Future of Crypto Currency and boom in Ethereum Mining - 2018

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https://promax7.com/product/promax7-ethereum-miner-7-2 - Promax 7.2 is the innovation in the latest technology which stands in no compete with any other miner till date offering 3710 MH/s making it the first, powerful and cost efficient miner. This device has been built up with features that increase the basic necessity and increase the output and further leading to shortening of the investment cycle. It works on all algorithms making it mine different crypto currency.

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FEBRUARY 28 2018 CRYPTO OVERLORD CZ ZERO TO BILLIONAIRE IN 6 MONTHS MEET THE FREAKS GEEKS AND VISIONARIES DOMINATING THE DIGITAL CURRENCY CRAZE CRYPTO’S SECRET BILLIONAIRE CLUB EXCLUSIVE: TRUMP’S TOWERING TENANT CONFLICTS YOUR MONEY’S FUTURE REENGINEER YOUR RETIREMENT TOP WEALTH ADVISORS BY STATE TECH’S 50 TOP FINANCE STARTUPS РЕЛИЗ ГРУ П П Ы "Whats News" VK.COM/WSNWS

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FEBRUARY 28 2018 6 | FORBES FEBRUARY 28 2018 13 | FACT COMMENT // STEVE FORBES Don’t wreck the new boom. LEADERBOARD 17 | 30 UNDER 30 Europe’s latest crop of young entrepreneurs inventors and disruptors. 20 | NEW BILLIONAIRE: THE BIG WHEELER Ernie Garcia’s used-car kingdom. Plus: Another billionaire president—what are the odds 22 | SPORTSMONEY: THE NBA’S MOST VALUABLE TEAMS A pro squad is now worth an average of 1.65 billion. Plus: Who’s richer—LeBron or Steph The league’s highest- earning players. 24 | THE 10-Q: GEORGE GILDER The technology prophet on Bell’s Law and Google. Plus: Utah’s charitable chemical king. 26 | FROM THE VAULT: GETTY’S MIGHTY GRIP— JULY 15 1957 By mid-century J. Paul Getty’s empire spanned continents and fueled industries. 28 | CONVERSATION Readers rap about YouTube’s top earners and our inaugural Just 100 ranking. STRATEGIES 31 | OVER A BARREL In an exclusive interview ExxonMobil’s new CEO lays out his plan to supply a growing world with energy—without destroying it in the process. BY CHRISTOPHER HELMAN TECHNOLOGY 36 | DIGITAL MEDICI Y ou no longer need to be rich to be an arts benefactor. But can crowdfunding site Patreon save creators from the starvation wages of online advertising BY KATHLEEN CHA YKOWSKI 17 36 42 РЕЛИЗ ГРУ П П Ы "Whats News" VK.COM/WSNWS

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ENTREPRENEURS 42 | FAMILY TREE Jonathan Saperstein began his eforts to professionalize and dominate the nursery industry with a hostile takeover of a grower—from his dad. BY AMY FELDMAN 48 | CRACKING THE CODE Challenged by a female employee Gusto an HR-software unicorn in San Francisco figures out how to hire women engineers. BY SUSAN ADAMS FEATURES 79 | BEST-IN-STATE WEALTH ADVISORS In the age of robo-advice meeting clients face-to-face can be a real competitive advantage. Here are the top-ranked advisors in all 50 states. BY HALAH TOURY ALAI MAGGIE MCGRATH AND KRISTIN STOLLER 85 | THE FINTECH 50 The future of your money . EDITED BY JANET NOV ACK AND MATTHEW SCHIFRIN 88 | OPEN FOR BUSINESS Forget the international partnerships and the D.C. hotel. The surest way to put money into Donald Trump’s pocket is through his core real estate assets. More than 150 tenants—from foreign governments to big banks—throw him some 175 million a year without an accounting of who they are or how much they pay. Until now. BY DAN ALEXANDER AND MATT DRANGE REENGINEER YOUR RETIREMENT 97 | TRUSTS IN THE AGE OF TRUMP December’s tax overhaul is spawning new ideas for transferring big bucks and minimizing taxes. Procrastinators beware: Y our current estate plan may now be booby-trapped. BY ASHLEA EBELING 102 | LIVE WELL WHILE THE MARKET TANKS Here’s a spending formula to protect you in retirement from panic and from penury . BY WILLIAM BALDWIN 104 | THE HAIL MARY RETIREMENT PLAN Looking to turbocharge your retirement account Put some crypto in your IRA but only if you can stomach extreme risk and high fees. BY JEFF KAUFLIN 110 | SUNNIER DAYS ON SESAME STREET After a merger knocked him from his CEO’s perch Jefrey Dunn considered globe-hopping. Instead he headed to Harvard and then on to retool an iconic not-for-profit. BY KERRY HANNON FORBES LIFE 118 | SEPARATED AT REBIRTH Thanks to signature models Rolls-Royce and Bentley are both enjoying a renaissance. But the iconic British automakers have traveled two very diferent roads. BY JOANN MULLER 124 | THOUGHTS On value. 8 | FORBES FEBRUARY 28 2018 FEBRUARY 28 2018 118 88 110 РЕЛИЗ ГРУ П П Ы "Whats News" VK.COM/WSNWS

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FORBES MAGAZINE CHIEF CONTENT OFFICER Randall Lane EXECUTIVE EDITOR Michael Noer ART DESIGN DIRECTOR Robert Mansfeld FORBES DIGITAL VP DIGITAL EDITOR Mark Coatney VP INVESTING EDITOR Matt Schifrin SVP PRODUCT AND TECHNOLOGY Salah Zalatimo VP WOMEN’S DIGITAL NETWORK Christina Vuleta VP VIDEO Kyle Kramer ASSISTANT MANAGING EDITORS Kerry A. Dolan Luisa Kroll WEALTH Frederick E. Allen LEADERSHIP Loren Feldman ENTREPRENEURS Tim W . Ferguson FORBES ASIA Janet Novack WASHINGTON Miguel Helft SILICON VALLEY Michael K. Ozanian SPORTSMONEY Mark Decker John Dobosz Clay Thurmond DEPARTMENT HEADS Jessica Bohrer VP EDITORIAL COUNSEL BUSINESS Mark Howard CHIEF REVENUE OFFICER Tom Davis CHIEF MARKETING OFFICER Jessica Sibley SENIOR VP SALES U.S. EUROPE Janett Haas SENIOR VP BRAND SOLUTIONS STRATEGY Ann Marinovich SENIOR VP CONTENT PARTNERSHIPS STRATEGY Achir Kalra SENIOR VP REVENUE OPERATIONS STRATEGIC PARTNERSHIPS Alyson Papalia VP DIGITAL ADVERTISING OPERATIONS STRATEGY Penina Littman VP SALES PLANNING ANALYTICS Nina La France SENIOR VP CONSUMER MARKETING BUSINESS DEVELOPMENT Lisa Serapiglia DIRECTOR MEDIA PLANNING OPERATIONS FORBES MEDIA Michael Federle CHIEF EXECUTIVE OFFICER Michael York CHIEF FINANCIAL OFFICER Will Adamopoulos CEO/ASIA FORBES MEDIA PRESIDENT PUBLISHER FORBES ASIA Rich Karlgaard EDITOR-AT-LARGE/GLOBAL FUTURIST Moira Forbes PRESIDENT FORBESWOMAN MariaRosa Cartolano GENERAL COUNSEL Margy Loftus SENIOR VP HUMAN RESOURCES FOUNDED IN 1917 B.C. Forbes Editor-in-Chief 1917-54 Malcolm S. Forbes Editor-in-Chief 1954-90 James W . Michaels Editor 1961-99 William Baldwin Editor 1999-2010 EDITOR-IN-CHIEF Steve Forbes FORBES ISSN 0015 6914 is published monthly except January and July by Forbes Media LLC 499 Washington Blvd Jersey City NJ 07310 Periodicals postage paid at Newark NJ 07102 and at additional mailing ofces. Canadian Agreement No. 40036469. Return undeliverable Canadian addresses to APC Postal Logistics LLC 140 E. Union Ave East Rutherford NJ 07073. Canada GST 12576 9513 RT. POST- MASTER: Send address changes to Forbes Subscriber Service P.O. Box 5471 Harlan IA 51593-0971. CONTACT INFORMATION For Subscriptions: visit www.forbesmagazine.com call 1-515-284-0693 or write Forbes Subscriber Service P.O. Box 5471 Harlan IA 51593-0971. Prices: U.S.A. one year 34.99 Canada one year C52.99 includes GST. We may make portions of our mailing list available to reputable firms. If you prefer that we not include your name please write Forbes Subscriber Service address above. For Back Issues: visit www.forbesmagazine.com e-mail getbackissuesforbes.com or call 1-212-367-4141. For Article Reprints or Permission to use Forbes content including text photos illustrations logos and video: visit www.forbesreprints.com call PARS International at 1-212-221-9595 e-mail http:/ /www.forbes. com/reprints or e-mail permissionsforbes.com. Permission to copy or republish articles can also be obtained through the Copyright Clearance Center at www.copyright.com. Use of Forbes content without the express permission of Forbes or the copyright owner is expressly prohibited. Copyright © 2018 Forbes Media LLC. All rights reserved. Title is protected through a trademark registered with the U.S. Patent Trademark Ofce. Printed in the U.S.A. FEBRUARY 28 2018 — VOLUME 201 NUMBER 1 10 | FORBES FEBRUARY 28 2018 Bringing Crypto Out of the Shadows IF YOU’RE LOOKING for the statesman of cryptocurrency you could do worse than Joe Lubin the sof-spoken founder of Consen- sys which helps big companies with blockchain and launches prod- ucts based on the Ethereum platform which he cofounded. His peers apparently agree: When he sat down with me recently to discuss his concerns about our inaugural list of crypto-asset tycoons—we found ten who hover near 1 billion and another ten who could be on their way—he said he spoke for himself and others in the ranking. Lubin suggested that he and his ilk were simple programmers who weren’t looking for public attention. He made this argument at the W orld Economic Forum as we sat in a private meeting room in the “Ethereal Lounge ” a three-foor building he’ d quickly built out on Davos’ main promenade. For a week thousands of the world’ s economic elite fooded in for panels powwows and free drinks and food. Next door a giant Crypto HQ drew similar throngs. Hardly signs of a person or industry trying to remain private—a point Lubin from his Davos perch conceded. His second argument: How were we sure our numbers were right Fair question one we ask ourselves perpetually. During 36 years tracking the world’ s richest people we’ve honed our methods but kept the underlying philosophy consistent: Err on the conserva- tive side. It’ s an imperfect science—and in this instance we’ve ad- opted ranges to factor in the lack of transparency and wild volatility. Finally Lubin brought up security: Since crypto sits outside the banking system it’ s more vulnerable to thef. True among the small fry for sure. But those on this list and we spoke with almost every- one on it confrmed they’ve taken steps to protect themselves from hackers and thugs—breaking up passwords and storing pieces in safe deposits scattered across the country. Ultimately Lubin along with other members of the crypto elite I chatted with acknowledged the importance of this project. While even the biggest crypto bulls will privately acknowledge that 95 of initial coin oferings are hype scams or worse a blockchain-enabled fnancial system of some kind is here to say. As in the dot-com boom in 1999 some of these crypto billionaires will bust the Pets.com of their era. Others will weather the inevitable reckoning and morph into something stronger crypto’ s eBay or Google. Our list provides a snapshot of a pivotal moment part of the transparency needed to pull crypto away from its provenance as the favorite currency of drug dealers and into the adolescence of a legitimate asset class. INSIDE SCOOP —RANDALL LANE CHIEF CONTENT OFFICER РЕЛИЗ ГРУ П П Ы "Whats News" VK.COM/WSNWS

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32 | FORBES FEBRUARY 28 2018 Spotlight ryptocurrency is thriving in different parts of the world and this is because more people and businesses are C becoming aware of its features and the numerous advantages its usage brings. One cryptocurrency that is performing tremendously well is Ethereum. Ethereum is a decentralized open source blockchain-based computing platform that also has a valuable coin called Ethereum ETH and is the second most valuable coin after Bitcoin. It will interest you to know that the Ethereum coins can also be gotten from mining. Ethereum transactions are usually contained within singularly specific blocks. Mining Ethereum requires the use of computers powerful graphics card or a combination of graphics cards that are capable of computing algorithms that will get solved in order to generate Ethereum coins. There are a variety of miners that can be used and these varieties and their performance are a function of the amount of money required to purchase them. Promax7 Ethereum Miner Of the many miners in the market the best Ethereum miner so far is the Promax7 Ethereum Miner. The Promax7 Ethereum Miner is one of the latest innovations that was created using cutting edge technology and improving on efficiency and productivity while reducing the cost of maintenance as with other Ethereum miners within the same operational range. As it is there is no competition with the Promaz7 Ethereum Miner as it stands shoulder high than other miners and is able to offer as much as 3710 MegaHash per second which makes it the first ever cost-efficient and powerful miner. This mining hardware is becoming popular by the day and takes advanced Ethereum mining to a whole new level as the miner was built with amazing features that are capable of increasing the productivity of mining while also increasing to output and rather than have a long investment cycle a short one is gotten hence the cost of running the mining process is reduced. Furthermore the miner comes with an added advantage which is its ability to perform multicoin functionalities hence the miner can work with every cryptocurrency mining algorithm multi-algorithm which invariably makes it possible for the GPU miner to mine different types of cryptocurrency. The Promax7 Ethereum Miner was launched in April 2018 and its already in its second batch of orders with 80788 units already ordered. The sales growth of the mining hardware is increasing as the miner is becoming popular. Many people and companies are opting for this multicurrency mining equipment because its specifications indicate the hardware is not just powerful but very efficient and effortlessly functions more than is expected. S p e cifi c a ti o ns Dimensions - 31” x 17” x 28” ETH 3710 MegaHash per second ZCash 59484 Sol/s Ethernet: 1 x Gigabit with Wi-Fi connectivity Installed Memory: 32 GigaByte High Definition Multimedia Interface HDMI: 1 x HDMI Port Power Supply: 4500 Watt Inclusion of Smart Inverter Tech Security: In-built Firewall Operating System: Optional Cooling: High-speed Jet Cooling Fans Warranty: Y es 180 Days Multicurrency mining aside from the mining of Ethereum this miner mines altcoins like Zcash Multi- algorithm this miner is capable of mining all algorithms. CRYPTO MINER ETHEREIUM MINING: Here is Powerful Ethereum Promax7 Miner 7.2 Review

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LeaderBoard 24 | FORBES FEBRUARY 28 2018 THE 10-Q RICHEST BY STATE BY LUISA KROLL JONATHAN KOZOWYK FOR FORBES ILLUSTRATION BY CHRIS LYONS GEORGE GILDER SPOKE WITH RICH KARLGAARD OUR EDITOR-AT-LARGE AND GLOBAL FUTURIST. THIS INTERVIEW HAS BEEN EDITED AND CONDENSED. FOR THE EXTENDED CONVERSATION VISIT FORBES.COM/SITES/RICHKARLGAARD. Is progress in technology accelerating or decelerating It is not accelerating. It’s continuing to ad- vance of course but I completely agree with Peter T iel that technology progress is not inevitable. What do you mean by that Recall Margaret Mead’s story of mariner tribes that once made their living building stream- lined canoes to catch f sh in huge volumes. Over time they just forgot how to make the canoes. When Mead found them they were sitting on the beaches looking at the oceans with no idea that canoes were the solution to their food shortage. But in our day learning is stored forever on billions of devices. It’s not going to disappear. We’re actually at risk of this kind of amnesia. We forget the real entrepreneurial sources of creativity and progress: invention summed up in technological progress. It’s not good to have most of the stock market advance coming from f ve companies which buy back their own stock and buy up the shares of their rivals. I’m talking about Google Apple Facebook Microsof and Amazon. How does big tech’s success hurt innovation T eir success does not represent some funda- mental change in technology. It ref ects rather a vast enlargement of government regulations ANEWGILDED AGE Technology prophet George Gilder believes Silicon Valley’s innovations benef t only a select few. rules that really favor big compa- nies. It ref ects their capability of lobbying and lawyering and litigating and f nding a path through the mazes of rules. Your next book is called Life After Google. Why that title I’m convinced the Google para- digm of massive data centers and artif cial-intelligence determinism will be transcended in the next era. Replaced by . . . I’ll refer you to Gordon Bell’s law: Every ten years the rate of progress predicted by Moore’s Law produces a hundredfold rise in computer cost ef ectiveness. Which then requires a completely new computer architecture. Your point being that we’re now past the ten-year point of Bell’s Law and the cloud. And lo and behold a new architec- ture is arising. It will solve the in- creasing concentration problem of the internet which is porous security. It will be millions of small data centers around the world many of them mobile all using cryptography and a new computer architecture based on blockchains and other inventions. Why would Google not see this Google is trapped by its own illusion. T e advances in machine learning that Google trumpets and preens about are really just ad- vances in the speed of processing. When their Go-playing computer can play more Go games in a minute than the whole human race has played through all history that’s not a great advance in intelligence. It’s the same intelli- gence just accelerated to terahertz speeds. And this creates this illusion for Google and others that machine learning can somehow gain consciousness and usurp humans. Artifi cial intelligence evokes both excitement and fear. Elon Musk for one is fearful. Musk is a tremendous entrepreneur and a quite stale thinker. When he starts pretending that he’s an ethical visionary that human life is just a simulation in a smarter species’ game . . . A rather demoralizing view of humanity. It’s really nuts. It’s clinically crazy. Silicon Valley should stop trying to make human beings obsolete and f gure out how to make them more productive again. UTAH POPULATION: 3.1 MILLION 2016 GROSS STATE PRODUCT: 156 BILLION 3 GROWTH GSP PER CAPITA: 51243 RANKS NO. 29 NATIONWIDE NUMBER OF BILLIONAIRES: 2 RICHEST: JON HUNTSMANSR. NETWORTH: 1.2 BILLION DESPITE HIS best ef orts to give away his wealth Jon Huntsman Sr. remains extremely rich. He and his foundation have donated 1.8 billion—more than 150 of his current net worth—most prominently to cancer research having founded an eponymous Salt Lake City institute to study the disease in 1995. It claims to have identifi ed more cancer- causing genes than any other such cen- ter in the world. Huntsman himself has battled can- cer four times and both his parents died from it—experiences that have given him a clear-eyed view of mortal- ity. When Warren Buf ett invited him to sign the Giving Pledge in 2009 Hunts- man replied “You don’t have the formu- la right. It should be 80. Why should someone who has 5 billion give away only 2.5 billion” Huntsman 80 fi rst landed on The Forbes 400 in 1989 19 years after found- ing his chemicals fi rm Huntsman Corp. Today it’s a 9.7 billion sales giant Huntsman remains a director having handed the chairmanship to his son Peter in December. Another son Jon Jr. Utah’s former governor is currently the U.S. ambassador to Russia. RICHEST BY STATE РЕЛИЗ ГРУ П П Ы "Whats News" VK.COM/WSNWS

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Someone has to manage all those robots in accounting. Why not you Did you ever think you’d see the day when you’d be working side-by-side with robots Would you be PGTXQWUQTGZEKVGF+HQWoTGCGTVKƂGF/CPCIGOGPVEEQWPVCPVQWoXGOCUVGTGFVJGOQUV ETKVKECNRTCEVKEGCTGCUKPDWUKPGUU9JKEJOGCPUQWoNNDGVJGQPGFQKPIVJGOCPCIKPIPFPQVVJGQVJGT YCCTQWPF8KUKVWUCVEOCEGTVKƂECVKQPQTIVQUGGKHQWJCXGYJCVKVVCMGUVQECNNVJGUJQVU РЕЛИЗ ГРУ П П Ы "Whats News" VK.COM/WSNWS

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LeaderBoard CONVERSATION The Highest-Paid YouTube Stars 2017 The NHL’s Most Valuable Teams Just 100 2018 Chris Cline Could Be the Last Coal Tycoon Standing Unions Are Dead Why Competition Is Paying Of for America’s Best Workers BlackRock’s Edge: Why Technology Is Creating the Amazon of Wall Street What Do You Get a Billionaire for Christmas How to Make a Warren Buf ett–Inspired Cocktail BY ALEXANDRA WILSON QUICKHONEY OUR DECEMBER 26 issue debuted the Just 100 ranking the country’s best cor- porate citizens. Maggie McGrath’s cover story chronicled how the scrum to at- tract top talent has prompted American companies to shower their workers with perks and benef ts—“Competition is the new union ” as we put it. Said MA analyst Dinesh Advani “Employees have the power to be your biggest promoters or your biggest detractors and I know which I’ d rather have. ” Cover star Brian Krzanich CEO of top-ranked Intel muddied his company’s victory with a post-press-time stock sale before news broke of a major Intel-chip security f aw in early January. Tsk tsk sir. Krzanich’s actions aside many readers clamored for further tales of corporate kindness. “Please keep writing about companies with heart ” of ered Benita Lee. “We need to know they’re out there. ” 410 VIEWS THE BOMB 1122645 views 64410 243735 34443 12482 ’TUBETOPPERS Readers marveled at the money made by the highest-paid Y ouTube personalities— one toy-testing tot in particular. KISHALAYA KUNDU BEEBOM.COM: “YouTube means big money these days and nothing exemplifi es this more than Forbes’ recently released list of the highest-earning YouTubers.” LENNY TODAYFM.COM: “This will have you grabbing a toy and the nearest child.” ||SUPERWOMAN|| LILLY SINGH: “I’m very grateful that my passion has become my career. Looking forward to seeing more women on the list next year. Thank you Forbes WomenAtForbes YouTube” NATHANMCALONEAND JOHNL YNCH BUSINESS INSIDER: “YouTube has become the de facto launchpad for the next generation of internet celebrities.” SKM353: “PewDiePie got canceled . . . but he still got paid anyway.” TheyTube YouClick: The internet’s top-earning entertainers far outclassed the competition in our December 26 issue gaining nearly six times the page views of the runner-up. THEINTERESTGRAPH 33693 11751 28 | FORBES FEBRUARY 28 2018 SALLYMACFOX26: “Forbes says a 6-year-old YouTube star’s channel earned 11 million this year Ryan tests new toys. So on top of the he gets toys What’s my 6-yr-old doing Our kids are slackers.” THEQUINT.COM: “It’s time for some adults to slump into a pit of shame.” “Cline is amused by the popular misconception that coal is on its deathbed. Coal’s death—if it comes at all—will be long and slow.” “The program expands and contracts from a holistic view of fi rm- wide risk down to a single trade in a split second.” “This might surprise less-enlightened CEOs and investors: Treating workers right ultimately benefi ts shareholders after all.” РЕЛИЗ ГРУ П П Ы "Whats News" VK.COM/WSNWS

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Forbes and SHOOK Research have teamed up to host the second annual gathering of the world’s top preeminent wealth advisors and industry leaders. This exclusive forum—convening a group that represents nearly 1 trillion of assets under management—will provide the industry’s highest-level insights tailored for America’s most elite advisors. CONGRATS TO THE 2018 HONOREES PLATINUM SPONSOR PRESENTED BY PARTNERS SUPPORTING SPONSOR РЕЛИЗ ГРУ П П Ы "Whats News" VK.COM/WSNWS

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50 | FORBES FEBRUARY 28 2018 ing of cer in 2015 they made it a priority to f nd a woman. Lexi Reese a veteran of Google and American Express is one of two women on the six-person executive team and f rmwide women account for 51 of Gusto’s 525 employees. Even af er Gusto began its diversity initiative applica- tions from women didn’t f ood in. Gusto assigned two in-house recruiters to the job and it hired TalentDash a Singapore-based f rm that sources talent to look exclusively for women. T ough hiring women engineers took more time Kim says Gusto never dropped its stan- dards. “It bothers me when people say that prior- itizing diversity lowers the bar in terms of the cal- iber of talent you’re able to hire ” he says. “T at is simply not true. ” Nor he says was there any push- back from inside Gusto. Gusto also addressed its compensation policy. Since 2016 its salaries have been audited by Mercer a human resources consulting f rm which has found no gender pay disparity. Benef ts include 16 weeks of paid leave for a primary parent plus an additional 100 a week for groceries and food deliver- ies 100 a month for six months of housecleaning and up to 500 for a baby-sleep coach. Gusto’s women- only re- cruiting ef ort lasted six months. It stopped Kim says because “we exceeded our goals. ” In 2015 Gusto was trying to hit 18 women en- gineers the proportion ma- joring in computer science as undergraduates according to the National Center for Education Statistics and it reached 21. Since then it has started staf - ing a Denver of ce where it aims to increase the engineer head count by at least 25 this year and where the company is reprising its women-only recruiting strategy. Now that 17 of Gusto’s 70 en- gineers are female it’s getting a little easier says Gusto’s HR head Maryanne Brown Caughey. “It’s kind of a domino ef ect ” she says. “Women know they’re joining a welcoming community. ” While Gusto has made progress its engineer- ing team has no Latinos and no African-Amer- icans. Kim says Gusto has two hiring goals in 2018: senior women and racial diversity in en- gineering. “T e way we make progress is by fo- cusing on one problem ” Kim says “and then we move on to the next. ” lieve that diversity is in itself a core strength that will enable us to write better sof ware and build better products ” he wrote. In line with more than 80 of startups ac- cording to a 2017 Crunchbase study Gus- to’s three founders are men. Kim and Gusto’s CEO Joshua Reeves both 34 met as under- grads in Stanford’s electrical engineering depart- ment. T ey launched Gusto in 2012 along with Tomer London 33 an Israeli immigrant who got to know Reeves while a Ph.D. student at Stan- ford. Like its boom-and-bust competitor Zene- f ts which launched the following year Gusto sells cloud-based comprehensive subscription sof ware to small businesses to help them man- age employee records like payroll and health benef ts. At the outset Gusto even had a simi- lar name ZenPayroll which it changed in 2015 when it started of ering a more complete selec- tion of employee-tracking sof ware. Zenef ts attracted 584 million in venture cap- ital and hit a valuation of 4.5 billion in 2015 be- fore running into regulatory problems relat- ed to the way it sold health insurance. It sacked its CEO reworked its business model and saw its valuation slashed to 2 billion. Gusto meanwhile grew less feverishly. By late 2015 it had raised 176 million from f rms like CapitalG formerly Google Capital and General Catalyst and 75 in- dividual investors handpicked by Reeves includ- ing Ashton Kutcher and PayPal cofounder Max Levchin. T at year it broke through to a 1.1 bil- lion valuation. Forbes estimates Gusto’s annual revenue at nearly 100 million. At the start Gusto’s founders acknowledge diversity was on the back burner and as it grew they found that it didn’t happen organi- cally. When it came time to hire a chief operat- “Urging an organization to be inclusive is not an attack. It’s progress.” —DASHANNE STOKES FINAL THOUGHT BY JOHN BUCKINGHAM At Armonk New York’s IBM spreading the gospel of diversity has been a priority during the tenure of chief executive Virginia Rometty. She wasn’t dealt a pretty hand when she took the helm in 2012 but she has played many of her cards well buying back stock and boosting the dividend. She’s also invested heavily in IBM’s Strategic Im peratives business which includes analytics cloud mobile and security and accounts for nearly 50 of sales. The stock has a 3.6 dividend yield and is a bargain at 12 times next year’s earnings. John Buckingham is chief investment of cer of AFAM Capital and edit or of The Prudent Speculator. HOW TO PLAY IT Entrepreneurs DIVERSITY MARGIN PROPHET BY AMY FELDMAN LEFT: THOMAS KUHLENBECK FOR FORBES MARGIN PROPHET WAREHOUSE À LA CARTE Getting goods from supplier to store is a 163 billion global industry ripe for a rethink says Sean Henry the 21-year-old cofounder of Stord an Atlanta-based on-demand warehouse service. So you’re a kind of warehouse Airbnb Customers choose us not just for our warehouses but for our software. The industry runs of emails phones and faxes—the average warehouse order takes 25 minutes of human interaction. We said “If we build software to give customers more transpar- ency into trucks and warehouses we can help them be more ef cient.” How many facilities do you have In the ballpark of 160. We go to mom-and-pop operators and tell them Stord can give them access to customers that wouldn’t otherwise use them. How do you persuade them to adopt this new model Everyone’s competing on delivery speed against Amazon. We can integrate our software into their existing warehouses then see where they need to add distribution points in Stord’s network for a better supply chain. How fast can Stord move If Walmart in Georgia orders 5000 units from a supplier and that supplier needs a new warehouse in Atlanta they can get it within 24 hours. РЕЛИЗ ГРУ П П Ы "Whats News" VK.COM/WSNWS

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HERE’S WHAT YOU’ LL LEARN: AND HERE’S WHAT IT COSTS: 0 To request your copy of our FREE no obligation Bond Guide call 800 498-9084 The benefi ts and risks of municipal bonds… How municipal bonds provide federally tax-free income… Why municipal bonds offer the potential for regular income… Strategies for smart bond investing… Municipal bond facts every investor should know… copy of ligation l -9084 e income… gular income… w… About Hennion Walsh Since 1990 Hennion Walsh has specialized in investment grade tax-free municipal bonds. The company supervises over 3 billion in assets in over 16000 accounts providing individual investors with institutional quality service and personal attention. © 2018 Hennion Walsh Inc. Securities offered through Hennion Walsh Inc. Member of FINRA SIPC. Investing in bonds involves risk including possible loss of principal. Income may be subject to state local or federal alternative minimum tax. When interest rates rise bond prices fall and when interest rates fall bond prices rise. If sold or called prior to maturity the amount received may be less than the amount paid and the yield received may be less than the yield calculated at purchase. Past performance is not guarantee of future results. РЕЛИЗ ГРУ П П Ы "Whats News" VK.COM/WSNWS

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SPECIAL ADVERTISTING SECTION Japan 1 Japanese companies face a unique and envy- inducing opportunity in 2018. Those that are prepared to take on more risk in the markets while channeling fund stockpiles towards workers have the chance to kick-start the business-to-consumer B2C sector after years of relying on exports and the busi- ness-to-business B2B market. At the same time artificial intelligence AI and robotics are playing an increasingly important role in the workplace and companies with the foresight to adapt to unfolding technologi- cal developments will be in the driving seat when it comes to cheaper unit-per-cost manufacturing. Japanese companies have built up in- house fund stockpiles to levels now esti- mated to outstrip gross domestic product GDP by as much as a multiple of three. Those funds have been progressively squir- reled away since the global financial crisis mirroring moves by risk-averse individuals to remove funds from the markets and keep them in low-interest bank accounts. Fresh Incentives But Japan now stands at a crossroads. The risk-off stance of both companies and indi- viduals will be difficult to maintain amid a shrinking labor market which has also seen a depletion of experience and talent as skilled labor retires without immediate replacement. Japanese companies that empower younger workers with greater upfront returns in terms of higher wages can help fuel a self- perpetuating consumer boom. This move would entail companies shifting away from the longstanding export and B2B- driven economic model that has sustained Japan for decades and reinventing them- selves in a domestic-demand-driven B2C market. The ensuing multiplier effect would not only underpin statistics such as GDP but also boost loan demand and drive interest rates out of the deflationary zone. Rise of the Robots AI and robotics will also play a greater and more influential role going forward. Gone is the idea of robots as slave machines in production plants. CEOs interviewed for this special edition agree that robots of the future will be more intelligent more adapt- able and eventually able to anticipate human needs more rapidly and more selectively than humans can. Companies that develop and harness the effective use of such robots will be at the cut- ting edge of manufacturing by the end of the first quarter of the 21st century particularly as they take in more young workers imbued with the values of the new millennium. Industry leaders will be those that not only effectively utilize AI and robotic power but also prepare their staff for the emerging realities of this new world. Companies that develop managers and skilled labor capable of using robots as their servants and not as their workplace masters will also avoid the possible polarization in the workplace where low-end labor may be forced to compete with robots for jobs. 2018 marks 10 years since the onset of the global financial crisis. Japanese companies have put this decade to good use rebuild- ing balance sheets creating new overseas markets and replacing obsolete plants and equipment. It is now time to reopen the floodgates and power the potential of domestic growth. JAPAN: LOOKS TO THE FUTURE Japanese Companies Ideally Positioned to Power a B2C Revival in 2018. SPECIAL ADVERTISTING SECTION AI -equipped robots such as Pepper above will have a huge role to play in driving growth over the next decade. РЕЛИЗ ГРУ П П Ы "Whats News" VK.COM/WSNWS

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SPECIAL ADVERTISTING SECTION 6 Japan Yuzaburo Mogi Honorary CEO and Chairman of the Board of Kikkoman Corporation is a nigh ageless embodiment of his company’s philosophy and also the firm’s most energetic spokesman. “This is a time of anniversaries” Mogi says beaming. “We just celebrated the 100th anniversary of the establishment of what is now Kikkoman Corporation. Although our business goes back centuries we legally incorporated in 1917 .” Asked about the company’s century of changes Mogi says it’s more important to talk about what has not changed: “Our focus on consumers has been at the center of Kikkoman’s approach since the beginning.” He notes that even before its legal incorporation the soy sauce brewer set up a research laboratory. “Our research facility worked constantly to improve and unify the quality of our products” he says proudly. “Quality for the end consumer became our guiding principle. And that has never changed.” From Japan to the World Mogi notes that this year also marks the 45th anniversary of the company’s first overseas plant in Walworth Wisconsin and the 20th anniversary of its Folsom California plant. The two facilities have helped make Kikkoman a household name in North America. But Kikkoman is a Japanese company. Surely the Japanese plants are more important “Kikkoman is a global company” he corrects. “One with a proud Japanese heritage. But our overseas markets contribute more to our sales and profits. America is very important and Europe and Asia are growing rapidly.” Mogi smiles again for there are more celebrations to discuss. “At the end of last year we marked the 20th anniversary of our European flagship plant in the Netherlands which is our production base for the region.” He points out that the European and American markets are vastly different. While the U.S. has regional variations in culinary styles in general “American”-style cooking is more similar than different. Not so with Europe. “Each country in Europe has a different food culture and some have more than one” he explains. “Because Kikkoman is so highly consumer-oriented that means respecting celebrating and becoming a part of 20 or 30 different food cultures. We are constantly developing recipes and different ways to use our products that will enhance each different local cuisine.” A Taste for Growth His approach must be working because Euro- pean sales have been growing in double dig- its for over a decade. Growth is the name of the game in Asia as well. Although the com- pany now has factories and/or sales offices in Taiwan Thailand China the Philippines and Australia Kikkoman’s ongoing Asian expan- sion began with a plant in Singapore. How- ever Mogi says they are too busy meeting growing Asian demand to think about the 35th anniversary of this plant in 2020. “Asian consumers already have their own local seasonings that are similar to soy sauce” he notes. “However they are not accustomed to the richly flavored aromatic sauce that is the hallmark of Kikkoman. We are already seeing solid growth in these markets and I expect even greater results in the future.” For a company that has been around in one form or another for centuries it is inspiring to hear the chairman talk seriously about “the next hundred years.” Mogi is constantly look- ing to the future envisioning more growth in today’s markets and the prospect of opening up new markets in South America and Africa in the decades to come. But some things he points out will never change. “Even a hundred years from now our focus will still be on the consumer” he says. Yuzaburo Mogi is a descendant of one of the founding families of Kikkoman which is one of the oldest continually running busi- nesses in Japan. He became company Presi- dent in 1995 was named Chairman in 2004 and assumed the title of Honorary CEO and Chairman of the Board in 201 1. Mogi holds an MBA from Columbia University. www.kikkoman.com Yuzaburo Mogi Honorary CEO and Chairman of the Board of Kikkoman Corporation Global food giant Kikkoman Corporation just marked the 100th anniversary of its incorporation in Japan but the company is even prouder of its achievements overseas. KIKKOMAN CORPORATION: MULTIPLE MILESTONES HIGHLIGHT A CENTURY OF QUALITY РЕЛИЗ ГРУ П П Ы "Whats News" VK.COM/WSNWS

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SPECIAL ADVERTISTING SECTION 8 Japan THK the company that pioneered the Linear Motion Guide mechanism has also relocated its head office to strengthen group-wide cooperation improve operational efficiency and enhance business continuity planning. In addition the company is investing in Japan China and Vietnam to maximize production in response to soaring demand driven by the rise of the Internet of Things IoT the auto- mobile industry and also as a result of the automation of production facilities. “We have our hands full just keeping up with demand” says Teramachi. “In addition to the spread of IoT semiconductor-related investment is expanding as a result of the increase in electric vehicles and advances in self-driving technologies. We are also see- ing increased overall demand for our prod- ucts given the steady growth in investment related to the automation of production facil- ities against a backdrop of labor shortages.” Brave New World Teramachi has triggered a major change in the company’s business style driven by AI robotics and IoT as the third strategic pillar for THK. The challenge is to develop products that match changing needs and to simulta- neously consider sales-based uses and other applications. And yet Teramachi is wary of over-reliance on AI and robotics. “If we allow robots to pen- etrate society in their existing format they will not be in a position to purchase goods or services leading to shrinking consumption smaller markets and an atrophied economy. In addition humans would lose their position in the workplace. We must avoid this state of affairs” he says. “Looking ahead humans must actively trust their work to AI and robotics and focus their efforts on high-value-added creative work in other areas where this is not possible such as anticipating needs that others cannot see. The 10000-plus employees of the THK Group may be forced to alter the way they perform their jobs” Teramachi says. With robots gaining the ability to do tasks currently performed by mid-income class workers Teramachi sees a high potential for the workplace to polarize between low-sal- ary labor hired at costs that undercut robot- ics and high-income workers who need to be able to constantly think on their feet. “We need to develop human resources capable of qualifying for this high-income group at THK even while society becomes polarized” he says. Changing Minds Education training and self-awareness are vital in this process but one hurdle is that the global education system continues to revolve around the idea that humans are irre- placeable. Teramachi believes it is essential for people to be able to adapt to changes in society and the environment and that we must develop an education system that sup- ports this. “The good thing about the Japanese is that they are a close-knit homogenous and duti- ful society which is extremely useful when it comes to ensuring quality and safety. On the other hand these qualities can also impede the launching of and reactions to change. If the Japanese education system can be steered towards providing pupils with a sense of independence and self-respect along with a healthy appreciation for change while maintaining its other positive points then there is a good chance it can develop students capable of guiding global society in a better direction” Teramachi says. Akihiro Teramachi graduated from Keio University in 1971 and joined THK Co. Ltd. in 1975. He became a Direc- tor in 1982 and Vice President in 1994 before taking over as CEO in 1997 . www.thk.com Akihiro Teramachi Chief Executive Ofcer and President of THK Co. Ltd is looking to increase his company’s growth capacity by leveraging Artifcial Intelligence AI and robotics in the face of a shrinking labor market. THK: BOOSTING GROWTH CAPACITY THROUGH AI AND ROBOTICS Akihiro Teramachi Chief Executive Officer and President of THK Co. Ltd. РЕЛИЗ ГРУ П П Ы "Whats News" VK.COM/WSNWS

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But here is the proverbial fork in the road: While Bentley plans to accelerate growth by lever- aging the engineering might of Volkswagen in- cluding new electrifed power trains Rolls-Royce shares little with BMW . Instead it has developed its own scalable platform which underpins the Phantom and future models including Project Cullinan its frst four-wheel-drive utility vehicle due to be revealed later this year. Bentley’ s ambition is to grow sales to 20000 ve- hicles a year while Rolls-Royce aims to stay more exclusive at fewer than 6000. By comparison Mase- rati sold 46186 vehicles last year Lamborghini just 3104. At prices frequently north of 400000 Rolls- Royce can aford to thumb its nose at the notion of sharing platforms with a “mass-market” brand. Its biggest challenge is shedding the stodgy image still lingering from those notorious Grey Poupon com- mercials from the 1980s. Bentley by contrast occupies a unique middle ground between the highest-priced Mercedes-Ben- zes and the cheapest Rolls-Royce mod- els. It’s done a good job of creating sex appeal says Rebecca Lindland a senior analyst at Cox Automotive “but the real- ity is these brands have to make money. ” With the average price of a Bentley around 250000 you’ d expect the com- pany to be raking in profts. But its op- erating margin through September 2017 sank to 2.5 well below that of proletar- ian automakers like General Motors and Ford. So modifying a Porsche platform could help Bentley keep costs down and boost margins as long as it doesn’t sacrifce its brand DNA notes LMC Automotive analyst Jef Schuster. Besides he adds “leveraging Porsche isn’t exactly slumming it in terms of technology and capability. ” Te reality is both automakers have found vi- able business models. “If I compare the cars and drive them they are diferent ” says Wolfgang Dürheimer the recently retired CEO at Bentley. “Rolls-Royce is ultimate luxury. We are luxury and performance. ” And Rolls-Royce doesn’t disagree. “We are operating in a completely diferent price segment than Bentley ” says CEO Torsten Müller-Ötvös. Of course in this rarefed air where wealthy owners possess an average of seven cars it’s not about price anyway. “Our clients have garages like we have wardrobes ” Müller-Ötvös reasons. “For every occasion there is the right car. ” 120 | FORBES FEBRUARY 28 2018 launching redesigned versions of the cars that started this renaissance 15 years ago. For Rolls-Royce it’s the 2018 Phantom VIII the stately sedan that is the epitome of bespoke luxury. For Bentley it’s the redesigned Continen- tal GT a refned Grand Tourer delivering a com- bination of performance and luxury. New Rolls-Royce Phantoms don’t come along very ofen: Te 2018 model is only the eighth edi- tion since the Phantom was introduced in 1925. Men as diverse as Fred Astaire and John Lennon owned Phantoms throughout its history. As with all Phantoms the newest edition was designed for the rear passenger. When the coach doors gently close you are embraced in a plush silent sanctu- ary soothed by a starlight canopy that can be cus- tomized to refect your birth constellation. Up front the Phantom’ s dashboard can be trans- formed into a rolling art gallery where owners can display works behind a single piece of glass that also houses the instrument cluster and a retractable in- fotainment screen. And with the average age of Rolls-Royce buyers dipping to the low 40s thanks to younger custom- ers in markets like China the new model was also engineered to be as pleasing to drive as it is to be driven in. Te Phantom foats along on an electri- cally controlled suspension called Magic Carpet Ride. And a new twin-turbocharged 12-cylinder engine delivers 0 to 60 mph in 5.1 seconds. Meanwhile Bentley’ s new Continental GT like- ly to start at around 240000 was designed for a driver who loves performance while still swaddling passengers in luxury. Its twin-turbo 12-cylinder en- gine powers the car to a top speed of 207 mph and goes from 0 to 60 mph in a dazzling 3.6 seconds. Te dashboard also astonishes. An optional three-sided display rotates allowing the driver to choose between the sleek wood veneer a 12.3-inch touchscreen and three elegant analog gauges. THE HAUTE LIST BY MICHAEL SOLOMON “Whither goes thou America in thy shiny car in the night” —JACK KEROUAC FINAL THOUGHT LAMBORGHINI TIME Fast times call for a watch built for speed. The Swiss watchmaker Roger Dubuis will begin a partnership with Lamborghini Squadra Corse this spring to produce limited- edition watches. The Excalibur Aventador S is made in a carbon- fiber case with a movement inspired by the engine block of the Lamborghini Aventador. Another model is inspired by the Huracàn Super Trofeo EVO. Like the legendary Italian sports car the Aventador S timepieces will have very limited production and come with luxury- car sticker prices—88 pieces will be produced with accents of Lambo’s Neptune Blue and Giallo Orion yellow retailing for 194500 while an 8-piece orange- accented edition will cost 216000. Forbes Life AUTOS Wheeling: Bentley’s Continental GT is designed for drivers not passengers. THE HAUTE LIST РЕЛИЗ ГРУ П П Ы "Whats News" VK.COM/WSNWS

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“THE ONE WHO GETS WISDOM LOVES LIFE THE ONE WHO CHERISHES UNDERSTANDING WILL SOON PROSPER.” —PROVERBS 19:8 “WHOSTEALSMYPURSESTEALSTRASH ’TISSOMETHING NOTHING.” —WILLIAM SHAKESPEARE FINAL THOUGHT “Money’s merits are measured by its use not amount.” —MALCOLM FORBES THOUGHTS ON CLOCKWISE FROM TOP LEFT: UPPA/ZUMAPRESS/NEWSCOM AGIP/RDA/GETTY IMAGES PRISMA/UIG/GETTY IMAGES PERRY REICHANADTER PICTURES LTD/CORBIS/GETTY IMAGES ETHAN PINES PAKO MERA/ALAMY THE PRINT COLLECTOR/GETTY IMAGES COLIN MCPHERSON/CORBIS/GETTY IMAGES “Price is a proposed point of agreement between a buyer and seller. The proposal is the key. It is not a marching order. ” —JEFFREY TUCKER SOURCES: OTHELLO BY WILLIAM SHAKESPEARE ANIMAL VEGETABLE MIRACLE BY BARBARA KINGSOLVER CRYPTONOMICON BY NEAL STEPHENSON THE RAPE OF THE LOCK BY ALEXANDER POPE MEDITATIONS BY MARCUS AURELIUS LITERARY THEORY: AN INTRODUCTION BY TERRY EAGLETON WHERE IS SCIENCE GOING BY MAX PLANCK THE EVOLUTION OF THEOLOGY BY THOMAS HENRY HUXLEY THE TROPIC OF SERPENTS BY MARIE BRENNAN. Value 124 | FORBES FEBRUARY 28 2018 “EVERY ADVANCE IN KNOWLEDGE BRINGS USFACE TOFACEWITH THE MYSTERY OF OUROWNBEING.” —MAX PLANCK “Law and force and ether and the like are merely useful symbols while the ignorant and the careless take them for adequate expressions of reality. ” —THOMAS HENRY HUXLEY “Beauties in vain their pretty eyes may roll charms strike the sight but merit wins the soul.” —ALEXANDER POPE “LOOK BENEATH THE SURFACE LET NOT THE SEVERAL QUALITY OF A THING NOR ITS WORTH ESCAPE THEE. ” —MARCUS AURELIUS “One does not cease to treasure a gem simply because one owns another that is larger.” —MARIE BRENNAN “Value is not made of money but a tender balance of expectation and longing. ” —BARBARA KINGSOLVER “ITISINDIALOGUE WITH PAINTHAT MANY BEAUTIFUL THINGSACQUIRE THEIRVALUE.” —ALAIN DE BOTTON “Statements of fact are after all statements which presumes a number of questionable judgments.” —TERRY EAGLETON “GOLD IS THE CORPSE OF VALUE. WEALTH STORED UP IN GOLD IS DEAD.” —NEAL STEPHENSON “JUST BECAUSE PEOPLE THROWIT OUTAND DON’T HAVEANY USEFORIT DOESN’T MEANIT’S GARBAGE.” —ANDY WARHOL “NETWORKS GAIN SOVEREIGNTY THROUGH THEIR OWN DIGITAL CURRENCY. ” —OLAF CARLSON-WEE РЕЛИЗ ГРУ П П Ы "Whats News" VK.COM/WSNWS

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