Gætt at: Gautrekr þótti
góðr illr kyni þjóðar;
saddr varð svanr, en hræddisk
seint, skjótt, konungr, Þróttar.
Allvald frák, þanns óðisk,
opt, sjaldan, styr valda;
vǫrðr gekk fróns, né fœrðisk,
framm, aptr, í bǫð ramma.
Gætt at: Gautrekr þótti góðr, illr kyni þjóðar; svanr Þróttar varð saddr skjótt, en konungr hræddisk seint. Frák allvald, þanns óðisk sjaldan, valda opt styr; vǫrðr fróns gekk framm í ramma bǫð; né fœrðisk aptr.
Listen: Gautrekr seemed good [and] bad to the kin of men; the swan of Þróttr <= Óðinn> [RAVEN/EAGLE] was sated quickly, and the king was frightened slowly. I heard that the mighty ruler, who was seldom afraid, often caused uproar; the guardian of the land [RULER] went forwards in the strong battle; he did not pull back.
[2] illr ‘bad’: Sveinbjörn Egilsson (SnE 1848, 244) takes this as an adj. qualifying svanr ‘swan’ (l. 3), which is less preferable from the point of view of word order.