Heyo, Bo knows this, (What?) and Bo knows that (What?)
But Bo don't know jack, cause Bo can't rap
Refers to early 90’s Nike campaign featuring Bo Jackson and the slogan “Bo Knows.” Jackson was a multisport athlete and Nike used him to promote their crosstrainers.
It’s also a little bit of word play. Since Phife is saying he doesn’t know anything, he uses his last name to contribute with it “ Bo don’t know Jack,” meaning Jackson.
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