'He who meditates on memory as Brahman, is, as it were, lord and master as far as memory reaches—he who meditates on memory as Brahman.' 'Sir, is there something better than memory?' 'Yes, there is something better than memory.' 'Sir, tell it me.'

In plain words: Whoever meditates on memory as Brahman has power as far as memory reaches. Narada asks if there is something greater than memory, and the teacher says yes.