peHUB First Read

Cofee* Matt Cooper: The mystery of President Obama.

* James Surowiecki: “I think it’s possible that an Obama election could have a longer-term impact in boosting global markets’ confidence in the U.S., even if it’s also possible that American investors would be happier with McCain.”

* Paul Kedrosky: It’s true that Democratic presidents have produced the best market returns, while new GOP presidents-elect produce better market returns for the year they are elected. But the sample size for both is too small to be significant.

* U.S. futures are down, European markets fall and Asian markets rally.

* Deal Journal asks M&A attorney Bob Profusek: Will Obama usher in a socialist economy? 

* The big California ballott initiative was Prop 8, which disgracefully seems to have prevailed. Of more relevance to this space, however, was Prop 7, which would have required state utilities to derive half their power from alternative energy by 2025. It lost, which Chris Morrison argues was a sign of voter maturity.

* NY Times Dealbook: Obamanomics

* The axeman cometh: Job cuts and how to survive them.

* My favorite electoral comment of the day comes from leftie blog TalkingPointsMemo:

Now that the “Bradley Effect” seems set for a richly deserved retirement, TPM Reporter Eric Kleefeld suggests christening the “Stevens Effect” — the poll distorting effect of poll respondents unwillingness to admit they will vote for the convicted felon in the race.   

* Wallstrip bites into Krispy Kreme Doughnuts: