Peorth is the letter P.
Anglo-Saxon Rune Poem (based on a translation from Rune Games)
Peorth means laughter and games
Where…brave folk sit
Drinking beer blithely together
The meaning of Peorth is not totally known, but most people give it the meaning of the lot box. I don’t necessarily disagree with this, but there is a previous post where I see a deeper meaning that actually points Peorth as being related to dead, who are now released from mortal cares, live a life of relative ease in the afterworld. Of course how that life ends can be set or happen by chance, and where that life after goes is also just a chance based. Sure you can take actions to hope that you end up in the place you want to be, but some warriors never die until their old age, while the peaceful life of someone far from strife can suddenly turn into battle where they die with valor and courage.
You may notice that there is a break in the poem. In one translation I have read of this, the author mentions that there is a break in the meter, indicating a phrase that is missing or may have been omitted. I feel strongly it was an omission, as the indication of where might have been given exactly.
While I have my feeling of interpretation of this rune, It is one that I rarely see come up in readings for myself, so to receive it today, well it intrigues me, but it also leaves me wondering. But maybe that is part of the mysteries of this rune. The forces of fate, chance and free will are mysterious, chance especially so, because you never know when the casting of the lots will show great fortune or misfortune. Of course, as this rune can be both upright and reversed, there is a tendency to see the upright as fortune, and the reversed as misfortune. It can also show where the result of things is not always congruent with how it begins.