By Alan Murray and David Meyer
October 19, 2018

Good morning.

I previewed the Fortune Future 50 yesterday, but it’s worth more attention today. In a world where short-termism reigns supreme, this is our attempt to identify companies that are focused firmly on the long term. You can read about our methodology here. But in a nutshell: Half a company’s score is derived from the wisdom of the crowd—we look at the portion of a company’s market value that is not attributable to its current reported earnings stream. And the other half is the creation of our partners at BCG and looks at 17 different factors that have proven to correlate with growth over time—including an au courant AI assessment of SEC filings and annual reports. It’s an impressive effort.

It also delivers results: Last year’s Fortune Future 50 performed almost 3x better than the stock market. Our picks averaged more than 35% over the past year, while the S&P 1500—large- and mid-caps—returned 13%.

Top of the list this year is Workday, which spends a mind-boggling 31% of its revenue on R&D. You can read Adam Lashinsky’s piece on the company here. Many other companies on the list won’t surprise you—Netflix (No. 8), Salesforce (No. 10), Nvidia (No. 11), Alibaba (No. 14), Baidu (No. 15), Tencent (No. 16), Amazon (No. 29) and Alphabet (No. 32). Then there are fast risers like ServiceNow (No. 3), Adobe (No. 24), Red Hat (No. 26) and PayPal (No. 27). And there are the downright surprises, like Live Nation (No. 20), Monster Beverage (No. 40), and our friends and partners at state-owned Guangzhou Automobile Group (No. 23). Tesla (No. 48) and Facebook (No. 49) barely squeezed on, as recent controversies hurt their overall scores. Apple is nowhere to be found.

Interesting to note that 21 of the companies that made the list are based in China, and an equal number are in the U.S. The business battle for the future seems to be happening primarily, and equally, in those two countries.

You can explore the whole list here. Let us know what you think. More news below.

Alan Murray
@alansmurray
alan.murray@fortune.com

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