Lyric discussion by briandashhansen 

This is one of my favorite Floyd songs, but I seem to have a different interpretation than most folks here.

I read the first several lines as a bit of comic dialog between Gilmour and his wife / girlfriend. She calls his bluff about wanting to climb a hill and he "cops out", saying he'll pick the time. I interpret that line as meaning that the time will never come.

Given that interpretation, the lines about what he sees and hears at the top of the hill are his fantasy of what he'll experience on that day.

The second half with the fool and the magistrate suggests some sort of historical setting to me, like an Arthurian era public gathering at a castle. The fool's actions reveal the magistrate to be the real fool.

Both sections end with a sense of tenderness toward others balanced by a commitment to acting in a way true to yourself, even though it may well be frightening.

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