Shared ground
The speaker reopens the question of whether wisdom is truly worth it when compared with madness and folly. He grants that wisdom has real advantage: it is like light compared to darkness. It helps a person “see” better and move through life with more clarity.
At the same time, he observes a hard limit: “one event” happens to everyone, and he expects the fool’s fate will also happen to him. He ties that shared fate to two leveling realities—death and eventual forgetfulness. That combination drives his verdict that this, too, is “vanity” (frustratingly insubstantial when measured by lasting gain).
Where interpretation differs
What is the “one event”? Some read it as death specifically, especially because v.16 states plainly that both wise and fool die. Others think it could include a broader set of life outcomes (misfortune, suffering, reversal), with death as the clearest example.
What does “no memory forever” mean? Some take it mainly as public remembrance: over time, society forgets both the wise and the fool. Others think it also includes the fading of personal legacy—what seems significant now does not keep its weight “in the days to come.”
Is the target wisdom itself or wisdom’s limits? Many read the passage as praising wisdom’s practical value while denying it can secure lasting advantage. A stronger reading takes the speaker’s “why was I then more wise?” as nearly canceling wisdom’s value because it cannot defeat death.
Why the disagreement exists
The passage holds two truths side by side: wisdom genuinely “excels” folly, yet the speaker calls the result “vanity” because the final outcome is the same. That tension leaves room to ask whether “vanity” critiques wisdom as such, or only wisdom as a path to ultimate, enduring profit “under the sun.” The brief phrases (“one event,” “no memory forever”) also allow a narrower or broader scope.
What this passage clearly contributes
The text explicitly claims (1) wisdom is better than folly in real-life clarity (“light” vs “darkness”), and (2) wisdom does not create an ultimate advantage because wise and fool share the same fate and are both forgotten. The theological inference many draw is that human skill and insight are limited goods: valuable within life, but unable to secure permanence against death and time’s erasing effect. The passage’s realism also frames leadership and succession: even kings and their successors largely repeat what has already been done long ago (Ecclesiastes 2:12).