What did Putin mean when he said in Obama's inaugural speech that the greater the hope, the greater the disappointment?

Correctly speaking, Putin did not attend Obama's inauguration ceremony. You mentioned that about a week before Obama took office, Putin was interviewed by a German media because of the Russian-Ukrainian gas dispute, which mentioned Obama and future US-Russian relations.

Putin said that the greater the hope, the greater the disappointment, but not to expect too much from Obama. Putin mainly talks about the future direction of US-Russian relations and the contacts he and Obama will face in the future. This is because Obama released goodwill to Russia many times after his election, saying that he would reconsider whether it is necessary to deploy a missile defense system in Eastern Europe, and that he would not push Georgia and Ukraine to join NATO. Putin also responded to Obama's goodwill at the end of last year, hoping to work with him to promote the healthy development of US-Russia relations. But Putin's remarks just show that although Obama has shown sincerity in easing the current cold US-Russia relationship, there are indeed some deep-seated contradictions between the United States and Russia, and these problems are irreversible. So Putin's words express his vision for the future of US-Russian relations, that is to say, he thinks Obama is a sincere person and wants to cooperate with him, but Russia should not have too many illusions about Obama's foreign policy. The key to the relaxation of US-Russian relations still depends on Obama's actions. On the other hand, Putin also said from the general direction of the problems facing the United States, especially that the whole world is shrouded in the haze of economic crisis. Now Americans are pinning their hopes on Obama, thinking that all problems will get better after Obama takes office. Putin also objectively sounded the alarm for the troubles facing the United States. Obama is not omnipotent, so don't expect too much from him. My deeper understanding is that Obama may be more pioneering than conservative Bush, but the mainstream thinking and hegemonic strategy of the United States will not change fundamentally, so the world should not expect too much from him.