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Rosencrantz, Guildenstern and Hamlet are talking about Fortune as a woman. Those who have good fortune are at the top, and those who have bad fortune are at the bottom. It's like the old image of the Wheel of Fortune, where good luck takes you to the top, but then can spin you down to the bottom.

So, in answering the question which amounts to "How are things going?" Guildenstern's answer is "On Fortune's cap we are not the very button." They are not that button you find on the very tip top of a Baseball cap--they are not the luckiest guys in the world, who would be at the highest possible point of Fortune. But in answer to Hamlet's question Rosencrantz says neither are they the soles of her shoes, the lowest possible part of her and therefore the unluckiest possible. No, they are about in the middle near her waist. Which of course gives rise to a dirty joke, which then gives rise to Hamlet's remark "She is a strumpet." Hamlet riffs on the dirty joke to say that there is no trusting luck which is actually a fairly deep remark.

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