At the heart of the novel lies a profound exploration of alienation, greed, and the complex issue of identity. These themes serve as the driving forces behind a cascade of events that shape the destinies of the novel's families over the years. The narrative intricately weaves the omnipresence of the past with the characters’ struggles to disentangle fantasy from reality, creating a rich tapestry of human experience.

Randy Shepherd, a pivotal character, is observed by Archer, who notes, “The mind that looked at me through his eyes was like muddy water continually stirred by fears and fantasies and old greed.” This vivid image resonates with other figures in the story such as Irene and Larry Chalmers, Louise Swain, Jean Trask, Eldon Swain, Mrs. Shepherd, and both Smitherams. Each character grapples with the turbulent waters of their own psyche, drowning in fears and desires that distort their perceptions and actions.

The antique gold box, a central object whose theft embroils Archer in the unfolding drama, symbolizes humanity's persistent greed. Often likened to "Pandora’s box," this artifact invokes the mythological reference to Zeus’s daughter, underscoring the theme that greed is the root of mankind's perpetual troubles, echoing the god's retribution against human avarice.

One of the profound themes in Ross Macdonald’s novel, once tentatively titled "The Stolen War," is its anti-war sentiment. Macdonald revealed to an editor at Knopf that his "original intent of the novel was anti-war," using it as an outlet for the nation's shared sorrow during tumultuous times. His exploration of war’s enduring psychological scars is intricately woven into the narrative, particularly through the character Larry Chalmers. Written against the backdrop of the Vietnam War, which serves as a point of contention between the character Nick and his parents, the novel reflects on the lingering shadows of World War II.

Larry Chalmers embodies the ruinous aftermath of war, a man whose once-promising life is overshadowed by his experiences. War has left him a shell of his former self, struggling with drug dependency, and his fabricated wartime tales blur the line between fiction and his reality. This disintegration of self culminates tragically; in a powerful scene depicted by Archer, Chalmers takes his own life. Sitting in a judge’s swivel chair, clad in a navy uniform adorned with battle ribbons, the vivid imagery of blood merging with the decorations poignantly symbolizes the indelible impact of war. Archer’s description captures the haunting vision: "Chalmers was sitting in the judge’s swivel chair, his head inclined rather oddly to one side. He had on a blue naval uniform with a full commander’s three gold stripes. Blood from his cut throat had run down over his row of battle ribbons, making them all one color."