You could've fooled me.
There is plenty in the referendum result to give Scottish nationalists grounds for hope. And the unionists, plenty to worry about.
We may look back on this some day as a turning point – and wonder how the conventional wisdom got it so wrong.
Scottish independence may not have been defeated on Thursday. It may only have been delayed for a generation.
1. Forty-five percent of the Scottish people still voted to leave the union.
That is an astonishingly high figure. This union is more than 300 years' old.
Politics is all about managing expectations. Many were fooled by one rogue poll two weeks ago into thinking that this week's referendum was going to be too close to call. So the actual result, a victory for the unionists by a ten percentage-point margin, seemed big by comparison.