On a time was Owlglass very poor; and of all his possessions there remained unto him nought but his horse; and he was sorely troubled in his mind, how it might be that he should get him food, lodging, and raiment. Then came he unto a village where there was a fair, and he gat him unto the chief inn, and in the stable lodged he the horse, and he bade the host bring him food to eat, and good cheer of wine. And according unto his words was it done.

And when he had eaten and drunk, and was no longer hungry, he bethought him how that he might get him some money. Therefore went he into the market-place, and there cried with a loud voice, that he had brought with him the most marvellous horse which had ever been seen, and that its tail was where its head should be, and in the place of its tail was its head. And this horse would he for little money show unto the village folk. Then came they unto him in great multitude, and each gave unto him some money according to his wealth; and he let them into the stable, and required of them that they should not in any wise betray him, and this promised they unto him. Then did he display unto them the horse, and lo! his tail was tied unto the manger, and his head looked forth the other way. Then laughed the village folk at the merry jest of Owlglass, and forgave him the money he had taken from them. Thus gat he store of money, and departed on his way with great content.