Nadav Kander for TIME

Twenty-seven years after driving from New York City to Chicago in a $2,000 Honda Civic for a job that probably wouldn’t amount to much, Barack Obama, in better shape but with grayer hair, stood in the presidential suite on the top floor of the Fairmont Millennium Park hotel as flat screens announced his re-election as President of the United States. The networks called Ohio earlier than predicted, so his aides had to hightail it down the hall to join his family and friends. They encountered a room of high fives and fist pumps, hugs and relief.

The final days of any campaign can alter the psyches of even the most experienced political pros. At some point, there is nothing to do but wait. Members of Obama’s team responded in the only rational way available to them — by acting irrationally. They turned neckties into magic charms and facial hair into a talisman and compulsively repeated past behaviors so as not to jinx what seemed to be working. In Boca Raton, Fla., before the last debate, they dispatched advance staff to find a greasy-spoon diner because they had eaten at a similar joint before the second debate, on New York’s Long Island. They sent senior strategist David Axelrod a photograph of the tie he had to find to wear on election night: the same one he wore in 2008. Several staffers on Air Force One stopped shaving, like big-league hitters in the playoffs. Even the President succumbed, playing basketball on Election Day at the same court he played on before winning in 2008.

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But now it was done, and reason had returned. Ever since the campaign computers started raising the odds of victory from near even to something like surefire, Obama had been thinking a lot about what it meant to win without the lightning-in-a-bottle quality of that first national campaign. The Obama effect was not ephemeral anymore, no longer reducible to what had once been mocked as “that hopey-changey stuff.” It could be measured — in wars stopped and started; industries saved, restructured or reregulated; tax cuts extended; debt levels inflated; terrorists killed; the health-insurance system reimagined; and gay service members who could walk in uniform with their partners. It could be seen in the new faces who waited hours to vote and in the new ways campaigns are run. America debated and decided this year: history would not record Obama’s presidency as a fluke.

Cover Photograph by Nadav Kander for TIME

So after his staff arrived, he left his family in the main room of the suite and stepped out to talk with his three top advisers, Axelrod, political strategist David Plouffe and Jim Messina, his campaign manager. He wanted to tell them what this victory meant, because it was very different the second time. “This one’s more satisfying than ’08,” he said. “It wasn’t just about what I was going to do as President. It’s what I’ve done.” In the end, the outcome would not even be very close, and this realization was sinking in, unleashing something, dropping a shield he had been carrying for a long time. Over three days in November, the man known for his preternatural cool won re-election and cried twice in public. And then, trying to find meaning in a tragedy in Connecticut, he did it again, all but breaking down in the White House Briefing Room.

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In mid-December, as Obama settles into one of the Oval Office’s reupholstered chairs — brown leather instead of Bush’s blue and gold candy stripes — the validation of Election Day still hovers around him, suggesting that his second four years in office may turn out to be quite different from his first. Beyond the Oval Office, overwhelming challenges remain: deadlocked fiscal-cliff talks; a Federal Reserve that predicts years of high unemployment; and more unrest in places like Athens, Cairo and Damascus. But the President seems unbound and gives inklings of an ambition he has kept in check ever since he arrived at the White House to find a nation in crisis. He leans back, tea at his side, legs crossed, to explain what he thinks just happened. “It was easy to think that maybe 2008 was the anomaly,” he says. “And I think 2012 was an indication that, no, this is not an anomaly. We’ve gone through a very difficult time. The American people have rightly been frustrated at the pace of change, and the economy is still struggling, and this President we elected is imperfect. And yet despite all that, this is who we want to be.” He smiles. “That’s a good thing.”

Bjarne Jonasson for TIME The Campaign Team: David Simas ran Obama’s opinion-research team, including focus groups; Stephanie Cutter managed the daily effort to defend Obama and dismantle Romney; David Axelrod, co-author of the Obama campaign story, oversaw the entire strategy from Chicago; Jim Messina, the campaign manager, designed, built and ran the whole campaign from scratch; Jim Margolis, the TV adman, relentlessly bombarded swing-state airwaves for months; Jeremy Bird, the grassroots organizer, created a smarter, larger Obama army than in 2008

Two years ago, Republicans liked to say that the only hard thing Obama ever did right was beating Hillary Clinton in the primary, and in electoral terms, there was some truth to that. In 2012 the GOP hoped to cast him as an inspiring guy who was not up to the job. But now we know the difference between the wish and the thing, the hype and the man in the office. He stands somewhat shorter, having won 4 million fewer votes and two fewer states than in 2008. But his 5 million-vote margin of victory out of 129 million ballots cast shocked experts in both parties, and it probably would have been higher had so much of New York and New Jersey not stayed home after Hurricane Sandy. He won many of the toughest battlegrounds walking away: Virginia by 4 points, Colorado by 5 and the lily white states of Iowa and New Hampshire by 6. He untied Ohio’s knotty heartland politics, picked the Republican lock on Florida Cubans and won Paul Ryan’s hometown of Janesville, Wis. (Those last two data points especially caught the President’s interest.) He will take the oath on Jan. 20 as the first Democrat in more than 75 years to get a majority of the popular vote twice. Only five other Presidents have done that in all of U.S. history.