At the 1893 Chicago World's Fair, sideshow barker Flo Ziegfeld turns the tables on his more successful neighbor Billings, and steals his girlfriend to boot. This pattern is repeated throughout their lives, as Ziegfeld makes and loses many fortunes putting on ever bigger, more spectacular shows (sections of which appear in the film). French revue star Anna Held becomes his first wife, but it's not easy being married to the man who "glorified the American girl." Late in life, now married to Billie Burke, he seems to be all washed up, but...

Magazine publisher Van Stanhope is a hard-working, dynamic executive very happily married to his beautiful wife Linda. Although their relationship is is built on unconditional trust, friends caution her about the dangers of allowing Whitey, her husband's extremely sexy secretary, to continue to have access to him. Even Van's mother warns Linda that Van's father philandered during their marriage, and Van, like all men, will eventually succumb to opportunity and temptation. Although Whitey has a faithful boyfriend, she secretly harbors unrequited feelings for her boss. When they take business trip to Havana, circumstantial evidence convinces Linda that the rumors she's heard may have a basis in fact.

In the coast range mountains on the western edge of the Salinas Valley is a ranch where Tom, a lad of about ten, longs for a pony. He lives with his mom, who was born there, her dad, a talkative pioneer who misses the old West, Tom's dad Fred Tiflin, who comes from the city and after years on the ranch doesn't feel at home there, and Billy, their trusted hand, a real cowboy. While Fred has to sort out whether he wants to stay a rancher and come to terms with his son being closer to Billy than to himself, Tom gets a pony and learns directly about responsibility and loss. What lessons can each learn, and are tragedy and hard choices all that life offers? Are laughter and joy anywhere?

The story concentrates on the social re-adjustment of three World War II servicemen, each from a different station of society. Al Stephenson returns to an influential banking position, but finds it hard to reconcile his loyalties to ex-servicemen with new commercial realities. Fred Derry is an ordinary working man who finds it difficult to hold down a job or pick up the threads of his marriage. Having had both hands burnt off during the war, Homer Parrish is unsure that his fiancée's feelings are still those of love and not those of pity. Each of the veterans faces a crisis upon his arrival, and each crisis is a microcosm of the experiences of many American warriors who found an alien world awaiting them when they came marching home.