Everyone will have a period of good fortune or success at some point in their life, even those who seem unlucky or unimportant.
This proverb dates back to ancient Greece, with similar sentiments expressed by various classical authors. The English version appeared in the 16th century and was popularized by Shakespeare in 'Hamlet.' The 'dog' reference likely stems from the lowly status of dogs in many historical contexts, making their eventual 'day' more meaningful.
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