and sliced potatoes upon which to spread it
for voting. Some states, for example, that prestige (and amateur) athletes all. While the rich smoked salmon is plenti-
•
encourage early voting; others do not. are flocking to Vaporflys. They would ful, the dry-aged ribeye with celery-root
Under a direct-voting system, these rules be delighted to see Vaporflys banned in puree and small potatoes leaves one hungry
for more. The basket of miniature mad-
would have to be uniform—again, an- competitions—for now. They’re scram- eleines is so good you can skip dessert.
other extension of Washington’s power. bling to create their own versions— z Knickerbocker Bar & Grill
Democrats hate the Electoral Col- free-market competition works! 33 University Place, at 9th Street
lege because in both the 2000 and 2016 Over the years sneakers have made (212-228-8490)
elections they lost the White House quantum leaps in comfort, style and Classic, comfortable neighborhood fixture
even though their candidates received durability. So have sports fabrics and serving hearty American fare. To start, try
more popular votes than their GOP op- other kinds of equipment. Isn’t this what the crab cakes, which are star-worthy, or the
ponents. This ignores the fact that if the progress is supposed to be all about? shrimp cocktail, which is straight out of the
1950s. The chicken pot pie, which could feed
College hadn’t existed during those con- four, is as tasty as it is plentiful. Ditto the
tests, the candidates would have waged barbecue ribs. Bread pudding or a slice of
entirely different kinds of campaigns. Bloomberg Blows It carrot cake—enough to feed an entire bridal
party—will put you over the top. It’s all good
Donald Trump, for instance, would not and all reasonably priced. And you can still
have taken precious time near the end of Mike Bloomberg proclaims he can best converse when the musicians are playing.
the campaign to visit Maine in the hope beat Donald Trump. But he made a z Land of Plenty
of garnering an electoral vote in a con- blunder that will hurt him badly if he 204 East 58th Street (212-308-8788)
gressional district (which he did). is the Democrats’ nominee this Novem- Great spot (a short walk from Blooming-
Our Founders knew exactly what ber: He came out for raising economic- dale’s) for a delectable Chinese meal for
they were doing when they created the growth-killing taxes on a scale that two—with wine—for under $80, including
Electoral College. We ignore their wis- would ostensibly raise almost 50% tip. When the word amazing is in front of
a chicken or shrimp dish, expect your taste
dom at our peril. more revenue than Joe Biden’s suppos- buds to be warmed by a very hot and spicy
edly more moderate schemes. Bloom- sweet sauce. The crispy shredded sesame
berg’s nostrums would crush capi- beef crackles, and there are braised fresh
Don’t Ground tal creation and business investment mushrooms with bok choy for those look-
ing for “healthier” fare. Plenty to like and
These Sneakers and tank the stock market. Econom- plenty to eat in the land thereof.
ic growth would stagnate, and wage z TAK Room
Nike has produced a sneaker called the growth would wither, if not decline. 20 Hudson Yards (929-450-4050)
Vaporfly that is roiling the sports world. By contrast, the president will be This is the anchor restaurant in an over-the-
Its technology, according to critics and unveiling another round of tax cuts to top mall, and it’s clear who will be paying for
competitors, gives users an “unfair” ad- be enacted if he’s reelected. all this “luxe.” Though good, the food lacks
Bloomberg and the rest of the the flourish of chef Thomas Keller’s usual
creations. The menu is fairly classic Conti-
Democratic field have forgotten what nental cuisine, but the prices are colossal (and
Introducing happened the last time their party the service is never attentive). Many plates are
What’s Ahead, standard-bearer so loudly trumpeted offered for “two”—Dover sole for two for $110;
the new podcast hosted raising taxes: In 1984, pro-tax Walter New York strip steak for one or two for $160,
with a variety of sauces at an additional $7 to
by Steve Forbes. Mondale carried only one state and the $12. There are less expensive offerings, but not
Subscribe now on iTunes District of Columbia against the tax-cut- by much; a lone crab cake is $27. Desserts are
or GooglePlay Store. ting incumbent, Ronald Reagan. F quite good—try the coconut or chocolate cake.


F O R B E S . C O M M A R C H 2 0 2 0

Income meets






performance.









Fidelity Total Bond Fund seeks to deliver dividend income to investors
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presents a great opportunity.


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Since 10/15/2002 $228,100
$220,000
Fidelity® Total Bond Fund
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$200,000

$180,000

$160,000


$140,000

$120,000


$100,000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Average Annual Total Returns Life of Fund
as of 12/31/2019 1 year 3 year 5 year 10 year Since 10/15/2002 Expense Ratio
Fidelity® Total Bond Fund 9.87% 4.37% 3.68% 4.52% 4.90% 0.45% 2
Bloomberg Barclays U.S. Aggregate Bond Index 8.72% 4.03% 3.05% 3.75% 4.28%

Performance data shown represents past performance and is no guarantee of future results.

Investment return and principal value will fluctuate, so investors may have a gain or loss when shares
are sold. Current performance may be higher or lower than what is quoted, and investors should visit
Fidelity.com/performance for most recent month-end performance.





Invest today at Fidelity.com/totalbond



FIDELITY TOTAL BOND FUND FIDELITY TOTAL BOND ETF Fidelity.com/totalbond
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ETFs are subject to market fluctuation and the risks of their underlying investments. ETFs are subject to management fees and other expenses. Unlike mutual funds,

ETF shares are bought and sold at market price, which may be higher or lower than their NAV, and are not individually redeemed from the fund.
1 The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged broad-based, market value–weighted benchmark that measures the performance of
the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market. Sectors in the index include Treasuries, government-related and corporate


securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS. It is not possible to nvest directly in an index.
i
2 Expense ratio is the total annual fund operating expense ratio from the fund’s most recent prospectus. Expense ratio as of 10/30/2019.
Before investing in any mutual fund or exchange-traded fund, you should consider its investment objectives, risks, charges, and expenses.

Contact Fidelity for a prospectus, offering circular, or, if available, a summary prospectus containing this information. Read it carefully.
Fidelity Brokerage Services LLC, Member NYSE, SIPC. © 2020 FMR LLC. All rights reserved. 833628.9.0



WH AT ’S WH O ’S
N EW NE X T




21

By Ariel Shapiro Photograph by Ethan Pines for Forbes






















































Murder,










They Spoke









Podcasts

Who says crime doesn’t pay?
Not Karen Kilgariff and Georgia Hardstark,
who have turned their darkly funny podcast
about killers into a burgeoning media empire.



M A R C H 2 0 2 0 F O R B E S . C O M

Podcasts Cont.

M y Favorite Murder Don’t Get Murdered, a nod to their show’s The hosts on our first-ever ranking
DOWNLOADING DOLLARS
was born, fittingly, at a

catchphrase); signed a development

Halloween party in the
deal with podcast publisher Stitcher
on everything from basketball and
Los Feliz neighborhood worth at least $10 million; and built a of the top-earning podcasters opine
baseball to movies and murder.
of Los Angeles in 55,000-person fan club—members pay
2015. The gathering was thrown by a $40 annually for exclusive episodes and
22 mutual friend of the podcast’s future access to presale tickets to live shows.

cohosts, Karen Kilgariff (page 21, left), In other words, the duo is killing it,
a standup comic and comedy writer, and their earnings show it. They made
R
E and Georgia Hardstark, a host on an estimated $15 million in 2019,
N the Cooking Channel. The women placing them at No. 2 on our inaugural
N
U had met before. But “it wasn’t until ranking of the top-earning podcasters.
R
T this party that we realized we were It’s a boom time: Advertisers likely spent
N both really into true crime and didn’t close to $700 million on pods last year,
O
R have anyone else to talk to about it,” according to estimates by PWC and the
F
says Hardstark, 39. They stationed Interactive Advertising Bureau, a nearly
themselves in the kitchen, ignoring the sevenfold increase in four years; Spotify
other guests and swapping tales of gore. spent $250 million to acquire podcast 1. JOE ROGAN
“Which is stuff I like to do at a party.” networks Gimlet and Parcast. Apple, The Joe Rogan Experience

2019 EARNINGS: $30 MIL*
“It was a perfect moment,” Hardstark reportedly, is hot on Spotify’s heels with Topics:
adds. “I met someone who . . . didn’t want plans for its own network after years of UFC, politics, standup comedy
me to shut up about murder.” doing nothing. “People are realizing that

Millions of others, it turns out, didn’t podcasting is special,” says Kilgariff, 49. 2. KAREN KILGARIFF AND
GEORGIA HARDSTARK
want them to shut up either. Listeners “I think people are isolated and really
My Favorite Murder
can’t get enough of the pair’s darkly lonely.” And in the case of My Favorite $15 MIL
humorous tales about murderers Murder, “it’s nice to listen and process True crime, pop culture
like Scott Scurlock, the Hollywood terrible [things] together. There’s
3. DAVE RAMSEY
Bandit, and Robert Hansen, the something really cathartic about that.”
The Dave Ramsey Show
Butcher Baker of Anchorage, Alaska. Another recent endeavor for Kilgariff $10 MIL

Today My Favorite Murder gets 35 and Hardstark: their own podcast Personal finance
million downloads a month, and last network, Exactly Right. They’ve greenlit
year it was the seventh-most popular five shows, including This Podcast Will 4. DAX SHEPARD

Armchair Expert
podcast on Apple Podcasts, ahead of Kill You, a series about infectious diseases $9 MIL
repurposed programming like NPR’s hosted by two epidemiologists. “It’s very Hollywood, current events
Fresh Air and This American Life. fun and cool and old-fashioned show
5. BILL SIMMONS
The duo’s little true-crime empire business to discover talent,” Kilgariff says. The Bill Simmons Podcast

is growing. In the past year, they’ve “We’re lucky because ours is popular that $7 MIL
performed 40 live shows; published a we have this fuse, and we can connect Sports, Hollywood
New York Times bestseller (Stay Sexy & this fuse to people who deserve it.”




Forbes Finds
SIGN OF THE TIME
SIGN OF THE TIME
As Chinese zodiac signs
As Chinese zodiac signs
go, the Year of the Rat may
go, the Year of the Rat may
not be as alluring as, say,
not be as alluring as, say,
Horse, Tiger or Dragon, but
Horse, Tiger or Dragon, but
that hasn’t stopped luxury
that hasn’t stopped luxury
watch brands from finding
watch brands from fi
nding

considerable beauty in the
considerable beauty in the
little rodent. Plus, rats do *ALL PODCASTER EARNINGS ARE FORBES ESTIMATES
little rodent. Plus, rats do


have some good qualities.
have some good qualities.
Those who fall under the
Those who fall under the MICHAEL S. SCHWARTZ/GETTY IMAGES
sign—which occurs every
sign—which occurs every
12 years—are said to be cun-
12 years—are said to be cun- Year of the Rat Métiers d’Art The Chopard L.U.C. XP Premier Chinese Panerai Luminor


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ahead in the rat race. on request) (price on request) (price on request)
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F O R B E S . C O M M A R C H 2 0 2 0



New Billionaire
Book Value
Leaders from the worlds
of business, academia, QUID PRO . . . WHOA!
entertainment and
24 politics share what’s on
their bedside table.
George Kurtz has struck it rich with CrowdStrike—
despite a trumped-up allegation about his cybersecurity
R
E company from the 45th president.
N
N
U
R
T
N
O Tory Burch
R
F Fashion Mogul
A LIFE
by Simone Veil





















It’s hard to imagine that
I didn’t know about the
French politician Simone
Veil until she died, at 89, in
2017. But when I read her
obituary, I knew I wanted
to learn more. She led
an extraordinary life. So
I bought her memoir, A
Life (Editions Stock, 2007),
which was translated into
English by Tamsin Black.
Veil is considered one of the year ago, the world didn’t really know much about CrowdStrike, and
heroines of modern France.

Her journey is both surprising A George Kurtz, the cybersecurity firm’s cofounder, was perfectly happy
and inspiring: She was an with that. This all changed in September when a redacted transcript of
Auschwitz survivor, but her President Trump’s call with Ukrainian President Volodymyr Zelensky
brother and parents were
killed in the Holocaust. She became public. In it, the two men discussed CrowdStrike, which had
trained as a lawyer and been hired by the Democratic National Committee to investigate Russian hacking dur-
became a renegade fighter, ing the 2016 election, and Trump pushed Zelensky to investigate the firm, claiming it


in a Catholic country, for a
woman’s right to choose. She had stashed a DNC server in Ukraine.
managed to win over a na- “I didn’t think when we started a company, we’d be mentioned by two heads of state,” PHOTOGRAPH BY TIMOTHY ARCHIBALD FOR FORBES; ILLUSTRATION BY DAVID MAHONEY
tion and change the course NEW BILLIONAIRE BY ANGEL AU-YEUNG; BUY HOLD SELL BY CHRISTIAN KREZNAR
of history. I found her life sighs Kurtz, 49, who says his company did nothing wrong—and never set up a server
and the way she wrote about in Ukraine. “The best thing for us is to keep our heads down and focus on stopping
it fascinating, so I’ve been breaches. The rest of it is kind of noise.”
recommending her book
often. It seems that every- When clients like the DNC hire CrowdStrike, the Sunnyvale, California, company

one is used to men “making” deploys its cloud-based breach-detection software, called Falcon, to scan for hackers.
history; I’m very interested This can be a lucrative endeavor. CrowdStrike can be hired for one-off, bespoke inves-

in attempting to recalibrate

that. Veil stood up for what tigations—as with the DNC—but a 4,000-company client roster that includes Amazon
she believed in—and in turn and Credit Suisse pay a monthly $6.99 per computer to keep Falcon monitoring their
changed life for women
in France. systems. All this work should amount to $465 million in revenue during CrowdStrike’s


F O R B E S . C O M
F O R B E S . C O M M A R C H 2 0 2 0

latest fiscal year (ending

on January 31, 2020), a BUY, HOLD, SELL
roughly 86% gain from
a year earlier. Shares are

about flat since its June
IPO, but they’re still Stephen Fishler COMICS: HOLLYWOOD-RELATED MARVEL AND DC
25
enough for Kurtz’s 10% CEO,
stake to be worth nearly Metropolis Collectibles
$1.1 billion. F
After getting a busi- R
O
ness degree from Seton N
T
Hall University and R
spending years as an IT- U
N
and security-consulting N
E
drone, Kurtz launched R
his own software security Minor Marvel Joker X-Men
startup, Foundstone, Characters Batman’s oldest foe With Dark Phoenix
in 1999. He sold that As the Marvel Universe got a shot in the arm having hit a wall last
expands, dust off rarities from the 2019 movie year, it seems interest

company to McAfee and like Marvel Mystery and Joker. A high-grade in X-Men has pla-
Sub-Mariner ($2,000 per cover ($3,000 to teaued. Classic titles
later became the bigger issue) from the wartime $7,000) will net nicely in great condition
firm’s chief technol- Golden Age. when a sequel rolls in. can fetch $2,000.


ogy officer. The idea for

CrowdStrike’s simpler, Victoria James WINE: WOMEN VINTNERS
faster, cloud-based soft-
ware came from watch- Partner and beverage
director at
ing a guy seated next to Cote restaurant,
him on a flight in 2011 sommelier, author

spend a good 15 minutes
scanning his laptop with
McAfee. “I’m just sitting
there going, ‘Oh, my
God, this is terrible.’ ”
He quit McAfee
that same year to start 2015 Spe’y, Kitá Wines Barolo Marassio, 2018 SP68,
CrowdStrike. Five years Made by Native American Giulia Negri Occhipinti
winemaker Tara Gomez on Negri’s Italian red Cult classics among
later, it had roughly tribal land in California’s is a breath of fresh sommeliers, Arianna
$50 million in revenue, Santa Ynez Valley. Five air for Piedmont’s Occhipinti’s other bio-
years in the bottle will have venerable vintners. dynamic wines offer



a figure that more than this Rhône blend ($30) sing- At $125, expect it to more gravitas than this
doubled the following ing—and doubling in value. triple in a decade. cheerful $35 Sicilian.
year. Now CrowdStrike is
focused on current global Ken Gross AUTOS: JAPANESE SPORTS CARS
boiling points such as Author, former
Iran; it’s likely increas- director of the Petersen
Automotive Museum
ing its reach in Europe,
where potential users
will face many of the
same threats as Crowd-
Strike’s stable of Ameri- Lexus SC 400 Datsun 240Z Mazda MX-5 Miata
ILLUSTRATIONS BY CHRIS LYONS theory, meanwhile, isn’t went virtually unchanged handedly put British sports huge numbers, they’re un-
can customers. Trump’s
Ukraine conspiracy
(1991–2000)
(1970–1973)
(1989–)
Crisply styled, fun to
A rev-happy engine and
The svelte design of this
excellent handling made
drive and maintenance-
Grand Touring coupe
hurting business. In fact,

the lovable little Miata
friendly, the 240Z single-
Kurtz says, it has raised
for nine years. Forget its
America’s most popular
cars out of business.
squishy 2001 second-gen
club racing car. Built in
“our visibility as a world
replacement and buy it
Aim for $50,000—there’s
leader in cybersecurity.”
F O R B E S . C O M
M A R C H 2 0 2 0 for less than $15,000. room to climb. likely to go past $15,000.



F O R B E S I N S I G H T S W I T H C L I F F O R D C H A N C E | PA I D P R O G R A M







Unlocking Advanced technology is changing the

way we live and work and is bringing
about unprecedented opportunities
Tech-Driven and risks for businesses.



Growth: To gauge how executives are responding, PG 27
ÀLià à } Ìà > ` ÌiÀ >Ì > >Ü wÀ
Clifford Chance surveyed 300 senior
Four Strategies executives worldwide. U
N
L
The research showed that to continue to grow O
For Success > ` Ì À Ûi] V
«> iÃ
ÕÃÌ Ì> i > «À >VÌ Ûi K
C
I
N
approach to tech-driven growth. Here’s how: G

T
E
C
H
-
R
I
1 Set the right pace 2 Make technology part D
V
E
N
of your values
for your business

G
O
Business leaders are using advanced Tech-driven growth is having an impact on R
W
T
technologies without always understanding the much more than companies’ balance sheets. H
risks and consequences. To succeed, companies It is affecting how society functions and how
need to focus on the right level of collaboration, people live and work. While executives are
recognize the overall impact of advanced ` Û `i` ÛiÀ Ü ÌiV }Þ Ü yÕi Vi

technologies and focus on auditing and testing the society of the future, those who build
much more readily. Deep understanding will give ethics and social responsibility into their DNA
deep protection against future regulation. will be the long-term winners.






3 Aim for the highest 4 Develop your management

levels of compliance
teams and boards

Without a cohesive global road map for Just half of boardrooms have technology

the ethical implementation of advanced expertise around the table, and only half of
technologies, executives face uncertainty. Some companies have in-house capabilities to deal
jurisdictions have put into effect more stringent with the legal and ethical aspects of tech-driven

or progressive regulations than others, and some growth. Boardrooms and management teams
companies have grown due to lax regulations. need to focus on increasing the tech expertise
In the future, companies need to aim for the and capabilities in the room, bringing in new

highest levels of compliance. They should see perspectives and testing “groupthink.”
this as a global risk, not just a country risk.





>> Learn more by visiting www.cliffordchance.com/forbes




M A R C H 2 0 2 0 F O R B E S . C O M

30 Under 30

PRETTY. SUCCESSFUL.
The List

TOP-EARNING GAMERS
Splitting hairs with the Forbes 30 Under 30, in 30 words or less.


For the first time, we’ve
ranked the highest-paid
28 stars in gaming, a league of
legends who made a collec-
tive $121 million last year. The
R
E vast majority of those dollars
N didn’t come from winning
N competitions but from
U YouTube ad revenue and
R
T endorsements with the likes
N of Adidas and Bud Light.
O
R
F
1. Tyler Blevins Braden Handley, 29
(a.k.a. Ninja)
COFOUNDER, INKBOX
EARNINGS: $17 MIL Phil Wong, 30, and Brian Jeong, 30
Toronto’s Inkbox (funding:
COFOUNDERS, HAWTHORNE
$14.1 million) makes temporary
2. Felix Kjellberg Backed by $10.5 million in funding, New peel-and-stick tattoos for adults
(PewDiePie) York’s Hawthorne provides a 23-question that last one to two weeks. An
$15 MIL web-based quiz to help men select the right astronaut and a koi are among
cologne, shampoo and body wash. the most popular designs.

3. Preston Arsement
(Preston)
$14 MIL



4. Mark Fischbach
(Markiplier)
$14 MIL


5. Michael Grzesiek
(Shroud)
$12.5 MIL
Sarah Ribner, 30
COFOUNDER, PIPERWAI
6. Daniel Middleton In 2014, Ribner bootstrapped
(DanTDM) Alex Tomic, 26, and Nik Mirkovic, 24 natural deodorant PiperWai
$12 MIL COFOUNDERS, HISMILE
with cofounder Jess Edelstein.
The Australians’ teeth-whitening gel took off after Their speed sticks took off,


a Kylie Jenner sponsorship. Jenner’s 2016 Instagram and PiperWai has since
7. Evan Fong
(VanossGaming) post has accumulated 1.8 million likes; HiSmile had added a deodorant cream and
$11.5 MIL $100 million–plus in 2019 revenue. underarm moisturizing oil.


8. Sean McLoughlin
(Jacksepticeye)
$11 MIL
Kimberly Lewis, 28, and
Timothy Lewis, 29

9. Timothy Betar COFOUNDERS, CURLMIX
(TimTheTatman) This Chicago couple—Tim’s a former
$8 MIL Who Wants to Be a Millionaire
contestant—got $1.2 million in 2019 30 UNDER 30 BY MARLEY COYNE ILLUSTRATIONS BY AARON SACCO
for CurlMix’s line of organic shampoos
10. Nick Kolcheff

(Nickmercs) designed for African-Americans.
$6 MIL



F O R B E S . C O M M A R C H 2 0 2 0
F O R B E S . C O M

Engineered for Enjoyment

ANGOLA ARGENTINA BOLIVIA
More than 2.5 million
people a month pass
through Farmacity’s stores,
which are run by Sebastian
Miranda. The company,
founded in 1997, has
300 locations and is the
nation’s biggest employer
of pharmacists.
W O R L D Suárez Bello has owned
30 For over 30 years, Carlos
and operated a popular
Angola is trying to solve Italian joint, Michelangelo,
R OF an electricity crisis partly in Santa Cruz, Bolivia’s big-
E gest city. Now he’s started
N by turning to a stackable fast-food restaurant

N battery made by Swiss- TutiCapa Pasta y Pizza.
based Power-Blox.
U F O R B E S
R
T
N CHINA
O
R Across the planet, these 34 licensed
F
editions span five continents,

27 languages and 24 time zones.
They all share the same mission:
to celebrate entrepreneurial
capitalism in all its guises.





BRAZIL
CZECH REPUBLIC CYPRUS Liu Erhai ranks among China’s top VCs thanks to his invest-


Brazilian startup Fix It has ment in Luckin Coffee, which is battling Starbucks there.
an innovative take on an
old medical product: It
makes light, 3D-printed, FRANCE GEORGIA
biodegradable braces
to treat injuries such as
broken bones.

DOMINICAN REPUBLIC
A recent Forbes Czech
special issue devoted to
health care put a spot-
light on entrepreneurs
including Czech neuro- To speed the Bank of
scientist Martin Tolar, Cyprus’ stalled recovery

whose Boston-based from the 2013 financial
Alzheon is working on an crisis, new CEO Panicos
Alzheimer’s treatment. Nicolaou is slicing away
bad loans from the insti- Forbes Georgia made a
tution’s balance sheet— Leblon Delienne, a maker statement of support for
and looking into how it of high-end pop-art sculp- prominent doctor Vazha
might digitize. A new list of Central tures, has teamed up with Gaprindashvili by depicting
America’s most creative Disney to turn out a line of him on its January cover;

people featured artists Mickey Mouse figurines. he was detained for 49
GREECE including Romeo Santos, days in South Ossetia,
who drew 80,000 people a breakaway region of
to MetLife Stadium in INDIA the country.
New Jersey last year.
Cricket isn’t the only
game in India, where
interest in Olympic
sports like shooting,
GERMANY wrestling and boxing

is on the rise—the latter
BlackRock wants to take
over the world, and from her
Alpine corner of it, Mirjam
Staub-Bisang is leading Olive oil estate, anyone?
the $85 billion money Greek property is becoming
manager’s efforts in Swit- an increasingly popular

zerland, focused partly on investment amid govern-
sustainable investments like ment incentives to spark
Geberit and Umicore. the real estate industry. HUNGARY ISRAEL

After selling his truck Moshe BenBassat, a
INDONESIA company, Hungarian college professor, was an
industrialist György early AI evangelist—and

A new report from Google, Bain & Co. and the Singapore Wáberer has invested has now sold his firm,


state investment firm Temasek lists Indonesia as the largest $10 million in a new ClickSoftware, to Sales-
and fastest-growing digital economy in Southeast Asia, private clinic, Wáberer force for $1.4 billion.
rising fourfold since 2015 to $40 billion in 2019. Medical Center.
F O R B E S . C O M M A R C H 2 0 2 0

ITALY KOREA LATVIA
“God can’t destroy Forbes Latvia’s Under 30
streetwear.” That’s the list includes Anastasija
motto for Giuliano Calza, Oleinika, 29, CEO of a lend-

who turned the phrase ing marketplace, and
into an acronym for his Artūrs Toms Plešs, 27, a
company’s name, GCDS, member of parliament.
and has persuaded celebs
including Kim Kardashian
to wear his apparel.
JAPAN KAZAKHSTAN 31

Nintendo and energy giant For Forbes Kazakhstan’s
Tokyo Gas are among 30 Under 30 package, ren-
the businesses featured egade street artist Pasha
on Forbes Japan’s Great Cas, 24, painted a new F
Company 2020 list. work titled “Be Brave.” O
R
Forbes Korea asked 52 N
leaders about their “bucket T
MONGOLIA list” goals for life. Among R
their replies: Yang Yoon- U
Since 2006, Punsalmaa Badamdorj has led M-Oil Group, Sun, CEO of Medipost, says N

one of the five largest Mongolian petro businesses. She’s she wants to give away N
now focusing partly on the Punsalmaa Fund, which 20% of her earnings and E
will promote women’s economic empowerment and achieve a “retirement with PORTUGAL R
support women-led small businesses. ‘new challenges.’ ”
“If we try to be everything,
we are nothing,” says Miguel
MALI Patrício, the new Portugal-
born CEO of struggling

Kraft Heinz. “We have to
be specialists.”











MEXICO POLAND
“When I started in the hotel Nothing evokes Polish verve better than a . . . yacht.

industry 25 years ago . . . it Raúl Beyruti’s GIN- At least if you ask Francis Lapp, who projects that his
was considered reserved group is the country’s Sunreef Yachts is on course for $1 billion in revenue.
for Westerners,” recalls largest private
Mossadeck Bally, whose employer, a nearly
Mali-based Azalaï hotel $2 billion-in-sales THAILAND
group now has 10 locations, business that mainly SLOVAKIA
1,100 rooms and nearly manages the payrolls
1,000 employees. of other companies. “I’ll be happy
if I’m able to
[make] people
ROMANIA SPAIN view politics not
as a dirty game
of personal gains
. . . of politicians,”
President Zuzana
Čaputová tells
Forbes Slovakia A father-daughter
in an exclusive duo leads Synnex, one
interview.
of Thailand’s largest
electronics importers.
SOUTH AFRICA UNITED ARAB EMIRATES Now, chairman Supant
and CEO Sutida
EDITED BY ELISABETH BRIER, ABRAM BROWN AND JUSTIN CONKLIN
“Don’t become too Mongkolsuthree are
obsessed with accolades, Mishal Kanoo is modern- focused on 5G.
recognitions or Michelin izing his family’s 130-year-
Three decades after the stars,” the acclaimed old conglomerate, the

Romanian revolution, restaurateur Joan Roca Kanoo Group, adding
Forbes Romania named the once cautioned chefs. non-family directors and

most influential business- He now finds himself on investing in new areas such

people of the last 30 years, a Forbes Spain list of as fintech.

seating real estate mavens
Victor Căpitanu and Andrei the most successful
people in business.
Diaconescu in front.
RUSSIA
Forbes Russia’s latest Space is scarce in South
Kings of Real Estate Africa’s cities, so people VIETNAM
ranking is led by bil- like Linah Moeketsi are
lionaires God Nisanov getting creative. She has Atop Forbes Vietnam’s list

and Zarakh Iliev, who started an urban farm on of the 100 biggest public
own more than 20 the roof of an eight-floor companies: $15 billion

million square feet. Johannesburg building. (market cap) Vietcombank.
M A R C H 2 0 2 0 F O R B E S . C O M

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T HE 2 1 C LU B
The arrest of rapper 21 Savage, a U.K. na-
tive, by American immigration authorities
last year dropped him squarely into a fervid
national debate. Readers (mostly) lauded his
subsequent advocacy for the Dreamer Act
(DACA), and for his Bank Account Cam-
paign, which teaches teens financial literacy.

34
@REYNAEMONTOYA: “Several days
ago @Forbes wrote a story on the
R DREAM TEAM ft 21 Savage. It was hard
E for me to share since my heart hurts
N every time I think what would I do if
N #DACA were to be taken away and
U
R I become detained.”
T
N
O @VLUNA1021: “Thank you
R to @Forbes & @zogblog
F Conversation for including me as part of
@21savage story & the 30 JENNIFER FRANCIS:
Under 30 Dreamer Team, a
KEY ASSIST list of @Forbes 30 Under 30 “I love this. It’s so impor-
tant to teach financial
alumni Dreamers who are
leading initiatives in the literacy to teens so they can
fight for immigrant justice.” understand the importance
rom more than 15,000 nominees, Forbes honored 600
F innovators and new talents across 20 industries for 2020 secure future.”
of finances to establish a
in our annual 30 Under 30 (December 31). Strikingly, some
48 percent are either immigrants or first-gen Americans. NBA
fans congratulated the Brooklyn Nets’ Kevin Durant—a 30
Under 30 alumnus and one of the issue’s five cover stars—for his hoops prow- MARÍA FERNANDA G.:
“Love that a celebrity DAINARIS SANTOS:
ess and for his investment vehicle, Thirty Five Ventures. Durant, sidelined
is doing good. These “Undocumented? Try
with an injury this season, has fed more than $15 million into 40-plus start- classes and other fun- using that line to get a
ups over the last few years. Tweeted @rhondah10336222: “The important damentals should be bank loan. No. These are
taught at least [start-
thing here is that this young black man who is a basketball phenom is also ing in] high school.” unvetted illegal aliens
gifted enough in his business acumen to grace Forbes’ cover.” Meanwhile, Democrats are incentiv-
izing to flood by the
Under 30 Asia alumna Melanie Perkins, cofounder and CEO of design- tens of millions into our
schools, hospitals and
software startup Canva, who also graced one of our five Under 30 covers,
communities with more
was lauded on Twitter for her easy-to-use product, a rival to Adobe. Tweeted than $113 billion a year
@TytchMe: “Such a nice and approachable person. Here’s someone who in taxpayer-funded free
truly empowered professionals and individuals to make their businesses TIAAN MARAIS: “ ‘The health care, education,
new voice of immigration housing and legal services.”
more beautiful and effective at communicating.” reform’: the hero we never
knew we needed.”

THE IN TE R EST GR APH

5,098,966 views Forbes 30 Under 30 2020

JUSTIN LOIDOLT:
135,248 Canva Uncovered: How a Young Australian Kitesurfer Built a $3.2 Billion (Profitable!) Startup Phenom
“Lots of opportunity
to teach subjects like
[financial literacy].
91,647 How Billionaire Anthony Wood Quit His Netflix Job, Founded Roku—and Then Quadrupled His Fortune in the Past Year
Unbelievable how many
teens don’t have these
72,575 The Forbes Investigation: Inside the Secret Bank Behind the Fintech Boom skills when they reach
their twenties.”

26,941 Three-Point Play: Inside Kevin Durant’s Multimillion-Dollar Basketball, Media and Investing Empire
BY KRISTIN STOLLER

22,644 Chainsmokers on Fire: The World’s Highest-Paid DJs Are Spinning Celebrity Into a Rock-Star Portfolio


20,028 Class Act: This 31-Year-Old’s Company Rocketed to a $1 Billion Valuation Helping Workers Get Degrees


2,928 THE BOMB 30 Under 30 Education 2020: The Young Problem Solvers Tackling Hurdles from Day Care to Diplomas



F O R B E S . C O M M A R C H 2 0 2 0

R a i s e o n e








TO THOSE WHO NEVER


LET YOU DOWN.





































































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KIRSTIN FALK

CHARLES SCHWAB

D

F
I

O
O
D
T
N
Y
L
E
F
E
R
T
A
D
DAR E TO DO DI FFER EN TLY
E

R
37
y

B
for Forbes
By Amy Feldman Photograph by Tim Pan nell for Forbes























































Cleaning Up





Yaakoub Hijazi quit college to save his late
father’s faltering laundry business. Nine years
later, he’s proven that’s there’s still good money
to be made in a low-tech service business.










.
S
M
O
C
O
F
M A R C H 2 0 2 0 F O R B E S . C O M
E
B
R

Star Laundry Cont. tract hotels while maintaining profitability. “Our



I selling point is quality,” he says. “That’s why we


have no salesmen.”
On a November visit to the Paterson headquar-
ters, Hijazi showed off one of his four giant tunnel

38 washers. The dirty linens arrive in 800-pound bins
labeled “Star Laundry Baba Joe 1948–2011” for his
HOW TO PLAY IT
S by William Baldwin dad. Next, 135-pound loads pass through modules
R that scour dirt with 180-degree water and bright-
U Much in vogue are
E en colors with hydrogen peroxide and six to 11
N businesses with other chemicals. Separate compartments in the
E “moats”—the resis-
R tance to competi- tunnel and computer coding allow multiple hotels’
P
E “I didn’t want my father’s tion that comes, linens to be washed at the same time.
R for example, from
T name to be tarnished,” says Yaakoub Hijazi, pres- technology or a Though Hijazi grew up 20 minutes from the
N winner-take-all plant, in Montclair Heights, he never intended to
E ident of Paterson, New Jersey–based Star Laun-
network. But guess
• dry. When his father, Youssef, died in 2011, four work there. “He didn’t even want me in it,” Hijazi
what has been as
N months after being diagnosed with lung can- hot on Wall Street says of his father, who came from Lebanon at 17
A
I cer, Hijazi was a 19-year-old student at Montclair as Alphabet? and opened restaurants, including Star Deli, be-
R Laundry. Cintas,
A State University. He soon learned that his dad’s $4 which rents and fore moving into the laundry business. He later
R
T million (sales) commercial laundry and dry-clean- cleans uniforms, moved that from Brooklyn to New Jersey, where
N ing business was on the brink of collapse. “When has seen its shares labor costs were lower and union rules more lax.
O climb 14-fold from
C you go bankrupt, your name is destroyed,” he says. their recession When Hijazi took over, he got hit with a lot.
So Hijazi, now 27, ditched school to rescue Star low 11 years ago. “And when you’re 19 years old, people are not go-
Cintas is now
Laundry. “I threw my textbook out, which was a richly priced, with ing to listen to what you say,” he recalls. The com-
little overboard,” he says. “I told my mother there an enterprise pany faced a cash crunch, sewer liens, tax liens

is no way I can go back.” value (debt plus and fines from the federal Occupational Safe-
market value of
Since then, Hijazi, who is on this year’s Forbes common, minus ty and Health Administration. Hijazi borrowed
30 Under 30 in Manufacturing & Industry, has cash) equal to 4.5 $300,000 to pay off everything, ditched the mid-

not only protected his father’s legacy; he’s built the times revenue. dling dry-cleaning business and hired an OSHA

More affordable is
business into a powerhouse in the tight-knit world UniFirst, which is consultant to address the safety issues.
of hotel launderers in New York. Today, Star Laun- in the same line of Calling on hotels, he used his youth as a selling
work and has an
dry cleans sheets and towels for more than 100 of enterprise value point. He signed on the DoubleTree on Lexington
the city’s roughly 800 hotels, including the Con- only two times rev- in 2012, then talked his way into other hotels, in-
rad New York and the W Times Square. Based on enue. Sometimes cluding the Westin Times Square: “Hotels realized
the mundane
Forbes’ estimates, it handles as much as 40% of the makes you more they were cutting costs and getting crap service.”
laundry generated by the city’s hotels, bringing in money than the Don Fraser, a longtime hotel executive then

some $70 million a year in revenue. Add in Hijazi’s magnificent. running the Park Central and WestHouse hotels,
other ventures, including real estate in New Jersey William Baldwin hired Star in 2016 to handle their nearly 5 million
is Forbes’ Invest-
and linen manufacturing in Benin, Africa, and his ment Strategies pounds of laundry a year. “He was—I don’t want
group’s annual revenue is closer to $120 million. columnist. to say picky, but he was very selective [about] his
Laundry is a cutthroat business, priced at 30 hotels,” Fraser says. Though located in New Jersey,
cents to 45 cents per pound in New York. Price Hijazi focused on large and luxury hotels in Man-
cutting to gain market share is rampant. Stum- hattan, where occupancy rates are high and steady.
bles abound. Prestige Industries, once Hijazi’s big- That helped insulate him from pricing pressures


gest competitor, filed for Chapter 11 bankruptcy in and let him create delivery-route efficiencies.

2017, and its assets were subsequently bought by The long hours take a toll. Hijazi is in talks to sell
a private-equity firm that owns laundry firm Pure- Star Laundry. He declines to discuss details, but



Tex Solutions. “The entire market is fighting over Forbes estimates the business could be worth at least
the same 200 hotels,” says Sang Cho, CEO of Pres- $150 million. “The biggest fear,” he says, “is selling
tige until 2012, who founded Cooperative Laundry what my father started. It’s an emotional fear.” F
in 2018. “We’ve heard some of our competitors bid-
ding below 27 or 28 cents a pound, which is crazy.” FI NAL THO U G HT
Hijazi, who owns 100% of Star, wooed custom- “I TRUST MY DOCTOR WITH MY PATRICK WELSH FOR FORBES
ers by being personally on call starting at 3:30 a.m. LIFE, BUT NOT MY DIRTY LAUNDRY.”
and setting rates in the mid-to-upper range to at- —Ada Palmer


F O R B E S . C O M M A R C H 2 0 2 0

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CONTRARIAN INVESTING

By Jeff Kauflin Photography by Jeff Wilson for Forbes



Question Everything





40




Want to make money in the crazy, opaque, inefficient crypto market? Start by
challenging every assumption, every nugget of news, every piece of social-media wisdom.




































































Texas Traders
Multicoin Capital’s
founders and best
friends Tushar Jain
(left) and Kyle Samani.
To cope with the stress
of crypto markets,
Jain meditates;
Samani takes
spin classes.




F O R B E S . C O M M A R C H 2 0 2 0

How to Play It
CASHING IN ON CHAOS
S BUY / CRYPTO- MARKET MULTICOIN’S VIEW 41
For risk lovers willing to take a gambit on crypto,
here are Multicoin’s four best ideas.


CAP
AVOID CURRENCY
In May a “halving” will slow new
$169 billion
Bitcoin (BTC)
Buy


bitcoin production significantly.

Buy
Crypto exchange launches
Binance coin (BNB) $3 billion

innovative products faster


This currency, designed for
Avoid XRP $10 billion than its competitors.

interbank transfers, is too

volatile for banks to use.
Avoid Zcash (ZEC) $600 million Only 4% of zcash holders use its
core privacy features. Others are
Sitting side-by-side in a copying its privacy tech.

trendy Manhattan cafe where a glass of cold-pressed
SOURCE: MESSARI.IO FOR MARKET CAP.
pineapple-and-carrot juice costs $9, the 29-year-

old cofounders of cryptocurrency investment firm
Multi coin Capital are ticking off the digital coins hattan’s Lower East Side. Samani grew up in a well-

they’re shorting. They stand to make millions if the to-do Austin neighborhood. The two met in 2008 at
virtual coins tank in value. “Two years from now, NYU, where they studied finance and became best

zcash is worth zero,” says Kyle Samani of the three- friends despite vastly different personalities. Wilson

year-old privacy-focused cryptocurrency. Currently, says the hard-charging Samani “can be a little con-
zcash trades for $66. troversial and aggressive.” Jain is reserved and quiet.
Research suggests that few of zcash’s users are Upon graduating in 2012, both worked at Samani’s
taking advantage of its core privacy features. Even father’s medical-records company but ultimately left
worse, other cryptocurrency platforms such as ethe- to form their own startups—Samani’s made apps for
reum are copying zcash’s privacy technology. A zcash the ill-fated Google Glass wearable-computer ven-
spokesperson counters, “If you want a private medi- ture; Jain’s created a data business that helped doc-

um of exchange, there is nothing else like it.” tors find patients for medical trials. But in mid-2016
Samani’s cofounder, Tushar Jain, is eager to finger the two immersed themselves in learning about

another popular cryptocurrency the duo thinks is blockchain. They joined forces to launch Multicoin
worthless. “We’ve been publicly short XRP,” he says, in May 2017 as the buying frenzy began. Almost im-
referring to the coin used by San Francisco company mediately they raised $2.5 million from angel inves-

Ripple to speed up interbank transactions. tors. Their portfolio, long on highfliers like ether,
From offices overlooking Austin, Texas’ Lady Bird “0x” and factom, doubled by the end of 2017.


Lake, they manage a $100 million crypto hedge fund In addition to making noise on social media—Sa-
backed by venture capitalists including Marc An- mani now has 36,000 Twitter followers—the pair be-
dreessen and Fred Wilson’s Union Square Ventures. gan publishing long technical pieces, including one
Multicoin concentrates its bets—both long and detailing how cryptocurrencies designed solely to

short—in 11 publicly traded cryptocurrencies. It also pay for a specific product weren’t worth investing in.
owns stakes in 20 private crypto startups. “Sometimes we get responses from people that are
In a market where disclosures are optional and 1,000-word essays,” Jain says, referring to the insider
hype and momentum play an outsize role in pric- feedback their posts elicit. “We have a full-time team
ing, the pair uses a combination of data analysis and of 14, but it can feel like an investment team of 50.”
crowdsourced research to inform trades. Above all, Multicoin’s blog posts also serve as advertise-
Samani and Jain have thrived because they ques- ments for new investors and for entrepreneurs seek-
tion every tidbit of information they receive. “In the ing funding. By July 2018, Multicoin had raised a
crypto community, these things are religious in some combined $70 million from David Sacks (a member
ways. They keep telling you, ‘Believe, believe, believe,’ of the so-called “PayPal Mafia”), Wilson and other in-

forever,” Samani says. “We never take it for granted vestors. The year was a terrible one for cryptocurren-
that what’s being said is accurate.” This skeptical ap- cies, with bitcoin falling 74%. Multicoin’s losses were
proach has been a big winner. According to those fa- limited to 33% because of successful shorts of lite-
miliar with Multicoin’s results, its fund has returned coin, XRP and ethereum classic.
143% before fees over the last two years. In April 2019, Multicoin made one of its boldest
Jain was born in India and grew up in Astoria, bets: It wagered nearly 15% of its portfolio on Bi-
Queens. His parents run a clothing store on Man- nance, one of the world’s largest crypto exchang-


M A R C H 2 0 2 0 F O R B E S . C O M

Multicoin Capital Cont.




FORBES es. Many investors have shunned Binance’s coin be-
cause unlike Coinbase (see story) its billionaire CEO,
Changpeng Zhao, is known for evading regulatory
BLOCKCHAIN 50 oversight and skirting U.S. money-laundering laws.

Multicoin’s founders were impressed by Binance’s
42 To create our second annual list of big companies innovative launches, which included a user-run de-
innovating with blockchain technology, we vetted hundreds centralized exchange. The Asian firm was also rap-
idly gaining market share among crypto exchanges.
G of nominations. The best are leveraging the tech underlying
N In June 2019, after Binance announced that a new
I cryptocurrencies like bitcoin to speed operations and increase
T exchange would comply with U.S. laws, its coin rose
S transparency. Five of the most intriguing are listed below,
E to $40, an eightfold gain for Multicoin.
V with their underlying blockchains. Jain and Samani are also pound-the-table bitcoin
N
I The full 50 are at forbes.com/blockchain50. bulls. They closely monitor the number of accounts

•
holding 1,000 or more bitcoins, worth about $9 mil-
N
A lion at current prices. That number has risen, and
I
R BA ID U these investors are holding onto their bitcoin for lon-
A
R China’s search giant has numerous blockchain ventures, including a ger durations. Those factors, combined with the up-
T
N canine version of Cryptokitties, which enables millions of Chinese to coming May “halving” of bitcoin—the number of
O adopt and trade cute digital puppies, each distinct, that “live” on the new bitcoins created per day will automatically drop
C
blockchain. Another service offers student loans, but funds are disbursed by 50%—convinced them to buy bitcoin call options.
only after the technology is used to verify grades. Baidu uses a popular In addition to its exchange-traded cryptocurrency
open-source blockchain originally developed by IBM. bets, Multicoin invests directly in startups like San
UNDERLYING TECHNOLOGY: Hyperledger fabric Francisco’s Helium, which sells a $495 Wi-Fi hotspot
that allows homeowners the opportunity to share in-
D E B E E R S ternet access with others nearby—and earn crypto-
currency by doing so. Using Helium, mobile scooter
The end of blood diamonds? De Beers’ new software, Tracr, follows
provider Lime, for instance, was able to keep tabs on
diamonds, which have undergone 3D scans, as the gems are mined,
cut, polished and sold. Already more than 30 participants, including its bikes without paying Verizon’s Wi-Fi fees.
Signet Jewelers—owner of Kay, Zales and Jared—have signed on. “I think we’re going to be looking at over a 10x
Tens of thousands of stones are being registered per month. return,” Jain says. A Samani blog post led to their in-
BLOCKCHAIN: Ethereum troduction to Helium’s CEO.
One Multicoin investment that has been a bust
FOXC O N N T E C H N O LO GY G R O U P is EOS, a token created by startup Block.one that
raised $4 billion in an initial coin offering (ICO).
The iPhone maker’s trade-finance venture, Chained Finance, pays
Multicoin invested in EOS in early 2019 after pub-
more than 20 electronics suppliers using digital coins minted on the
lishing a 31-page analysis of it. The token traded at
ethereum blockchain. The result: Financing costs have plummeted from
annual percentage rates as high as 24% to 10%, and the time needed to $11.60 at the time but sells for $4 today.
“I wish we had developed a better relationship
get funding has been cut from seven days to same-day. Foxconn uses
ethereum’s blockchain, famous for innovating so-called smart contracts, with the core [EOS] team to understand their vision
which automate financial transactions. for the protocol and how they were going to grow
BLOCKCHAIN: Ethereum and scale it,” says Samani, sounding like a value in-
vestor who miscalculated management’s skill.

S Q U A R E If there’s a lasting lesson from three years in the
crypto-trading trenches, it’s that there is no room for
In the third quarter of 2019, Square generated $148 million in revenue passive investing in digital assets. Says Jain: “The
from fees charged to users who paid with bitcoin. Just revealed: a service
crypto markets are the least efficient markets I’ve
that lets people instantly send and receive crypto payments.
ever seen in my life, and that means active manage-
BLOCKCHAIN: Bitcoin
ment has an opportunity to shine.”

U N I T E D N AT I O N S
FI NAL THO U G HT
The 75-year-old organization connecting 193 countries has numerous “DON’T BE AFRAID TO FACE
blockchain initiatives. To combat warlords who steal aid using pilfered
THE FACTS, AND NEVER LOSE
ID cards, the U.N. recently disbursed funds to 100,000 Syrian refugees YOUR ABILITY TO ASK THE
in Jordan, using blockchain-verified iris scans instead of ID cards. QUESTIONS WHY? AND HOW?”
BLOCKCHAIN: Ethereum, bitcoin —Immanuel Velikovsky


F O R B E S . C O M M A R C H 2 0 2 0

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CONTRARIAN TECHNOLOGY

By Alex Konrad Photograph by Eric Millette




Long Live Email




44



N The inbox had been left for dead. Now it’s being resurrected by the two founders of Front,
O
I a startup with big-name backers and a mission to make old-fashioned email cutting-edge again.
V A T

O
N
N
I




































M ing to a stream of price quotes for cargo ships’ Survivors











Cofounders Mathilde
availability around the world.
To her surprise, it was the broker, Simpson
Perrin faced personal
hardships even as
Spence Young, that promptly began pitching her.
they reinvented
The company had surveyed its employees and Collin (left) and Laurent
corporate inboxes. He
discovered their communications tools, more received, and beat, a
cancer diagnosis; she
suited to the telegraphs of an earlier century, suffered a breakdown
caused in part by the
Mathilde Collin fidgeted needed an overhaul. They wanted Front’s help. ensuing stress.
with her backpack as she walked into a build- Turns out a lot of older businesses that rely
ing overlooking the Tower of London, worried heavily on email are eager for Front’s help. “Hav-
that she’d seem “too San Francisco” to the ex- ing a new tool would change their life,” says Col-
ecutives running a shipping broker that had re- lin, 30. Better to fix what you have. Younger tech
cently celebrated its 134th birthday. Collin, the firms like Shopify and private payments lead-
CEO of startup Front, was there to pitch software er Stripe have also signed on, paying between
that turned a standard email inbox into a shared $9 and $79 per user each month (more money
workspace—perfect for a logistics team respond- gets you more shared inboxes and features). Al-


F O R B E S . C O M M A R C H 2 0 2 0

C E L E B R A T E S




WOMEN’S LEADERSHIP








2020 WORLD ECONOMIC FORUM ANNUAL MEETING IN DAVOS, SWITZERLAND




In recognition of the critical role women play in building and advancing the global

economy, Moira Forbes and Carmine Di Sibio, Global Chairman and CEO of EY, paid special
tribute to the honorees of the Forbes 100 Most Powerful Women List.




Carmine Di Sibio, Anne Finucane, Stacey Cunningham, Jennifer Morgan, Julie Sweet, Paula Santilli, Moira Forbes






















Anne Finucane, Jane Jie Sun,
Moira Forbes, Carmine Di Sibio Moira Forbes, Carmine Di Sibio, Sheryl Sandberg Stacey Cunningham, Julie Sweet, Jennifer Morgan Julie Teigland, Christine Lagarde





“ with EY here in Davos for the past 14
It’s been a great honor to join forces



years to recognize the efforts of such


an accompished and influential group of
female leaders.
”



MOIRA FORBES, Executive Vice President,

Forbes Media
Christine Lagarde, Moira Forbes

The Vault

GOING, GOULD, GONE!
In the late 1800s, Jay Gould amassed a fortune worth Mail. Expecting profound feedback, she instead
a billion-plus in current dollars through railroads and
telegrams—the 19th-century equivalent of emails— received a simple message: Follow your growth.

after seizing control of “There was something about her, a competitive-
Western Union. At the start
of the 20th, son George ness and assuredness, that spoke to us,” says

Jay stopped “climb[ing] to- Geoff Ralston, Yahoo Mail’s creator, who is now
46 ward the summits of busi- president of Y Combinator. “It was counterintui-
ness success” and instead
“plunged headlong into tive. Really, email? That’s the thing that’s going to
the gayeties,” squandering create a new billion-dollar company?” HOW TO PLAY IT
N his old man’s money on po-
O nies, mansions and yachts. It’s well on its way, thanks to investors—but by Jon D.
I —September 15, 1917 also loyal followers. At Edge Logistics in Chica- Markman
V A T go, president William Kerr says he needed a full-
From smarter
O Long Live Email Cont. time employee to manage emails before he dis- email to intranet
N chat, enterprises

N together, the seven-year-old firm has 5,500 cus- covered Front. Now the company can automati-
I are desperate to
tomers, and revenue has quadrupled since 2017 cally distribute inbound requests for quotes even-
• improve produc-

Y to an estimated $32 million last year. ly across its reps, who compare notes and reach tivity. The best
G It’s tiny, but its elite backers, including Sequoia consensus on rates within the email before an as- way to play this
O trend is Service-
L Capital and founders of software leaders Atlas- signed salesperson responds. “In my business, a Now, a maker of
O cloud-based en-
N sian, Qualtrics and Zoom—and even email kill- lot of times you can win the job just by being the terprise software.

H er Slack—are betting on Front. They have poured first guy to quote it,” Kerr says. “Over the course

C Its Now platform
E nearly $140 million into the San Francisco–based of 60,000 or 70,000 jobs a year, it makes a really brings employ-
T ees, customers
company, most recently boosting its valuation to big difference.”

and networked
more than $800 million in January, four times its Collin and Perrin’s eventual goal is to undercut devices into a

figure just two years earlier. Gmail and Outlook while connecting more pro- single system.
It connects
Unlike others who have been quick to declare ductivity apps to Front so its collaborative emails
customer service,
the “death” of email—Slack rode a mission to re- become an employee’s central hub. Analysts re- HR, IT and secu-
place it all the way to a stock debut last year— main skeptical that it can challenge the duopo- rity, and gives
developers tools
Collin and her cofounder, Laurent Perrin, 38, be- ly. Both companies bundle their email products to integrate cus-
lieve that the problem with the years-old proto- with suites of other tools—G Suite for Google, Of- tom applications.
col, dominated by Microsoft Outlook and Google’s fice 365 for Microsoft. “Many startups have found Everything is ac-

cessible with an
Gmail, is in the packaging, not the product. opportunities under the noses of Microsoft and internet browser
The French cofounders met via eFounders, a Google,” says Daniel Ives, a managing director at or mobile device.
Companies are
startup studio in Paris, in 2013. Collin, who stud- Wedbush Securities. “But I view email how most
eager to sign up.
ied mathematics and entrepreneurship at HEC consumers view napkins at a restaurant: They’re Fourth-quarter
Paris business school, had quit her job over disil- not paying for it.” subscription sales
were $899 million,
lusionment with its culture. An engineer, Perrin Patrick Collison, CEO of customer Stripe, says up 35% year over
was looking for a new gig after nearly four years he recognizes in Front a similarity to his pay- year. The gross

as CTO of a French online radio service. After ments business, now worth $35 billion: a will- profit margin was
83%. Shares are
some brainstorming, the pair determined that a ingness to tackle an industry others shunned. To up 55% in the last
collaborative shared inbox—think any email you Collison, the question isn’t whether Front can 12 months. Buy
pullbacks.
receive from a company whose address starts carve out a market, but how big it will be. “It’s as
with “info” or “help”—would serve as their tick- likely that Mathilde figures that out as any other Jon D. Markman

is president of

et into a company’s workflows. early-stage CEO I’ve met,” he says. Markman Capital
Before Front, one customer inquiry could set Collin is betting on herself. Recently, some of Insight and the
author of

off a flurry of emails inside a business as col- tech’s biggest CEOs have reached out, she says,

Fast Forward
leagues copied each other and forwarded feed- including Microsoft’s Satya Nadella and Sales- Investing.
back in order to come up with one answer. With force’s Marc Benioff. To Collin, their motives are

Front, users got access to a shared email that clear. She says she has no interest in selling: “We
would treat incoming messages like living docu- are at .0001% of what we could do.”
ments, appending notes, tagging colleagues and
drafting responses without sending any emails. JAY GOULD BY HISTORIC COLLECTION/ALAMY
FINAL THO U GHT
With about a dozen test companies onboard,

the cofounders flew to California to interview for “SOMETIMES THIS
HIGH-TECH WORLD CALLS
prestigious startup accelerator Y Combinator’s
FOR LOW-TECH SOLUTIONS.”
summer 2014 program. Collin got to pitch part-
—Christopher Moore
ners including the creators of Gmail and Yahoo

M A R C H 2 0 2 0

Jodi’s doctor called today.




She’s headed for another biopsy,


depression and months of


complicated decisions.




































































We need to make healthcare navigation part of every health benefits plan. Only an independent

navigator can provide caring, trusted support and guidance — connecting all the dots, intervening

early and helping every step of the way to spare pain and cost for everyone involved.
The need is urgent. Because there are thousands of Jodis counting on us.



See the difference healthcare navigation and care

coordination will make. Quantum-Health.com








©2020 Quantum Health, Inc.
Name and identifying information has been
changed to protect privacy of individual.

CONTRARIAN LIFE

By Chloe Sorvino Photograph by Tim Pannell for Forbes




The James Bond of Burgundy




48



E Winemaker Jean-Charles Boisset has stealthily built a $450 million
F
I
L oenological empire in France and California one struggling vineyard at a time—

•
and uncorked a lascivious secret-agent persona.
N
A
I
R
A
R
T
N
O
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J












inspired meal for the French-born winemaker,
A Glass by Himself
part of his multicity tour to promote a $395 cof-
Jean-Charles Boisset,
in the Raymond
fee table book called The Alchemy of the Senses.
Vineyards’ Red Room,
As saumon à l’oseille arrives with a rich pinot has a boutique that
sells jewelry and
noir, Boisset begins to explain his selection, an a bobblehead of
unusual blend of grapes from Burgundy and Cal- himself that sings.
Jean-Charles Boisset quiets a ifornia called JCB No. 3.
long table of 50-plus guests in New York’s Meat- After inhaling deeply from a particularly wide
packing District as gold magnums of Champagne crystal goblet that’s part of his new collabora-
clink in the background. It’s a Last Supper– tion with Baccarat, Boisset admits that this din-


F O R B E S . C O M M A R C H 2 0 2 0