The speaker is an individual who possesses very little material wealth, declaring early on that they have nothing else to give but the poem itself. Despite a lack of physical resources, the speaker holds a deep capacity for love and a strong drive to comfort the person they address. They rely on concrete imagery of survival, like thick socks, warm coats, and a pot of yellow corn, to express how their affection can provide actual shelter against a cold, indifferent world.

The beloved is the unnamed recipient of the speaker's poetry and affection. This person faces a potentially harsh society characterized by cold winters and confusing, mature wilderness. They are urged to keep the poem tucked away in a drawer and to use it like a warm fire or a protective hogan whenever they feel lost or forgotten by the outside world.