“Because I made a blunder, my dear Watson⁠—which is, I am afraid, a more common occurrence than anyone would think who only knew me through your memoirs. The fact is that I could not believe it possible that the most remarkable horse in England could long remain concealed, especially in so sparsely inhabited a place as the north of Dartmoor. From hour to hour yesterday I expected to hear that he had been found, and that his abductor was the murderer of John Straker. When, however, another morning had come, and I found that beyond the arrest of young Fitzroy Simpson nothing had been done, I felt that it was time for me to take action. Yet in some ways I feel that yesterday has not been wasted.”

“You have formed a theory, then?”

“At least I have got a grip of the essential facts of the case. I shall enumerate them to you, for nothing clears up a case so much as stating it to another person, and I can hardly expect your cooperation if I do not show you the position from which we start.”