"The owls are not what they seem."
Second season, Episode 1
Agent Cooper has just been shot three times in the torso and is lying in his hotel room, #315, at the Great Northern Hotel. "The Giant" appears and asks if Cooper will believe him if he tells him three things and they come true. The clues are, "There is a man in a smiling bag"; "The owls are not what they seem"; and "Without chemicals he points." "The man in the smiling bag" was Jacques Renault. "Without chemicals he points" pertains to Phillip Gerard/Mike, "The One-Armed Man." "The owls are not what they seem" is the only one of the three that has not yet been understood by Cooper.