Have you ever picked up the inaugural issue of a brand new business-for-women magazine, weighing approximately 5-6 pounds, flipped through all the boring high-end advertisements (ooh! Luxury cruises you can't afford!) and then suddenly realized that the Michael Lewis sports/business hybrid article didn't actually make any sense, even though it was really long, and that you don't really care what Tom Wolfe thinks about Greenwich, Connecticut, anyway?

If so, you're probably on the edge of your seat, waiting for the second, do-or-die issue of Portfolio, to see whether Joanne Lipman has the chops to turn it around editorially—or at least the financial resources to "recruit" other, talented writers/editors who can.

And the good news is, you're not alone.

As Keith Kelly discovers, Portfolio's amazing (but not record-setting!) ad sales won't really amount to anything unless the mag can get it together on the writing side. In time for its very next issue.

The ad picture stands in stark contrast to the unrest on the editorial side. As the second issue sets to close, pressure is mounting on Editor-in-Chief Joanne Lipman, a veteran of The Wall Street Journal, to deliver a blockbuster issue and live up to the pre-launch hype.

"However," Kelly continues, "observers say the magazine missed that target with its first issue."

Which, of course, means it's time for the ominous warnings from various anonymous sources!

One person said that insiders are also angry about the lack of editorial direction at the magazine. The atmosphere inside is described as tense, leading to the outbreak of rumors that Lipman could be in trouble.

One source said the second issue is "do or die time. They'll get rid of her within six months if the second issue comes out and flops."

And we're rooting for you, Joanna.

Because the only thing worse than spending an estimated $100 million on a crazily over-hyped magazine launch is spending an estimated $100 million on a crazily over-hyped magazine launch…and not producing a single, readable article in either of your first two issues.

The clock is ticking…