A nod from a lord is a breakfast for a fool. meaning

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fool

A nod from a lord is a breakfast for a fool.

it means that:
some people are easily impressed by those in positions of power and authority; Those people, often of lower status or intelligence, can be easily satisfied or content with simple gestures or recognition from someone in a higher position.
In this context, "breakfast" metaphorically represents a reward or source of satisfaction.