It's a sad song about never realizing your dreams. She goes from an innocent child who doesn't play in the snow because she forgot her mittens to old age where she realizes that she has never felt proud of herself and never made her father proud. Her father was the same. She put her hand in her father's glove. He warns her that the "white horses are still in bed." The horses are time. She still has a chance to ride with them. By the end, they have all gone ahead. She has lost her chance. There is a beautiful analogy here with the Sleeping Beauty story. First she sees a frowning, foreboding Sleeping Beauty in innocence. When it's her turn to compete for the sun, she doesn't win. Instead, she withers and turn into the witch looking into her mirror and seeing a drug addict. She never finds a companion to love. Her father is always there, trying to make her see her potential, but she can never see it herself. She has no control over her life. She let's it all slip away.