I present three critical points against G.E.R. Lloyd's ‘The Fortunes of Analogy’. First, I argue that Lloyd unduly criticises Aristotle's view of analogies. Second, I argue that Lloyd needs to discuss the means of limiting the semantic stretch of terms, for instance through the distinction between fiat and bona fide boundaries. Third, I point out some terminological issues in Lloyd's account, especially concerning the applicability of validity, soundness, and fallaciousness to analogies.