Lyric discussion by Unoriginal_Username 

I'm guessing that the drug meaning is partly true, mostly because Syd did do a lot of drugs. It is either just a song about the gnome, or a song about drugs and the gnome. Anyone thinking it has some connection to Lord of the Rings or the Hobbit, there is no doubt that this very closely resembles the Hobbit, but I think, if anything, it is a loose reference to it. Anyway, it's a great song.

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