The sea-god Ægir visits Ásgarðr and converses with the skald Bragi, who begins an instruction on the origin and structure of poetic language.
Maðr er nefndr Ægir eða Hlér. Hann bjó á þeiri ey er nú er kölluð Hléseyjar. Hann var mjök fjölkunnigr. Hann fór til Ásgarðs ok áttu Æsir fregn af ferð hans fyrr en hann kom. Honum var vel fagnað. Um kveldit var sett til drykkju, ok gerðu Æsir sér skemtun með fornum sögum.
A man is named Ægir, or Hlér. He lived on the island now called Hlésey. He was well versed in magic arts. He journeyed to Ásgarðr, and the Æsir learned of his coming before he arrived. He was received with great honour. In the evening tables were set for drinking, and the Æsir entertained themselves with ancient tales.
Þar sat Bragi skáld ok fór með honum frásögnin. Hann sagði Ægi frá margt um skáldskap ok kenningar þær er skáldin hafa notað. Ægir spurði hvat þat ætti sér. Bragi sagði: 'Frásagnir þessar hafa margar skýringar. Látum þær hefjast á þeim atburðum er gerðust í upphafi heims.'
The skald Bragi sat there and led the conversation. He told Ægir much about the art of poetry and the kennings the skalds employ. Ægir asked what these signified. Bragi said: 'These tales have many explanations. Let us begin them with the events that took place at the origin of the world.'
Skaldic quotations
Bragi inn gamli: Ragnarsdrápa, inngangr
Hvernig skal kenna sjávar stýri, þanns vísa vill á vegi mær?
How shall one name the sea's ruler, who the wise maiden wishes to guide on the path?