It means an explanation of a situation.
I believe it's the first one; both are narrated by an outside observer.
<span>I do not think people fear human existence like the man fears the sea. Yes some people are fascinated by human existence, but I know no one who fears it. A better example of this are snakes. Most people are fascinated by these things but fear them if they are near.</span>
Answer:
never fails to disappoint means is that the thing, or perhaps person, you are referring to always disappoints.
