Friedman: Portfolio can survive

MarketWatch columnist Jon Friedman says Portfolio is not necessarily doomed. But he advises the magazine to take some dramatic steps.

Friedman emphasizes the need for good management. In this case, he says if Conde Nast, the magazine's publisher, decides to replace Joanne Lipman, the founding editor, it should look for leaders "that epitomize the kind of wit (Wired) and pedigree (The New Yorker) that Portfolio desperately aspires to." 

He also says the magazine has to produce "at least one killer story or cover design to show progress and take the pressure off its highly public woes." Friedman adds Portfolio's stories must have "mammoth water-cooler appeal" and incorporate an element of surprise. 

Finally, he calls on critics to give Portfolio "a break."

Maybe the gossip hounds can ease off for a bit and give this troubled magazine an opportunity to find its footing. I don't exactly feel sorry for a magazine that reeked of arrogance early on and all but anointed itself with the undeserved gold dust of Vanity Fair, Fortune, Wired and The New Yorker. But enough's enough. 

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