In pursuing a specific horse, a man forms a business relationship with one stoic yet efficient Tobias Starkweather. Tobias presents himself as an intermediary with the adequate credentials to obtain the man's horse. After arduous negotiations, he secures it. Much to the man's dismay, his desired horse is pricier and less exquisite than he'd hoped. Amidst the horse market's unstable nature, Tobias sells it and entangles himself in the man's equine obsession. The two form a reliable partnership, though Tobias sometimes disappears for extended lengths of time.

One day, after vanishing for months, Tobias seeks out the man and explains his unfortunate circumstances. Tobias and the man are interested in a horse with a bad reputation that Tobias believes is due to environmental and care problems. Tobias believes if he can rehabilitate and train the horse, it will perform magnificently. The seller seeks an immediate sale, but Tobias needs the funds to purchase the horse. To the man's delight, Tobias proposes they enter a partnership to buy the horse jointly and train him to race well. The sale moves forward after the man sees the horse and observes its potential and strangely cynical eyes. The man names the horse Alcantara.

Quickly, the man discovers Tobias has left him responsible for the fiscal and administrative aspects of Alcantara's ownership. However, The man doesn't mind, and Tobias reports progress in the horse's training as the days go by. Oddly, he always regards the man as the sole owner of Alcantara. Eventually, after many expenses, Tobias invites the man to see Alcantara's race. The man is thrilled with his horse's condition and speed. Tobias continues to train Alcantara, and—believing that no horse can outrun it—the man and Tobias enter Alcantara in its first competition with Tobias as the jockey. The man pays for all the competition's expenses, including Tobias' extravagant uniform choice.

During the week before the race, the man rarely sees Tobias. His attention is soon drawn to the rumors of Alcantara's slim chances of winning and rumors of ill behavior and health in the newspapers. Tobias assures him there are more pressing matters for him to attend to, and the man tries to relax. On the race day, Tobias advises the man to enter a wager. However, the man is surprised by how low the bet manager believes Alcantara's chances. When Alcantara begins the race, the horse is in a mixed shuffle of places between the other contestants. Then, the man sees Tobias saying something to the horse as he rides. Alcantara's composure transforms into fiercer and more aggressive. They win the race, causing the man to erupt in joy and bask in the fame of his horse.

Instead of sharing the man's joy, Tobias is somewhat withdrawn and solemn. He refuses to partake in the man's celebrations, and the man soon discovers Alcantara died from heart strain caused by the race. He recalls that before the race, he and Tobias agreed that if Alcantara was successful, he would allow Tobias to sell the horse in his name for any price he wished. The man contemplates the despair in Alcantara's eyes when he first saw him and believes Alcantara must have known the futility of horse racing—that even the mightiest moments of glory would be followed by a return to nothingness. The man has little contact with the racing world after this. Still, one day, he reads a newspaper and finds that Tobias has sold Alcantara for an astounding price. Having restored the routine of his original life, the man decides not to pursue Tobias for the money. He knows the value of his stable and reliable lifestyle and has already had his moment in the sun.