Lyric discussion by alexandren 

The lyrics of this song were written by Petrucci after an incident in a tour with Queensrÿche in 20003, where the latter band's guitar player at the time, Mike Stone, went out to "give tips" to Petrucci about his playing/technique. I don't think that there is any need to clarify how pretentious and arrogant that was, and who is in place of giving tips to the other, but that prompted Petrucci to write the lyrics. I don't really know about the "this song is about the music industry" thing, but the Petrucci/Stone story is fact.

@alexandren Yes that's the story I heard.

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