The dream content is not the dream thoughts. Between them stands the dream-work, which operates not according to logical rules but according to a primary process that respects only wishful intensity and associative connection. The analyst reads the manifest content as a rebus — a picture-puzzle — whose apparent surface must be decoded element by element, not read as a continuous narrative.
Condensation means that a single dream image represents multiple latent thoughts simultaneously, drawing together strands from different memories, persons, and wishes into a composite figure. A dream person may have the face of one acquaintance, the name of another, and the occupation of a third — because the dream has condensed several associations around a single point of psychic intensity.
Displacement shifts the emotional charge of the dream from its true source to a neutral or trivial substitute. The latent wish remains, but its energy is attached to a different object in the manifest content. This is how a dream about a beloved person can feel emotionally cold, while an apparently minor detail carries inexplicable weight: the charge has been displaced from its true object to a stand-in.
The dream-work is the longest chapter of The Interpretation of Dreams (Chapter VI) and the one Freud considered his most original contribution. The mechanisms of condensation and displacement were later identified as the primary processes of unconscious mentation, as opposed to the secondary processes of waking thought.