Simpleton bachelor Fred Chaney, portrayed by [Bobcat Goldthwait], unexpectedly inherits a peculiar buck-toothed horse named Don, along with half of a stock brokerage firm from his late mother. What Fred soon discovers is that Don is not an ordinary horse; he possesses the extraordinary ability to talk and even communicate in the languages of various other animals. This charming equine was originally owned by Fred’s deceased father, adding a layer of nostalgic connection to their unusual relationship.
Complications arise when Fred's stepfather, Walter Sawyer, makes a proposal to buy out Fred's stake in the family business for a meager sum. However, Fred is resolute and adamantly refuses. Choosing instead to embrace both his newfound fortune and his unique equine companion, Fred returns Don to his talking horse family in the countryside, cementing his role as a partner at the brokerage firm.
As Fred steps into his new role as a broker, he occupies an office and begins making his mark, much to the annoyance of Sawyer. In a comedic twist, Don overhears a lucrative stock tip and astounds everyone by dialing Fred’s phone to share the information. Acting on this unsolicited advice, Fred’s investments skyrocket, leading him to a lavish lifestyle replete with a penthouse apartment and a flashy sports car.
Though the two share a brilliant bond, a wrinkle occurs when Don pretends to be ill, prompting Fred’s natural empathy and leading them to share living quarters in the city. Tragedy strikes when Don's father passes away but not before imparting crucial wisdom on the importance of continuing their lineage of talking horses. Shortly thereafter, Don becomes smitten with a stunning white mare named Satin Doll. Unfortunately, Satin Doll is a recent gift from Sawyer to his girlfriend, complicating Don's romantic aspirations.
Amidst Fred's flourishing success, Sawyer becomes suspicious of Chaney’s sudden wealth and tasks his secretary, Allison, with uncovering the secret behind Chaney’s financial triumphs. In a hilariously awkward attempt at romance, Fred and Allison go on a date, where Fred, in his innocence, proudly claims that Don is the brains behind his newfound financial knowledge. However, Allison misinterprets his enthusiastic declarations as humor and remains skeptical until she is invited back to his apartment where Don remains silent, adding to the comedic tension.
The dynamic between Fred and Don takes a turn for the worse when Don throws an extravagant party, damaging Fred's apartment in the process. Soon after the raucous celebration, Don suggests that Fred invest in a particular stock, which tragically backfires as the company’s stock plummets due to contaminated oats Don consumed, leaving Fred devastated when Sawyer learns of the impending failure and sabotages his ability to sell in time.
In a twist of loyalty and determination, Allison decides to resign in protest after learning of Sawyer's treachery, discovering Don can indeed speak as she leaves the office. This revelation motivates her to rescue Don, leading the three of them to plot a grand scheme for revenge against Sawyer. Their plan? To enter Don in a thrilling horse race against Sawyer's prized horses, putting everything on the line. Fred strategizes to provoke the arrogant Sawyer into betting against them, which could secure him not only the defeat of Sawyer but the heart of Satin Doll as well.
As suspense builds, Fred finds himself facing the ultimate test as he prepares to ride Don, who has magically transformed into a magnificent competitor, at the "Pepperidge Farm" Stables. With pre-race nerves swirling, Don receives an unexpected visit from his father, now reincarnated as a horsefly. Delivering an inspiring pep talk, despite lamenting his new form, Don regains his confidence.
When the race begins, Don starts off slowly but quickly finds his rhythm, employing clever tactics to coach the other horses out of the competition. Just when it seems that Lord Kensington, Sawyer’s overbearing champ, is going to steal victory, Fred motivates Don with a promise of cosmetic dental work— an unexpected yet hilarious twist. This promise powers Don to an electrifying win in a photo finish, with the finish line advantage gained through his buck-toothed grin.
In the aftermath, Sawyer is left humiliated while Fred and Don triumphantly “get the girl,” with both Satin Doll and Allison by their sides. The film draws to a close on a high note, showcasing Don's newly capped teeth while delighting audiences with the lovable horse's final words that echo Porky Pig’s catchphrase: > "That's all folks!"
