I am free of all prejudices. I hate every one equally.

The joke turns on a deliberate contradiction. “Free of all prejudices” suggests moral enlightenment and impartiality; the punchline reveals that the speaker’s “impartiality” is simply indiscriminate hostility. Fields’s humor often exposes how lofty ideals can mask petty impulses, and here the line satirizes self-congratulation: the speaker claims virtue while admitting to a vice. It also plays with the idea of equality—treating everyone the same—by showing that equal treatment can be equally negative. The result is a compact piece of misanthropic wit that lampoons both prejudice and the smug rhetoric of being above it.

I am free of all prejudice. I hate everyone equally.
I’m free of all prejudices—I hate everyone equally.
I am free of all prejudice; I hate everyone equally.