Lyric discussion by smc123 

Cover art for Lake Song lyrics by Decemberists, The

To me the song is about looking back at a time/experience/friendship/love in your life and having a different appreciation for it. "I wrote it down and threw it all away/And never gave a thought to what I'd paid"

My favorite part about the lyrics are that it's clear Colin had an experience of his own in mind, but left it open for the listener to relate it to their own.

My Interpretation