Pete Townshend wrote this as an ode to Meher Baba, who was his spiritual guru. Meher Baba was from India, where he worked with the poor and served as spiritual adviser to Mahatma Gandhi. He developed a worldwide following in the '60s, and died in 1969 at age 75. Townshend believed in his message of enlightenment, which was a big influence on Who songs like "Baba O'Riley" and "See Me, Feel Me."
The song is about losing all your material goods for spiritual enlightenment, thus being a "bargain."
Roger Daltrey sings most of this, but Townshend sings the part that starts, "I sit looking 'round, I look at my face in the mirror..."
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