Van Ronk says to Bobby "she’s the next real thing"

from David Bowie – (You Will) Set The World On Fire Lyrics on Rap Genius

Meaning

Dave Van Ronk, 1936-2002 was an American folk singer who was involved in the Gaslight Cafe scene.
Bobby is Bob Dylan who started his singing career in the Greenwich Village cafes. The next big thing may have been Joni Mitchell.

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