The song is the third track on Neil Young's album After the Gold Rush. The song was supposedly written for Graham Nash after Nash's split from Joni Mitchell, though Young in interviews has been somewhat tentative in admitting or remembering this. Released as a single in October 1970, it became Young's first top 40 hit as a solo artist, peaking at number 33 in the U.S. The single was issued with a Crazy Horse version of "Birds" (rather than the solo piano version of the album) on the B-side, apparently accidentally. The song is praised as a "seemingly simple song which display[s] considerable attention to detail in the deployment of instruments."

In 1990, English band Saint Etienne recorded a cover version of the song, included on their debut album Foxbase Alpha. The vocals are by Moira Lambert, as Sarah Cracknell had not yet joined the band as a permanent member. The band recorded the song in producer Ian Catt's bedroom studio in Pollards Hill. The recording, made in under two hours, got them a record deal, their first single, and their first hit.Andrew Weatherall later remixed the song, further emphasising its dub bassline: this remix, subtitled "A Mix of Two Halves" (duration 8:49), was featured on both releases of the single and on the compilation Casino Classics. The U.S. and European releases contained a different extended mix by Flowered Up (duration 6:19), issued in the UK only on a flexidisc, though it was mistakenly listed as the "Mix of Two Halves". Weatherall had no involvement with this mix.

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