Lyric discussion by zerosnail 

Blue pertains to depression, not a person. Billy used it as a person much like "vanity". Billy sings "missed you since they found you out" -may mean that it has been treated. And he goes "i've been waiting such a long time, for your smile" -billy trying to say he hasn't had one and the smile is just a poetic touch(smile antonym of sadness). There's plenty more of metaphors in the song which he artistically/clearly evince-so have fun guys ! sp forever <3

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