Condé Nast's Portfolio, the business magazine that has been beset by problems since its inception, is folding, according to reports. The Business Insider quotes a source saying a meeting was just held to inform the staff, during which editor-in-chief Joanne Lipman received a standing ovation. All Things Digital adds that the title's advertising had dropped 60 percent in the first quarter of 2009. Our friend, media writer Jeff Bercovici, already has an obituary on his Portfolio blog. According to him, Lipman told staff that the closure was "because of financial reasons at Advance," Condé Nast's parent company, and that it was "not anything that the company wanted to do."