3. white—implying joy and victory [Calvin].
grizzled—piebald. Implying a mixed dispensation, partly prosperity, partly adversity. All four dispensations, though various in character to the Gentile nation, portended alike good to God's people.
bay—rather, "strong" or "fleet"; so Vulgate [Gesenius]. The horses have this epithet, whose part it was to "walk to and fro through the earth" (Zec 6:7). However, the Septuagint and Chaldee agree with English Version in referring the Hebrew to color, not strength.