bhutam bhavad bhavisyac ca
adrstam-future happiness; drsta-vat-like direct experience; naṅkset-becomes vanquished; bhutam-the material existence; svapna-vat-like a dream; anyatha-otherwise; bhutam-which happened in the past; bhavat-present; bhavisyat-future; ca-also; suptam-a dream; sarva-of all; rahah-rahah-the secret conclusion.