Share 'Valar morghulis'

Does it means "all men must die" or "Valar must die"? I hated these words when I read them first, not just because I was searching info about the Valar, but there is something not good about this. I agree that it is only play, only few secret words for Game of thrones, whisper for people in secrecy to recognise each other... but even then it is whispering about their intentions, it speaks about w…