Varys reveals that power resides where men believe it resides, explaining that authority is a "mummer's trick" or a shadow that exists only because people accept the illusions of kings, priests, and the wealthy. While the sellsword physically survives to execute the killing, the riddle illustrates that true power is not inherent in any single figure but is created by collective belief and obedience.
The Characters: The king represents law, the priest represents religion, and the rich man represents wealth, while the sellsword represents the people or the military force. The Core Message: No matter how much gold, divine favor, or legal claim one possesses, their power is null without the belief and support of the common people. The Twist: Varys notes that the sellsword is "no one," emphasizing that power is fluid and can be seized by anyone who commands the loyalty of those with the means to enforce it.