The story describes four episodes of races between a hare and tortoise where they are reborn each time. In the first race, the tortoise wins by moving slowly and steadily while the hare sleeps. In the second race, the hare wins after being ashamed of losing previously. In the third race, the tortoise cheats by changing the track to include a river knowing the hare cannot swim. The fourth race ends with them realizing neither can win on their own and working as a team by helping each carry the other across the land and river, allowing both to win. The moral is that teamwork is essential for win-win situations.