Lyric discussion by Meatus 

It's allegedly about Naomi Yang, the bassist of Galaxie 500, an extremely influential band of the late 80s/early 90s shoegaze/dream pop movement. The biggest clue is "She walks through Cambridge," which is where she and her bandmates attended Harvard when they formed the band.

@Meatus Checking back in 7 years later, as it has since been confirmed that it is indeed about Naomi Yang. She made her own video for this song: youtube.com/watch

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