"Betty" is part three of a trilogy of songs on Folklore
about a doomed summer romance between two classmates, Betty and James. The relationship ended because James was seeing another girl called Inez. "Cardigan
" is from Betty's perspective, "August
" from Inez' point of view, and this song from James.'
We learn here that James wants Betty back in his life, but Betty has moved on and there's little likelihood of a reconciliation.