Slimming down, Sobering up

GOOD DAY FOR: Magazine weight loss, as Condé Nast’s January 2009 issues are considerably slimmer than they were a year ago, due to cuts in advertisements. Worst hit is Wired, which has 47 percent fewer ad pages this year than last. Three other Condé Nast publications are also on the industry’s 10 worst-hit list: Architectural Digest (46 percent drop), Vogue, and Lucky (both down about 44 percent). (The New York Times)

BAD DAY FOR: The power of sin and vice, as normally recession-proof market sectors—alcohol, tobacco, adult entertainment, and casinos—have failed to show their usual resilience in this recession. In every downturn between 1970 and the current one, according to Merrill Lynch, vice industries have gained 11 percent on average, compared with an average 1.5 percent drop in the S&P 500. In 2008, vice stocks have generally done worse than the S&P 500’s 39 percent plummet. Casinos have been faring particularly poorly. (BusinessWeek.com)

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