"
When I see my friends all they say is hold up
And remember the times
When we were in school, listening to grown ups
Didn't learn a thing, but then again you know what
You know how to sing
But you don't know anything other than that
Ed is explaining to us that his friends are reminding him of the past. When all of them were in school together being taught, Ed didn't learn a single thing. They say that's okay though, because Ed knows how to sing and make a living out of it. However, he doesn't "know anything other than that"