mriga-trishnam -- a mirage; yatha -- as; balah -- men of childish intelligence; manyante -- consider; udaka -- of water; asayam -- a reservoir; evam -- in the same way; vaikarikim -- subject to transformations; mayam -- the material illusion; ayuktah -- those who lack discrimination; vastu -- substance; cakshate -- see as.

Just as men of childish intelligence consider a mirage in the desert to be a pond of water, so those who are irrational look upon the illusory transformations of Maya as substantial.