This song is widely believed to be the band's (and particularly David Gilmour's) final parting shot at former frontman Roger Waters, who left the band in 1985 after a falling-out with Gilmour. In particular, the song's final verse was purportedly a response to Waters' brusque rejection of his invitation by Gilmour to rejoin Pink Floyd for what Gilmour (correctly) expected would be their final studio album together: "So I open my door to my enemies and I ask, could we wipe the slate clean? But they tell me to please go f--k myself. You know, you just can't win."
In the Division Bell CD liner notes, this song's lyrics are placed next to a picture of a pair of boxing gloves, and the song's interlude features a boxing announcer declaring a "Winner... by a knockout." Some fans have interpreted these as referring to the ongoing commercial success of post-Waters Pink Floyd, as opposed to Waters' own fading into near-obscurity as a solo artist.
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