Final answer:
The old man explains the concept of Personal Legends to Santiago using symbolism and a metaphor. He believes that few people attain their Personal Legends because of fear of failure and societal expectations.
Step-by-step explanation:
The old man explains the concept of Personal Legends to Santiago using symbolism. He tells Santiago that everyone has a Personal Legend, which is their true purpose in life. He uses the metaphor of a treasure hidden in the Egyptian pyramids to represent a person's Personal Legend. He believes that few people ever attain their Personal Legends because they are too afraid of failure and are influenced by societal expectations.