August
In “August,” Swift gives the microphone to the mystery lover so that she can give the perspective of her story. The fact that not knowing her name suggests that this girl did not have a place of importance in James's life and she herself recognizes it. Throughout the song, the anonymous young woman explains how in love with James that she was and that she wanted to be her partner. However, she admits that deep down, she knew it wasn't going to last and that she had to settle with that fleeting romance. With the end of August –and summer-, the narrator is left alone, coming to the conclusion that she lost nothing, since James was never hers.
Betty
Although “Betty” is found almost at the end of the album, it is the song that helps us understand the story, since it introduces all the characters: James, Betty and the lover whose name we never know. “Betty” is James' opportunity to tell his version of events, how the romance began that took him away from Betty, his girlfriend. James shows up unannounced at Betty's party and asks her to forgive him, that he's just a 17-year-old who doesn't know much about her except that he loves her. Although he spent summer nights with this mysterious girl, he never stopped thinking about his dear Betty. Furthermore, we find out that this whole adventure arose from the fact that James saw Betty dancing with another man and, overcome with jealousy, went for a walk. It was during this walk that he met the woman who would become his lover. However, the song ends in an open ending, without us knowing - for the moment - if Betty finally forgave James.
Cardigan
Set temporarily 20 years after what happened in “Betty” and “August,” “Cardigan” shows us Betty remembering her great teenage love: James. Betty remembers the good and the bad of her relationship, how good he made her feel and how he later cheated on her with another woman. Likewise, we finally learn that Betty rejected James when he apologized to her on the porch of her house. However, this decision accompanies Betty to this day, wondering what would have happened to her life if she had accepted it despite her betrayal.

Cardigan letter part
'Cause I knew you Steppin' on the last train Marked me like a bloodstain, I I knew you Tried to change the ending Peter losing Wendy, I I knew you Leavin' like a father Running like water, I And when you are young, they assume you know nothing
parte de letra Betty
You heard the rumors from Inez You can't believe a word she says Most times, but this time it was true The worst thing that I ever did Was what I did to you
parte de letra August
But I can see us lost in the memory August slipped away into a moment in time 'Cause it was never mine And I can see us twisted in bedsheets August sipped away like a bottle of wine 'Cause you were never mine Your back beneath the Sun Wishing I could write my name on it Will you call when you're back at school? I remember thinking I had you