He thinks, "Oh, oh! I'm in deep trouble now!" Then noticing some bones on the ground, he chews on them with his back to the cat.
Just as the panther is about to leap, the old Shepherd exclaims,
"Boy, that was a delicious panther! I wonder, if there are any more?"
Hearing this, the panther stops in terror and slinks away muttering ."Whew!, That was close! That old do nearly had me!"
Meanwhile, a squirrel watching, figures he can trade his knowledge for some panther protection. And heads off catch up with the panther, where he strikes a deal.
The German Shepherd sees the panther coming and thinks, "What am I going to?," But instead of running, he sits down with his back to his attacker and when they get close enough, the old dog says...
"Where's that damned squirrel? I sent him off an hour ago to bring me another panther!"
Moral of this story... Don't mess with the old dogs... Age and skill will always overcome youth and treachery! Brilliance comes with experience!