The Observer brings word of an e-mail sent by Conde Nast supremo S.I. Newhouse to Portfolio EIC Joanne Lipman in praise of the publication's first issue. They also note that "a second S.I. love letter was read by Lipman at last night's staff party." The first memo is here, the second follows.

I've now had most of Portfolio shown to me and, of course, scanned your memo about the look of it and the concept of it a couple times. I really wonder whether you realize what you and your associates have achieved in the relatively short time (when you're my age a year and a half seems like a mere minute) that you've Worked on it: well, this first issue of Portfolio is a real wonder... heavy, Shiny, ad-rich and everything that we imagined it might be at our first lunch (now so well-documented by everyone you've told about it). I'm absolutely delighted And proud of your City of Gold inauguration of Portfolio. What A way to start! It makes all the times I've been Forced to whore my self out to Press people in an attempt to garner Publicity for this multi-million Dollar sinkhole well worth it! You are doing such a Great job, Joanne. Please keep this e-mail Confidential: I would hate for it to somehow "leak" to the press and cause a flurry of "Si Really Loves Portfolio" memos. Okay, Must dash; Graydon's written a letter from me of his Own that I need to sign off on. Si

S.I. Newhouse's Letter to Joanne Lipman: City of Gold Edition [NYO]