THE POWER OF WISDOM 75TH ANNIVERSARY SPECIAL - First in a series of three

FORTUNE presents a package of articles—the first in a three-part series commemorating the magazine's 75th anniversary—about business wisdom: where it comes from, how it gets shared, and how to prevent its loss. With career tips, classic photos from the archives, and the ultimate reading list, FORTUNE presents over 40 pages of the best advice to be found anywhere.

The Art of Management, by Geoffrey Colvin, page 824
In 1929, in the prospectus written for the magazine he proposed to create, FORTUNE's founder Henry Luce promised that FORTUNE would contain no advice on how to run a business. "Since we break that promise so egregiously in the following pages—not to mention having broken it in some 40 zillion previous articles over the decades—a bit of explanation is perhaps in order," says FORTUNE senior editor-at-large Geoffrey Colvin. "As it turns out, the explanation is only a little about FORTUNE and a whole lot about society, business, the rocky rise of management as a discipline, and how offering business advice progressed from being vaguely distasteful to being actually respectable."

• The Best Advice I Ever Got, page 90
  28 luminaries—Warren Buffett, Richard Branson, Howard Schultz, A.G. Lafley, Sumner Redstone, Meg Whitman, Jack Welch, Sallie Krawcheck, Vivek Paul, Dick Parsons, Andy Grove, Anne Mulcahy, Brian Grazer, Rick Warren, Jim Collins, Peter Drucker, Ted Turner, David Neeleman, Mickey Drexler, Brian Roberts, Marc Benioff, Hector Ruiz, Donny Deutsch, Klaus Kleinfeld, Ann Fudge, Herb Kelleher, Clayton Christensen, and Ted Koppel—share with FORTUNE readers some of their favorite advice from those who most influenced their lives.


• Is the $200 Billion Tobacco Deal Going Up In Smoke?, by Roger Parloff, page 126
  The tobacco world has become increasingly bizarre and inequitable since November 1998, when a handful of do-gooders, contingency-fee lawyers, and "merchants of death" got together in a conference room and struck a deal to settle the Medicaid reimbursement suits that many states had filed against the major tobacco companies in the mid-1990s. That famous but little-understood pact, reports Roger Parloff, formally known as the Master Settlement Agreement, recreated the tobacco industry—though not always in ways its signers envisioned.

Warren Buffett, 74, CEO of Berkshire Hathaway - "I had two mentors: my dad, Howard Buffett, and Ben Graham. Here were these two guys who I revered and who over the years gave me tons of good advice. But when I think about what they said to me, the truth is, the first thing that comes to mind is bad advice."

Richard Branson, 54, Founder of Virgin Atlantic Airways and the Virgin Group, - "Make a fool of yourself. Otherwise you won't survive."

Howard Schultz, 51, Chairman of Starbucks " . . . the art of becoming a great leader is in developing your ability to leave your own ego at the door and to recognize the skills and traits you don't possess and that you need to build a world-class organization."

Sumner Redstone, 81, Chairman and CEO of Viacom - "Follow your own instincts, not those of people who see the world differently."

Meg Whitman, 48, CEO and President of eBay - "Be nice, do your best ... remember that it's not brain surgery."

Brian Grazer, 53, Academy Award-winning movie and TV producer, Imagine Entertainment - "... you must have creative leverage. That exists only in your mind. So you need to write - put what's in your mind on paper. Then you'll own a piece of paper. That's leverage."

Rick Warren, 51, Minister, founder of Saddleback Church and author of The Purpose-Driven Life - "I recommend that your models be dead."

Jack Welch, 69, Former chairman and CEO of General Electric - "Be yourself."

Dick Parsons, 56, Chairman and CEO of Time Warner - "When you do deals, leave a little something to make everyone happy instead of trying to grab every nickel off the table."

Andy Grove, 68, Chairman of Intel - "When Ôeveryone knows' something to be true, nobody knows nothin'."

Donny Deutsch, 48, CEO of Deutsch Inc. and host of CNBC's The Big Idea With Donny Deutsch - "If you love something, you'll be great at it, and the money will come and everything else will fall into place."

Ted Koppel, 65, Anchor of ABC's Nightline "Do what you love."

How to Battle the Coming Brain Drain, by Anne Fisher, page 121
Managers in their 50s and 60s have had time to develop the most valuable knowledge and experience, but few large companies seem to prize that wisdom anymore. Intent on cutting costs, many employers are trying to get rid of people over 50, despite rising age-discrimination litigation. "That's an exceedingly shortsighted policy," says Anne Fisher. "By forcing out the employees with the most experience, companies may be inadvertently pushing critical knowledge out the door before it is shared with the next generation."

Hot Careers for the Next 10 Years, by Anne Fisher, page 131
Which professional jobs are likely to be in greatest demand in the next decade? To find out, FORTUNE asked the outplacement and executive-coaching giant DBM to survey its thousands of career counselors and outplacement specialists. FORTUNE also analyzed the Bureau of Labor Statistics' job-growth projections. The highlights: IT will be back in a big way. Anything related to health care will boom, and accounting or financial-management skills will be mighty good to have.

In honor of the 75th anniversary of the magazine, FORTUNE has partnered with the Prostate Cancer Foundation. For 75 years, FORTUNE has brought its readers unparalleled, groundbreaking and award-winning stories. Also see www.fortune.com. As the world's premier business magazine, FORTUNE has led the conversation on a host of important issues, including the war on cancer. The Prostate Cancer Foundation is the world's largest philanthropic source of support for research into better treatments and a cure for recurrent prostate cancer. Founded in 1993, the PCF has raised more than $230 million and provided funding for prostate cancer research to more than 1,200 researchers at 100 institutions worldwide. For more information, visit www.prostatecancerfoundation.com

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