Business: Portfolio going out-of-business
Two years ago Conde Nast launched an ambitious glossy project called Portfolio. It was a magazine that aimed at toppling the likes of Fortune and Forbes. But after burning through a record $100 million launch and 21-issues, they are shutting down. Apparently, now that everyone has figured out that 401(k)’s are a joke, that GM is bankrupt and there are leaks in all the hedge funds, no one wants to read about the people that made (or didn’t make, depending on your point of view) happen.
It’s a shame really. I happened to enjoy the magazine. It presented many of the same faces and stories and even the same conclusions as some of the more prominent (and less expensive to run) magazines. But Portfolio seemed to be less stuffy and cleaner. They just needed to be leaner.
