Something's going on at Portfolio:

Conddé Nast Chairman S.I. Newhouse Jr. sat down Wednesday with Portfolio Editor-in-Chief Joanne Lipman to take a very serious look at every page in the upcoming November issue of Portfolio, his $100 million pet project.

When the meeting was over, a flurry of Newhouse-dictated changes ensued, and that had some staffers concluding that Si was not happy with the original incarnation of Portfolio issue No. 4.

"He was in the weeds," said one source. "He's never asked for re-dos before. It suggests the old man wasn't terribly happy."