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I think the lyric is "the fortune of urchins and orphans, horray / I mean, horrors! Count Olaf is no laughing matter" The joke being that he says horray instead of horrors.
I think the lyric is "the fortune of urchins and orphans, horray / I mean, horrors! Count Olaf is no laughing matter" The joke being that he says horray instead of horrors.