In the conventional interpretation of this poem the deities Odin and Thor compete with each other. Odin, disguised as Hárbarðr (Greybeard), a ferry man, is rude and obnoxious towards Thor who is returning to Asgard after a journey in Jötunheimr, the land of the giants. Hárbarðr boasts of his sexual prowess, his magical powers, his gambantein, and his tactical abilities. Thor then tells of how he defeated the Giants.
For example, Hárbarðr repeatedly boasts of his prowess among women, as do both Odin in Havamal and Loki in Lokasenna; and the speakers in both Lokasenna and Hárbarðsljóð accuse Thor's wife Sif of adultery. This theory was forcefully rejected before the end of the 19th century by Finnur Jónsson, Fredrick Sander, and Felix Niedner, and has not been accepted by Eddic scholars since their time.