This slogan is an expression of compassion and openness. It means that whatever you experience in your life—pain, pleasure, happiness, sadness, grossness, refinement, sophistication, crudeness, heat, cold, or whatever—is purely memory. The actual discipline or practice of the bodhisattva tradition is to regard whatever occurs as a phantom. Nothing ever happens. But because nothing happens, everything happens. That “nothing happening” is the experience of openness, and that percolation is the experience of compassion.
From “Ultimate Bodhichitta Slogans” in Training the Mind and Cultivating Loving-Kindness by Chögyam Trungpa, page 17