Grupo Firme call this one a "corrido metafísico" (a metaphysical corrido), which is a fancy way of saying: listen to the words, because this is a song of life lessons, not a party song. The big one is in the title line: "Las buenas amistades se extinguieron junto con los dinosaurios" (good friendships went extinct along with the dinosaurs). It is a funny image and a bitter one.
The rest is a list of grudges against a world that only respects money. "Si no traes pasta, no te respetan" (if you don't have dough, they don't respect you); pasta is slang for cash. People wear a "careta" (a mask) and everyone buys the act. There is a great line about fake friends: "Primero piden mano y cuando se la brindas, quieren mocharte el pie" (first they ask for a hand, and when you give it, they want to chop off your foot). Mochar is Mexican Spanish for cutting off.
It is not all sour. He thanks his mom, "mi 'amá", for never failing him, and a friend who is not blood but acts like a brother. The diamond line is a nice one too: "bajo presión se hicieron los diamantes" (diamonds were made under pressure). Fair warning: the language is rough, with chingada, puta and pendejo all making an appearance, and the live shouts to mi compa Raúl (Raúl Beltrán, the featured singer) keep reminding you this was recorded on stage.