[Once Loki's certain Billy knows what he's doing with the tack, he leads Vakri outside and shows Billy how to run him at the end of the line. He tells Billy the commands that will signal the horse to do different gaits and other little tricks, and goes over how to do a good workout for the horse.]

I think you would be all right to learn to ride on him. He is meant to be a magician's horse.

[He gets Vakri loping in easy circles around them and is silent for a long moment. Finally, he says:]

I was very depressed, Billy.