Knowing that Joni is fascinated with the Southwest
and Native American folklore, I think of Coyote as 
being like their Coyote, who is a loner, but also a kind 
of trickster.  I'm not an expert, but I think that the 
point of the mythic Coyote's actions is that he teaches the 
other characters in his tales about life and themselves - 
by charming, surprising (tricking), and sometimes infuriating them.
Joni is lucky to be able to say "no regrets" in this context,
because Coyote can do a lot of harm to the unenlightened.

So, although it's from a different
album, this song has somewhat of the flavor of 
Don Juan's Reckless Daughter (the song) to me - that
wisdom is being found from ancient sources  - 
someone who is closer to nature, "up on your ranch".

Your mileage may vary with this theory, but it's the 
suggestion I get from the
song.

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