It is about the singer's great admiration of fellow schoolboy David Watts, who appears to have a "charmed life." There is an undercurrent of either deep jealousy or, as AllMusic put it, "a schoolboy crush." It is also, as Jon Savage has written, one of Ray Davies' "sharpest homoerotic songs". As Ray Davies has confirmed in "The Kinks: The Official Biography" by Savage, "David Watts is a real person. He was a concert promoter in Rutland". Ray goes on to relate how the real Watts was gay and demonstrated an obvious romantic interest in brother Dave. In this light, lines like "he is so gay and fancy free"; and "the girls of the neighbourhood [who] try to go out with David Watts....but can't succeed.." provide a second level of interpretation based on this ironic in-joke.