This is what I found online :
According to the Random House Historical Dictionary of American Slang, a "dog and pony show" is "an elaborate formal occasion or undertaking; (specifically) an official briefing or presentation, usually for public relations purposes." That definition isn't exactly wrong, but it definitely misses the point of the phrase as most of us (including your colleague) use it. A "dog and pony show" is an elaborate display or glitzy event designed to impress an audience and often, not coincidentally, intended to disguise a lack of substance. Press conferences held by "dot.com" internet startup companies, with their grandiose multimedia hoopla ("More smoke! More mirrors!") and choreographed displays of irrational optimism are excellent examples of dog and pony shows. Generally speaking, any time the CEO's head appears on a two-story tall video screen, you're being treated to a dog and pony show and should probably be watching your wallet.
"Dog and pony show" in the modern "elaborately deceptive public relations" sense first appeared in print around 1957, but its origins go back a bit further. In the early years of the 20th century, "dog and pony show" was a derisive name for a small circus or carnival. These small-town carnivals, not large or fancy enough to offer elephants and tigers, had to make do with more modest acts, such as dancing dogs and prancing ponies, to draw crowds. By the time of World War I, "dog and pony show" was being used as a metaphor for a big show with very little substance.
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What does the saying DOG & PONY SHOW mean?
