--- parse.c	2016-11-30 20:19:31.789154000 -0800
+++ parse.c.orig	2016-09-28 16:25:29.000000000 -0700
@@ -1858,7 +1858,7 @@
      * XXX Rather than counting () and {} we should look for $ and
      * then expand the variable.
      */
-    for (depth = 0, cp = line; depth != 0 || *cp != '='; cp++) {
+    for (depth = 0, cp = line + 1; depth != 0 || *cp != '='; cp++) {
 	if (*cp == '(' || *cp == '{') {
 	    depth++;
 	    continue;