The essential content which stood out clearly and broadly in the dream must, after analysis, rest satisfied with a very subordinate role among the dream thoughts. These very dream thoughts which, going by my feelings, have a claim to the greatest importance are either not present at all in the dream content, or are represented by some remote allusion in some obscure region of the dream. I can thus describe these phenomena: _During the dream work the psychical intensity of those thoughts and conceptions to which it properly pertains flows to others which, in my judgment, have no claim to such emphasis_. There is no other process which contributes so much to concealment of the dream's meaning and to make the connection between the dream content and dream ideas irrecognizable. During this process, which I will call _the dream displacement_, I notice also the psychical intensity, significance, or emotional nature of the thoughts become transposed in sensory vividness. What was clearest in the dream seems to me, without further consideration, the most important; but often in some obscure element of the dream I can recognize the most direct offspring of the principal dream thought. I could only designate this dream displacement as the _transvaluation of psychical values_. The phenomena will not have been considered in all its bearings unless I add that this displacement or transvaluation is shared by different dreams in extremely varying degrees. There are dreams which take place almost without any displacement. These have the same time, meaning, and intelligibility as we found in the dreams which recorded a desire. In other dreams not a bit of the dream idea has retained its own psychical value, or everything essential in these dream ideas has been replaced by unessentials, whilst every kind of transition between these conditions can be found. The more obscure and intricate a dream is, the greater is the part to be ascribed to the impetus of displacement in its formation. The example that we chose for analysis shows, at least, this much of displacement--that its content has a different center of interest from that of the dream ideas. In the forefront of the dream content the main scene appears as if a woman wished to make advances to me; in the dream idea the chief interest rests on the desire to enjoy disinterested love which shall "cost nothing"; this idea lies at the back of the talk about the beautiful eyes and the far-fetched allusion to "spinach."