The Englishman has spent years engaging in a largely fruitless quest for enlightenment. Though he's acquired a good deal of knowledge along the way, in the words of the song, he still hasn't found what he's looking for. More than anything else, he aspires to the wisdom of an alchemist; he wants to turn base metals into gold.

To that end, he joins with Santiago and many others in a giant caravan traveling across the desert. The Englishman has heard of the eponymous Alchemist and is certain that by traveling this route he will finally get to meet his hero.

Eventually, the Englishman gets his wish and sits down face-to-face with the man he believes will unlock the secrets of alchemy once and for all. But the Englishman's in for a disappointment. At their meeting, the Alchemist asks the Englishman if he's ever turned lead into gold. The Englishman replies that he hasn't. The Alchemist responds by telling him that he should try his hand at alchemy for himself. Though this is not what the Englishman wanted to hear, he's not completely discouraged and resolves to begin experimenting in alchemy that very day.

The problem with the Englishman is that he's learned everything he knows about alchemy from books. He lacks the kind of hands-on experience that the Alchemist has acquired over many years. Only by working things out for himself will the Englishman ever attain the knowledge he so desperately seeks.