I think that the first part is definitely about his dissatisfaction with the manager, and i also think that he is sad about the tension between the beatles and sees that when they started out, it was fine, but the bigger they became, the further apart they grew,i think 'that magic feeling' is just about lounging around, and not having to do anything, the simple pleasures in life that he misses, and he gave it up for the 'one sweet dream' of fame.
I think that the first part is definitely about his dissatisfaction with the manager, and i also think that he is sad about the tension between the beatles and sees that when they started out, it was fine, but the bigger they became, the further apart they grew,i think 'that magic feeling' is just about lounging around, and not having to do anything, the simple pleasures in life that he misses, and he gave it up for the 'one sweet dream' of fame.