The song's title comes from a phrase drummer Ian Paice often uses. Bassist Roger Glover explained to TeamRock: "You'll be telling him something, and he'll be looking at you with a blank look on his face, and finally he'll say, 'Look at it this way. You've got me: all I've got is you!' Ian's sense of humor is based on insults."
The song's subject matter reflects the band's advanced years. Glover said: "We knew we didn't want to write love songs. We didn't want to write about fast cars and girls. We should write lyrics for our age. We were looking for stories, and for words we could get our teeth into. And this is a funny song about a relationship gone bad."
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