FORTUNE. The story of the most exclusive business magazine

photo. Wikimedia Commons (public domain) and fortune.com (fair use)

At the turn of the 1920s and 1930s, dozens of press titles were published in New York. Among the most popular dailies were The News York Times and New York Post. Among magazines, Time stood out as a popular weekly and the first of its kind nationwide. It was owned by Henry Luce and Briton Hadden, a journalistic duo and founders of the publishing house Time Inc.

The two met at the private Hotchkiss School. Their friendship continued through their studies at Yale University, where both wrote articles for the Yale Daily News. After graduating, Briton joined the New York World and Henry worked at the Chicago Daily News. In early 1922, they both moved to the Baltimore News, where the idea of launching their own newspaper and publishing business was born.

Their dream came true later that year. On 28 November 1922, together with two Yale friends, they opened the doors to their own publishing house. On 3 March 1923, the first issue of Time hit the newsstands in New York.

In February 1929, the sudden death of 31-year-old Briton Hadden left Luce as the sole owner of Time Inc. within a year, even though Hadden had secured his shares. Luce planned to expand the company and launch new titles. The first was to be Fortune.

Volume one number one and empty pages

It is clear that every new product needs funding and the power of trade lies in advertising. So in September 1929, a sample issue of Fortune, Volume One, Number One was distributed to advertisers from New York and nearby. It had 55 pages, half of which were empty. On the printed ones were a letter from Henry Luce and colour photocopies of artworks by Margaret Bourke-White and Louis Lozowick. Addressing those whose money he was counting on in the future, the publisher wrote:


Men who advertise constantly seek the ideal medium for their story. Their Ideal Super-Class Magazine will be extraordinarily beautiful. It will be so richly illustrated and visually striking that readers will instinctively turn the pages. The price will be set high enough that only wealthy and enthusiastic readers will jump over the barrier.
On the following pages, Luce developed the themes to be covered in the future. He defined the target reader as an industrialist, a producer of exclusive goods from jewellery to yachts, and anyone dealing with large sums of money.

He noted that the title would be a monthly business magazine, richly illustrated, with the aim to reflect industrial life in ink, paper, word and image, just as the finest skyscraper reflects it in stone, steel and architectural design. Its goals:

• to write the history of 20th-century industry
• to present the work of great corporations
• to have no ideological boundaries
• to write critically, evaluatively… with unrestrained curiosity
• to bring subscribers the pleasure of reading

The first issue was planned for January 1930. The number of willing subscribers quickly reached 30,000.

Luxury artistic covers and astronomical price

Although the great stock market crash in October 1929 made things harder for the young publisher, it delayed the launch by only a month. The first issue of Fortune appeared in February 1930. The wheel of fortune, as befits the title, filled the entire cover. It was created by Thomas Maitland Cleland, the magazine’s art director.

The magazine had 184 pages, was brilliantly colourful, although black-and-white photos also appeared. The cream paper it was printed on was top-tier. Only one company in the country, Osborne Chromatic Gravure Company in New Jersey, agreed to print this high-end product.

Luce invested in young literary talent (Archibald MacLeish, Alfred Kazin, John Kenneth Galbraith), and their texts were brazen, irreverent and critical. The magazine cost $1, and the annual subscription was $10. Today that amount may sound amusing, but at the time it was a considerable sum. The News York Times cost 10 cents.

Fortune, although stylistically similar to Time, was more exclusive, refined and bourgeois. As owner and publisher, Henry Luce pursued well-known painters, sculptors and illustrators. Just as in the first issue, each subsequent cover was a true work of art and soon became the magazine’s calling card. They were created by Ben Shahn, Arthur Lidov and, most prolifically, Antonio Petruccelli, who designed 25 covers between 1933 and 1945.

The magazine also featured high-quality photography. The role of staff photographer was entrusted to Walker Evans, who brought his own projects and ideas to life in Fortune. Frequent collaborators in the photography department included Margaret Bourke-White and future Life photographer Peter Stackpole. Beautiful colour images or black-and-white engravings accompanied articles and columns. Their refined language paired perfectly with the images, offering something to read and something to rest your eyes on.

In addition to strictly business content, financial reports and critiques of the economy, readers could learn about the latest models of aircraft and cars (something in every issue), ponder whether saving time extends life (Fortune, June 1930), read about the first bird’s-eye-view photos taken especially for Fortune by Captain Alfred Buckham (Fortune, October 1931), or the bicycle craze (Fortune, September 1933).

And although it was meant to be a business magazine, over time more and more cultural content appeared. Reports from painting exhibitions, promotion of new book and music releases became a permanent fixture in the magazine.

Required reading on Wall Street

Luce often wrote articles for Fortune, but did not edit it. That role was filled by Parker Lloyd-Smith, who two years later (1932) passed the editorial reins to writer Ralph Ingersoll. The new editor-in-chief had been with Time Inc. since July 1930, serving as managing editor. Since he had previously worked for The New Yorker, his task was to describe the story of that magazine and everything related to it, from finances and employee biographies to the dark past of its owners. The rival publication did the same, so the conflict between the publishers escalated and the circulation of both titles grew.

It must be said that Ingersoll and his articles brought prestige to the magazine and lifted the spirits of the publishing house. Luce, hoping that the economic crisis would soon pass, refused to cut costs. Unfortunately, the crisis persisted and the company’s finances began to falter.

Unlike Luce, Ingersoll favoured well-known names from the world of literature (Archibald MacLeish, James Agee), which resulted in more professional writing. Readers appreciated this, and Fortune’s situation improved.

From 1932, politics began to appear more often in the magazine. The main author of such pieces was Henry Luce himself, who began writing on this thankless topic. His favourite figures to criticise were Franklin Delano Roosevelt and his New Deal, as well as then-president Herbert Hoover. His favourite countries: communist Russia and fascist Italy. These topics were of great interest to the American public, so demand for them was high.

European affairs increasingly drew Americans in, especially those linked to the arms industry. Luce wrote, Ingersoll and from 1935 Eric Hodgins edited, Evans provided the images and… circulation grew. By 1937, it reached 460,000 copies, earned half a million dollars and Fortune became required reading on Wall Street.

Editors demand respect

Eric Hodgins was a chemist by training, but had pursued journalism since his student days. He joined Fortune’s editorial team in 1933, and a year later, in March, he shone as an investigative journalist, even though Fortune did not normally cover that kind of journalism. His article Arms and the Men, about the European arms industry and weapons trade, brought him success and gained the magazine international fame and new readers.

Other journalists and writers followed suit. Articles poured in on difficult topics, such as antisemitism in the USA and Germany, communism versus capitalism and the dignity of labour.


Still, not everything in the Fortune newsroom was rosy. Henry Luce, who strongly supported capitalism and did not tolerate its criticism, interfered with what and how things were written, imposed his views and pressured the journalists. That did not sit well. Fortune did not want to become like Time. It had a different mission. Ingersoll knew how to stand up to the owner, but Hodgins was more compliant.

Tension grew in the newsroom. And when in 1937 Luce presented his set of conditions, which he called Respectus, several journalists left for other newspapers. The owner named himself editor-in-chief of all Time Inc. titles, and the heads of individual editorial teams became managing editors. That remained the case until Luce retired in 1964.

Fortune turns right

After these changes, in 1937, the position of managing editor at Fortune was taken by the publisher’s friend, Russell Davenport, and the magazine shifted further to the right. In the meantime, Luce launched another publication under the Time Inc. banner. This time it was the weekly Life, where photojournalism with international themes took centre stage.

These topics also appeared in Time and Fortune, as Luce became deeply involved in this area of life. In his articles, he often focused on the situation in China (he supported them). Cynics claimed it was because he was born there (Shandong) and spent the first 15 years of his life in the country…and what the shell soaks up young, it oozes old.

It was not just articles and photos that drew readers to Fortune. In those years, polls were important to the public—not only political ones, but those reflecting all aspects of American life. In 1935, the magazine signed a contract with Elmo Roper, a pioneer in market research and public opinion polling. His regular reports often proved 100% accurate. The first spectacular success was predicting Franklin Roosevelt’s victory in 1936. Roper worked for Fortune until 1950, serving as director of the Fortune Survey (Fortune Poll).

In March 1939, a new column appeared in Fortune: Business Roundtable (business roundtable). Its main goal was to link business with politics, specifically government actions. A group of high-profile businessmen discussed the economy, legislation, reforms and other political activities in relation to the social climate. This series, as journalists called the column, was a gem of the magazine and continues to this day.

The most beautiful business magazine in America

Though not everyone supported Luce’s views and personality (some thought he was a despot), he set himself a clear goal: to create the undisputed, most beautiful business magazine in America. After a decade of highs and minor setbacks, even the strongest critics had to admit he succeeded.

So, in February 1940, there was reason to celebrate. In the anniversary issue, with the national emblem on the cover, the editors boasted about their achievements and promised to maintain their standards. In the September issue, for the first time, there was no artistic image on the cover. It was replaced by a photo of a Douglas B-18 bomber from the Ninth Bomb Squadron of the Army Air Corps. According to blogger Donald Pittenger, this was done to save costs. Although photo covers appeared again (March 1942), it did not become the rule.

The point was more that the squadron was upgrading its equipment (to B-17s), and inside the issue there was a photo feature on tank crews and their machines. That was not surprising, as war had been raging in Europe for a year and American politicians were debating how to profit from it.

From the first months of the Second World War, Fortune journalists were alert and ready to act: War and peace: business is better than bombs (July 1940), US defence: more debt, higher taxes (November 1940), Japan: threat in East Asia (April 1941) and The paradox of oil and war: Hitler has plenty, the Allies have none (September 1941) were just a few of the headlines stirring concern among readers, though panic was absent. Public mood shifted after the attack on Pearl Harbor on 7 December 1941, when the US entered the war.

War everywhere and Walt Disney in print

At that time, in addition to topics directly related to the war (The war for the skies, August 1943), Fortune began exploring indirect ones. These were dominated by the challenges facing women, who had taken on roles such as ammunition production: The margin now is women’s strength: 3 million women needed (February 1943).

The war was everywhere. Even filmmakers got involved. In the August 1943 issue, Disney’s name appeared. The article Walt Disney: the great teacher, his films are revolutionary referred to the artist’s work for the government and the war effort. At the time, his studio was producing educational and propaganda films using animation. A sample of such drawings in comic form accompanied the article.

Emotion versus reason was a story showing what happens in a person’s mind when reason is behind the wheel—and what dwells inside Hitler the sorcerer’s head. The second comic, El gaucho Goofy, was a tale featuring the beloved Disney character.

During the war years, the Letters (Letters) column grew significantly. It featured answers to readers’ questions and discussions on topics they raised. New sections also emerged: Business at War (Business at war), London Cable, Trials & Errors (Trials and errors).


Despite the restrictions tied to the situation in Europe, Henry Luce maintained high standards in his magazines. He looked after his editors and promoted them to senior positions. That was the case with Russell Davenport, who joined the board in 1940. The editorial seat was briefly filled by Richardson Wood, who a year later handed the reins to Ralph D. “Del” Paine Jr.

In defence of enterprise

Paine led the editorial team for the next 12 years. During this time, Fortune continued to shine in the business press market, and Henry Luce gave the magazine a new mission: the active defence of the free enterprise system. So, 60 editors, working tirelessly across nearly 200 pages, continued to tackle weighty issues in economics, politics and culture. New subjects, like the Cold War and space, appeared in the regular columns:

• Fortune Survey
• Letters
• Books and Ideals
• Shorts and Faces
• Farm Column
• Business Abroad

But nothing changed when it came to the quality of photos, artistic illustrations or, most importantly, readership. The covers remained in the hands of talented illustrators and painters such as Arthur Lidov, Hans Moller and Witold Gordon. The approach to advertising and advertisers also stayed the same. The August 1947 issue listed 190 companies using Fortune’s services.

In September 1948, the magazine entered the television era, and in October some section names were changed. From that time, the following titles were used:

• Business Roundup
• The Fortune Survey
• Fortune’s Wheel
• Technology
• The Law
• Labor
• Books and Ideas

The 1950s proved to be a good decade for Fortune. Much was happening both at home and abroad, so the magazine expanded its horizons, coining new terms and expressions that became permanent fixtures in the world of business.

Fortune 500 and the power of rankings

When William “Holly” Whyte analysed the impact of the economy on white-collar workers, he coined a new term: business sociology, while Daniel Bell introduced the concept of the post-industrial society. In 1953, Charles Silberman and Todd May joined Fortune’s own economics department, bringing a fresh perspective not only on the economy but also on social matters.

At the end of 1954, with Hedley Donovan already leading the editorial team, editor Edgar Smith presented a list of the largest corporations and proposed ranking them. In January 1955, the first edition of the Fortune 500 was published, featuring companies in mining and energy exploration. The idea caught on, and the following year the list included more companies from various industries and sectors. The list appeared mid-year and was printed in a special edition of the magazine. The ranking continues to this day, compiled annually and covering corporations, public and private companies by total revenue per year, with publicly available income data.

Alongside Fortune 500, another ranking was launched, Fortune 50, focusing on the largest commercial banks. Since then, many other rankings have been created. The most popular include:

• Fortune 1000 (1955)
• Fortune Global 500 (1990)
• Fortune China 500 (1996)
• 100 Best Companies to Work For (1998)
• 40 Under 40 (1999)

and among the most interesting in theme:

• 100 best workplaces for millennials
• 100 best workplaces for women
• 50 greatest world leaders
• Ledger 40 under 40
• 50 best places to live for families

There were and still are many more such lists and rankings, and Fortune regularly creates new ones.

A stumble in the streak of success

The magazine’s popularity was unquestioned. Colourful, rich in content and still not for everyone, it was a profitable title for Time Inc. By the late 1950s, its circulation reached 325,000 copies.

If it was not for everyone, then not for everyone. Although this mostly referred to readers, it also applied to the company itself. Andrew L. Yarrow, in his article for the Milken Institute Review, noted that despite its openness and criticism of unhealthy tendencies, Fortune might have been a great place to work, but only for white men, mostly with Ivy League degrees, unlike the few mass media magazines like Look, Fortune had no Black journalists in the 1950s. Women could not rise above the role of researchers until the 1960s.

The next decade was less optimistic. Covers lost their artistry, and the content its creativity and professionalism. In 1958, the magazine’s external look was updated. The title was placed on a wide white strip, and cover descriptions began appearing at the bottom—more and more often featuring photographs. These carried emotion and style, but they were no longer the works of recognised painters or graphic artists.

In December 1963, the next managing editor, Duncan Norton-Taylor, brought back the older cover style but kept the descriptive text. Another milestone came in July 1965, when the cover was designed using computer graphics for the first time.

At the time, the magazine’s art director (1962–1974) was German graphic designer Walter Allner, the mastermind behind the innovative project. Although he discovered this method of image creation somewhat by accident, a new era of computerisation had begun at Fortune.

Along with the new cover came changes to the fonts and content layout. A new managing editor took the helm, Louis Banks. He had been with the publishing house since 1945 and joined Fortune’s editorial staff in 1961. It was he who would later bid farewell to the magazine’s founder, Henry Luce.

Henry III takes command

Luce died on 28 February 1967 at the age of 68. He left behind a thriving company in New York, offices in Chicago, influential magazine titles and a work system now known as group journalism. His nearly $100 million fortune (mainly Time Inc. bonds) went to the Henry Luce Foundation, established in 1936.

After Luce’s death, his son Henry III took over. In addition to leading the company, he held various roles across the publications, serving as publisher of Fortune in 1968–1969, and remained active in the foundation. Under his leadership, editorial teams introduced new directions, topics and projects. The title of editor-in-chief returned to each magazine. Among the many new trends, the magazine expanded coverage of:

• international economics (February 1968),
• social issues, especially American families and unemployment (July 1968)
• and youth (January 1969).

Women pushed male editorial boards to discuss some of these topics—not only through letters with “difficult” questions, but also within the newsrooms themselves.

Carol Loomis. Business through a woman’s eyes

In 1966, after 12 years of work in the economics section, Carol Loomis was finally recognised. In the April issue, her article The Jones Nobody Keeps Up With profiled Alfred Winslow Jones, the best professional manager of investors’ money, who in the 1940s had been a full-time writer at Fortune. Loomis’s article secured its place in business and journalism history not only for its content but especially for the first recorded use of the term hedge fund, which quickly entered everyday language.


Carol Loomis joined Fortune in 1953 as a researcher, an assistant who gathered material and collaborated with the author writing the articles, reports or analyses. At the time, it was the only role available to women who wanted to become journalists. Her dedication and professionalism were so exceptional that in 1961 she was promoted to writer of the newly launched investment column—a move that surprised not only her colleagues, but even Loomis herself.

Over the years, she became a respected expert in finance and tackled subjects that others would not touch. In 1976, she became a member of the Federal Government’s Advisory Committee on Consolidated Financial Statements. She is the recipient of numerous awards, including three Gerald Loeb Awards for best article (1974, 1989, 2006).

She worked at Fortune for 60 years. She endured humiliation and discrimination simply because she was a woman. But she persevered. She blazed a tough trail to success for other women who, a decade later, proved to men that they too understood finance, the stock market and investments. They brought women’s issues to the pages of Fortune—like Julie Connelly, author of the term trophy wife (trophy wife), which first appeared in Fortune in August 1989.

Fortune every two weeks

In April 1970, Robert Lubar, former Time correspondent and board member, was appointed editor-in-chief. He led the newsroom for ten years, during which Fortune underwent several changes.

• photographs replaced graphics on the covers (from 1972)
• the magazine changed from monthly to biweekly (January 1978)
• the centre pages were redesigned
• articles were shortened
• the page count was reduced to 130
• follow-ups to previous topics were introduced
• the Dialogue section was created, enabling entrepreneurs with opposing or controversial views to express their opinions on matters important to the public
• editorial staff increased (in the 1970s there were 10 writers and 10 researchers)
• offices opened in Houston and Los Angeles, while those in Chicago and Washington were expanded

To reassure advertisers, readers and even journalists who were sceptical about the biweekly format, Fortune’s board did what Henry Luce had done in 1928: they released trial issues. These were warmly received—even by competitors from Forbes magazine. Reviewing the new magazine format in October 1977, Jack Egan from The Washington Post wrote:

The increased frequency and vitality of Fortune—which has always set a high standard in business journalism—should inject new competitive energy into business and economic reporting, which is increasingly coming to the forefront due to current events.

For the next two decades, Fortune operated as a biweekly until, in 2009, it began appearing every three weeks.

Design evolution and alliance with Warner Communications

While the changes in appearance and format introduced during the tenure of Lubar and William S. Rukeyser (his successor) were positive, and the magazine continued to focus on business and financial analysis, even greater transformations came with Marshall Loeb, who took over in 1986.

By then, fully photographic covers had become standard, and new sections and columns appeared. In the News and Keeping up, the latter primarily written by Daniel Seligman, covered updates in the automotive, telecom and economic fields, while Fortune Forecast offered short- and long-term predictions. In 1984, the magazine’s external design was again revamped. The title was displayed on solid-colour tiles, article titles were added and new fonts introduced. These gradual changes led to a more significant transformation.

In January 1990, Time Inc. merged with Warner Communications to create Time Warner, though Time Inc. remained an independent entity. As Fortune entered the 1990s, it gained greater capabilities and a wider scope. Marshall Loeb seized the opportunity and soon, in addition to visual changes, the magazine was packed with:

• diagrams
• charts
• tables
• graphics
• articles about company executives
• features on social issues like homelessness

The magazine’s writers often appeared on television and radio, sharing their personal views and those of the publication. Between 1993 and 1994, Fortune even had its own television programme on CNBC: Fortune Week.

Global reach and early steps online

Fortune’s scope expanded worldwide. Company and institution rankings began including firms outside the USA. In 1996, the first such list was published in Fortune China Edition. Turkey and Korea editions followed. Not all these editions exist today, but Fortune Europe Edition and Fortune Asia Edition remain influential among global business leaders and industrialists. Appearing on the Fortune Global 500 list brings prestige and recognition.


When Marshall Loeb stepped down as Fortune’s editor-in-chief in May 1994, retiring, he was hailed as the revitaliser of Fortune. He had a major influence on modern business journalism. He was briefly succeeded by Walter Kiechel III (1994–1995), and then for six years by John Huey, who had the task of guiding the magazine into the new century.

According to the Whois website, the domain fortune.com was registered on 2 June 1994. However, the first mention of the site appeared on the magazine’s cover in March 1998, while the earliest archived page on web.archive.org dates to December 1998. In 2006, Time Inc. signed a deal with CNN, launching the website CNNMoney.com, which operated until 2014. All Time Inc. titles, including Fortune, were integrated into the site.

In June 2014, Time Inc. separated from Time Warner, relocating its headquarters to Lower Manhattan (having operated on Avenue of the Americas since 1959). One could say they were starting fresh. At that time, a new, independent fortune.com website was launched, which remains active today.

Print decline on the horizon

As Fortune entered the new century, it had a circulation of 810,000 copies, two issues per month, cover navigation elements, several new sections (environmental protection and even fashion), and a team of female journalists (Shelly Branch, Bethany McLean, Cora Daniels), including Black women.

Despite the magazine’s popularity both in the USA and worldwide, the first decade of the new era was not a golden one. Magazines, like newspapers, struggled with declining readership and advertising. Just as television once replaced radio, the internet began to challenge print.

This issue faced subsequent editors-in-chief, Richard “Rik” Kirkland and Eric Pooley. During Andrew “Andy” Serwer’s tenure (2006–2014), the decision was made that from 2010, Fortune would be published every three weeks. At the same time, the magazine’s design changed again.

Despite difficulties, new rankings and new editions emerged, such as World’s 100 Most Powerful Women (2004), the young business leaders list 40 Under 40 (2009), and Fortune India Edition (2010). In 2014, Serwer pushed for a digital-first Fortune. This coincided with the move to a new headquarters, and the new website gained many followers. Serwer was well-versed in the digital world, having launched the Street Life column in 1997, which became the Captain’s Blog in 2006.

The youngest editor-in-chief in history

The changes in the newsroom were continued by Alan Murray (2014–2017) and Clifton Leaf (2017–2021), who led the magazine first under the Meredith Corporation (31 January 2018), and then handed it over to Thai billionaire Chatchaval Jiaravanon (9 November 2018). The company officially became known as Fortune Media Group Holdings.

In 2021, a woman became editor-in-chief and chief content officer (these roles have been combined for several years) of Fortune. Alyson Shontell, the youngest editor-in-chief in the magazine’s history, now oversees all Fortune platforms, podcasts and films. At her previous job, Business Insider, she also served as editor-in-chief, becoming the only woman to lead a global business publication, drawing millions of readers. The Fortune board asked her to do the same.

Shontell delivered—and continues to do so. In her four years at the helm, the number of readers visiting fortune.com has grown sixfold, and the newsroom has received numerous prestigious awards for rigorous journalism. In April 2023, she launched a new ranking: Fortune Crypto 40 (cryptocurrencies).

Shontell is not the only woman in a top position at Fortune. In April 2024, Anastasia Nyrkovska became CEO, having previously served as CFO and strategy director. Today, many women hold leadership positions at the company. They prove that, like their male colleagues, they can manage effectively and are committed to Fortune’s mission: to change the world by improving business. They turn their work into the magazine’s success around the globe. It’s hardly surprising, as the editor of success is also a woman: Orianna Rosa Royle.

Timeline of FORTUNE

• 1922, 28 November - launch of Time Inc. publishing house
• 1929, September - pilot issue of Fortune, Volume One, Number One
• 1930, February - first issue of Fortune
• 1932 - politics appear in the magazine
• 1935 - first surveys
• 1939, March - new column Business Roundtable
• 1940, September - first photo cover
• 1947, August - first list of all companies advertised in Fortune
• 1948, September - television era enters the magazine
• 1955, January - first Fortune 500 list
• 1955, January - first Fortune 50 ranking
• 1958 - first visual changes in the magazine
• 1965 - cover designed using a computer
• 1967 - editorial and programming changes in Fortune
• 1977 - test issues of Fortune as a biweekly
• 1978, January - Fortune changes from monthly to biweekly
• 1990 - Time Inc. merges with Warner Communications and Fortune undergoes its first revolution
• 1993-1994 - Fortune airs its own TV programme, Fortune Week
• 1994, 2 June - domain fortune.com registered
• 1996 - first list of foreign companies, Fortune China Edition
• 2006 - CNNMoney.com website launched, with Fortune content integrated
• 2010 - magazine begins publishing every 3 weeks
• 2014 - independent website fortune.com launched
• 2014, June - Time Inc. relocates its headquarters
• 2018, 31 January - Meredith Corporation becomes the new owner of Fortune
• 2018, 9 November - Thai billionaire Chatchaval Jiaravanon acquires Time Inc. The company is renamed Fortune Media Group Holdings
• 2021 - first woman becomes editor-in-chief (Alyson Shontell)

References:

• https://fortune.com/1929/09/01/fortune-prospectus-september-1929-volume-one-number-zero/
• https://web.archive.org/web/20170729045717/http://xroads.virginia.edu/~1930s/print/fortune/background.html
• https://en.wikipedia.org/wiki/Fortune_(magazine)
• https://www.peterharrington.co.uk/blog/fortune/
• https://newrepublic.com/article/75622/the-gospel-according-luce
• https://blog.library.si.edu/blog/2010/02/10/fortune-magazine-80th-anniversary/
• https://erenow.org/biographies/the-publisher-henry-luce-and-his-american-century/7.php
• https://www.britannica.com/money/Fortune
• https://newrepublic.com/article/75622/the-gospel-according-luce
• https://web.archive.org/web/20170729045717/http://xroads.virginia.edu/~1930s/print/fortune/background.html
• https://www.milkenreview.org/articles/fortune-magazine-in-the-1940s-and-1950s
• https://www.historyofinformation.com/detail.php?id=3269
• https://findingaids.library.nyu.edu/nyhs/timeinc_ms3009_rg08/
• https://time.com/archive/6630572/nation-henry-r-luce-end-of-a-pilgrimage/
• http://www.bizjournalismhistory.org/history_carolloomis.htm
• https://www.fusfoundation.org/profiles/carol-loomis/
• https://www.cjr.org/q_and_a/carol_j_loomis_fortune.php
• https://findingaids.library.nyu.edu/nyhs/timeinc_ms3009_rg08/contents/aspace_9fa3b436fde391664b28debd3d8a8903/
• https://www.washingtonpost.com/archive/business/1977/10/16/revised-fortune-magazine-will-be-published-biweekly/9dd7ecf5-e06a-4569-8668-46345a14fb50/
• https://www.cjr.org/the_profile/marshall-loeb-dies-cjr.php
• https://newhouse.syracuse.edu/event/2025-feb-10/a-conversation-with-fortune-editor-in-chief-alyson-shontell-08
• https://www.allamericanspeakers.com/celebritytalentbios/Alyson+Shontell/414554


• 2023, April - Fortune Crypto 40 ranking launched