Don Coxe on Obama

Given our strongly-expressed enthusiasm for Mr. Obama—in Basic Points, BMO
Capital Markets’ Red Book, Conference Calls and media interviews, we are
embarrassed to have to admit that the many investors who have been relentlessly
selling shares in recent weeks based on their negative appraisal of his plans,
people and programs have apparently made the correct call. This most eloquent,
charismatic and coolest of modern Presidential candidates has not lived up to his
“moderate” advance billing, nor have his multi-trillion dollar “recovery” programs
been focused on near-term job creation and tax reductions, as we—and the
Street—had expected.

How could we have been so naïve? Nancy Pelosi put us in our place, responding
to a question about why the “stimulus” bill was so heavily dedicated to hugely
expensive long-term government programs, “We won the election. We wrote the
bill.”

Indeed they did. Who lost? Investors.