Lyric discussion by bostonrag 

No deeper meaning to this one. It's about a pickpocket who goes to pubs and steals from obnoxious drunk people. The three lines right before "you gotta look sharp" in each verse are what the pickpocket really thinks about the people he's stealing from, whereas the other lyrics are his act getting in their good graces before he steals their stuff. In the end of the song he steals this particular man's watch and wallet after listening to him lecture him on how to dress better.

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