What could Garvey's observation that''all the world is a hot dog ''(139)mean?

When they ask him to prepare food for them, Cole hands them cold hot dogs. Edwin and Garvey then go into a speech about how “life is a hot dog.” Whereas Cole merely sees the hot dog as food, Garvey cuts the hot dog into three pieces, shares it, and makes many toasts and much merriment out of the occasion. The lesson of making the most out of very little is supposed to make Cole think about how he could make his time on the island a celebration.