Portfolio suffers from terrible timing, and it may prove fatal. It was a great idea to start a glossy business magazine about a year or two ago. Hedge fund geniuses ruled the world, the stock market was boring, business news had lost its punch, it made sense to inject an artful, energetic voice into the mix. Think of all the billionaires you could profile, all the beautiful mansions, the private jets, the CHARACTERS, the Gatsby glory of it all.
But then the sub-prime meltdown happened, followed by a credit squeeze that revealed the hedge fund guys are not really geniuses after all, and now business news is minute-to-minute again, dominated daily by the final 30 minutes of NYSE trading, CNBC, the internet, rising consumer anger, looming recession, the daily testing of Bernanke's mettle and intellect, and whatever mortgage lender is going out of business today. There is no room in that conversation for a once-a-month voice, let alone a voice dripping with that peculiar Manhattan-centric view of wealth and money.
Portfolio is like a beatiful, state-of-the-art housing development just opening its doors. Granite, mahogany, Sub-zero, etc. -- it doesn't matter, it's SO 2006.
Portfolio suffers from terrible timing, and it may prove fatal. It was a great idea to start a glossy business magazine about a year or two ago. Hedge fund geniuses ruled the world, the stock market was boring, business news had lost its punch, it made sense to inject an artful, energetic voice into the mix. Think of all the billionaires you could profile, all the beautiful mansions, the private jets, the CHARACTERS, the Gatsby glory of it all.
But then the sub-prime meltdown happened, followed by a credit squeeze that revealed the hedge fund guys are not really geniuses after all, and now business news is minute-to-minute again, dominated daily by the final 30 minutes of NYSE trading, CNBC, the internet, rising consumer anger, looming recession, the daily testing of Bernanke's mettle and intellect, and whatever mortgage lender is going out of business today. There is no room in that conversation for a once-a-month voice, let alone a voice dripping with that peculiar Manhattan-centric view of wealth and money.
Portfolio is like a beatiful, state-of-the-art housing development just opening its doors. Granite, mahogany, Sub-zero, etc. -- it doesn't matter, it's SO 2006.