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Jun 7, 2010 4:35 AM

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Jun 2009
4385
God Holo is cute.

...I also like this episode. Reminds me vaguely of Mushishi, don't know why though maybe it has something to do with the traveling.
Jun 23, 2010 5:41 AM

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Dec 2009
3338
Horo is just awesome . And damn she was funny when she acted all moe XD.
I loved the merchant talk XDand I'm looking forward to see Lawrence's plan.
Sep 26, 2010 5:49 AM

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Sep 2008
1700
Awesome episode. I like the concept of merchanting and do study business already, so the talk about currency exchanges and certain currencies weakening against others and such didn't seem tedious to me. I was impressed with the lead characters' abilities to understand everything. :D I really like Holo and Lawrence. Holo is awesome too - her cleverness and wit definitely can give Lawrence a run for his money in terms of his own intelligence and wit as a merchant...

Both the OP and the ED have grown on me, quickly. Didn't really like either at first. I love the ending animation though - because I LOVE LOVE LOVE apples. :D :D :D :D
Jan 1, 2011 6:52 AM

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Aug 2009
157
Great ep!

I LOL'd at the part when Lawrence was taking an apple, and Horo slaps him and "They're mine!"

Also, just as everyone said, that merchant talk was enjoyable.

It's a very good anime, let's say. About business and such with a cute feeling! ^^

About the songs, I like the ED better. It's cute!
Jan 24, 2011 9:13 AM

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Jun 2009
880
boring
Feb 17, 2011 8:47 AM

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Nov 2010
137
Rewatching this series, and I'm loving it even more the second time.
Feb 18, 2011 12:38 AM

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Oct 2010
152
corroded said:
i think the explanation is that the kid doesn't lose anything. if the coin depreciates, he can just return the 10 coins he borrowed(as promised). if the coin appreciates, he gets the 10 coins and 10 percent profit. looking at those 2 scenarios, its not actually a win-win situation, but a no-lose situation :D(kinda different because the kid doesn't actually 'win' if he has to return the 10 coins)

but understanding the things about currency etc was making my head turn @_@ i didn't quite follow it right.(the ones about countries controlling currencies and the silver content etc) anyone care to elaborate? :D


The different currencies are basically in competition with each other. If people "trust" a particular currency more (low risk of the currency losing value) and so prefer to have that country's coin, it means they are willing to offer more of something to get that coin, and they'll want more in order to part with it. That is literally an increase in the coin's value. With these silver coins, a major factor in people's preferences is the silver purity. Silver is valuable by itself, so the coins with the most silver have the most intrinsic value.

I think it's good for the country to have their currency gain popularity and grow in value because then they can counteract that increase in value by creating more of the currency to spend (only costing them the silver they have to put in the coin, which is less than the value of the coin). It's creating free money without having to collect taxes.

There's also some power from having the currency be widely used. If the country got into a war and needed to spend a lot, they could create a lot more coins to spend and it wouldn't reduce the overall value as much. On the other hand, a country whose currency is only used by a few people would quickly cause their currency to collapse if they produced coins to pay for a war (nobody wants to have it because it drops noticeably in value each day).


What they talk about in this episode is regarding speculation that a country might be reissuing a coin, but with a higher silver purity. They would do this to make their coins more popular and valuable (competing with other coins). If Lawrence and Holo were to buy the coins before their overall value was increased by the reissuing of higher purity coins, they'd make a profit.

But it turns out that the newer coins actually are less pure. It's possible to make money by waiting for the value to drop, then buying the coins. This is because the markets overreact to changes. So a decrease in purity leads the currency to drop in value more than it really should, but then slowly corrects itself by rising slightly to a more accurate valuation.
Apr 20, 2011 10:11 AM
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Jul 2010
1449
Ok, this episode got me. I've just decided that I absolutely love this! The merchant talk was great and everything was well explained (especially when Holo reworded what Lawrence had said), the character interactions are as great as in the first two episodes and it turns out that the plot is getting really interesting. I wasn't sure about picking up this series but up until now it has largely surpassed my expectations.
May 9, 2011 10:31 PM

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Dec 2009
2540
I didn't expect to see the blushing Holo. And Holo is really smart.

Aug 3, 2011 2:27 AM

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May 2011
2420
So, apples.
I definitely have superpowers. I can feel it in my balls.
Nov 9, 2011 2:22 AM

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Dec 2010
4770
So-o-o-o-o nice episode, I just enjoy this anime at full extent ^__^
Horo appears not to be just a kawaii character but a really wise(wolf).
Lawrence is still my favorite character I can not find a single flaw in him which will make me not like him :P
Jan 3, 2012 8:06 PM

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Sep 2010
284
meneope said:
boring

Somehow.
Jan 3, 2012 9:35 PM
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Apr 2008
215
alpatrose said:
meneope said:
boring

Somehow.


I used to think that a few years back when I first watched this series, but upon re-watching it now, I have to say that I am thoroughly stimulated by the witty dialogue and economics talk.

Perhaps the enjoyability of this series is directly tied to how well-versed/interested someone is in things dealing with currency, as I was pretty naive in this regard years back.
Jan 22, 2012 1:51 PM

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Apr 2009
333
I hope for Lawrence's sake the embarrasment and negative reputation of getting tricked keeps the guy who bought the furs from not getting him blacklisted through the whole company or at least not spreading words about him being unreliable (thought the latter doesn't matter that much if Lawrence just took that route to meet with Zheren and the talk about long partnership was just smooth talk) or Holo might have hurt his trade a bit.

The currency business is very nicely economically accurate, thought I guess they way purity of coins leverages the effect of seigniorage in long and short term might be difficult to understand if you haven't studied economics.
Feb 29, 2012 1:30 AM

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Sep 2011
10430
Everyday I'm hustling, everyday I'm hustling~~

Horo<3 ^-^
Apr 4, 2012 8:46 AM

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Feb 2012
1918
It's interesting to see a world economy in which the true value of a currency is determined in part by the intrinsic value of its coins. A lot has changed since then -- but then again, even in today's world gold and silver function more like currencies than commodities, so all that's really changed is the disassociation of these precious metals from their former coinage. Also, for all the ramifications of having no standardized currency, I still find the Euro more frightening...

At any rate, watching S&W immediately after watching Code Geass was not a good idea. I was half expecting Lawrence to use his Geass on the trader to negotiate a better price.
Apr 7, 2012 10:30 PM

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Dec 2011
1136
The guy was jealous :p
And Holo is pretty smart.
May 20, 2012 10:05 PM

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Jan 2012
472
I don't know why but I loved this episode. I love the chemistry between these two. Although I was a bit annoyed that Holo didn't share her apples with Lawrence. Don't be stingy!
Jun 22, 2012 10:15 AM

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Jan 2011
2839
Great episode, it was nice to see the apple trick to make some more profit. Zheren is trying to deceive Lawrence, I wonder if he'll succeed. I'm looking forward to the next episode.
I almost never read discussions after I made my post, if you want to reply PM me or post on my profile page.
Aug 24, 2012 5:05 PM

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Nov 2011
1980
The apple trick was impressive and one I didn't see coming. But he couldn't figure out that the deal with that guy was a 100% no risk deal for the guy who doesn't invest? >=(. Holo is pretty awesome though, getting down those concepts so easily.

Hmm, and also it seems like the guy might be working for the government. The best way for people to exchange currencies would be to make everyone want to exchange currencies. Using this rumor, people will want to exchange currencies under the illusion that it is profitable. =X.

"I like to expose what people hide. I'm an intellectual rapist." - Furudo Erika
Sep 28, 2012 12:41 AM

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May 2012
25827
A decent episode let's see what they'll find out in the trading exchange!
Dec 4, 2012 3:50 AM

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May 2012
1842
I like how this anime is so slow paced. After finishing up Code Geass which has twists and turns in every episode, watching something relaxing like this is the perfect anime-hangover remedy!

The writing (at least in the English dub) is really good too. It's like Inglorious Basterds, the dialog can go on for way longer than usual without you noticing.

One thing i dont care for is the lazy man-character-designs. Lawrence and his new partner look exactly the same except for different hair style. At least give him a different beard or something xD
May 3, 2013 11:10 PM

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Jan 2013
11047
Another really good episode.
Liking this more than I thought I would so far
May 12, 2013 11:42 PM

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Apr 2013
2282
Good episode. Lets see if he can make some profit.
Always-HungryMay 13, 2013 1:04 AM
Jul 13, 2013 3:48 PM

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Jul 2013
225
Really fun series, this is my favorite episode so far :) I find the ending song catchy too.

Next episode looks really interesting, it's a strange anime. Nothing really happens that is abnormal (aside from Holo herself), both the main characters come across as normal people (despite Holo being a wolf) but yet its really nice to watch.
Aug 8, 2013 6:50 AM

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Jun 2011
487
I can see now why this anime is so highly rated. 3 episodes in and I'm already loving the two leads.

Holo is playful, witty, and beautiful. Lawrence is a sight for sore eyes given the male leads we see these days. I can see this becoming one of my new favorites.
Oct 1, 2013 4:50 PM
Bunnies 🍓

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Jan 2013
15981
Holo is pretty clever, using the apples to give the fur a apple scent to increase their sales. Her reaction was priceless when Lawrence tried to eat an apple. "Those are my apples you can't have any."
Before that Holo's face as they passed the apple stand was priceless lol

Dec 20, 2013 2:30 PM

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Aug 2013
4245
Holo, oh you sneaky dog! Getting Lawrence jalous :P

It's really interresting. I have difficulty following all the devise system and how their conspiration work, but I'll adapt to it.
«Time is passing so quickly. Right now, I feel like complaining to Einstein. Whether time is slow or fast depends on perception. Relativity theory is so romantic. And so sad.»
- Kurisu Makise a.k.a. The Zombie
Feb 25, 2014 2:20 AM

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Aug 2012
1098
Amazing episode. I never thought that all these trading-related stuff would be so interesting to watch and learn.


and still waiting patiently for a 3rd season of Spice & Wolf :'|
Jun 4, 2014 12:19 AM

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Jul 2013
1760
Pretty good episode, Holo was pretty confident when selling a fur to the company. She likes to tease a lot to Lawrence and his work XD. Although they are getting close together, major points in that :D.

Mostly about selling prices and several economic terms in here. Really enjoying the series now :D.

Jun 12, 2014 8:06 PM

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Apr 2014
306
Good god, Horo was epically moe this episode and that ED is so catchy. This episode was a lot better than the previous 2 but it was kind of difficult trying to understand all the merchant talk.
Oct 9, 2014 8:36 PM

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Oct 2013
4354
Timofmars said:
corroded said:
i think the explanation is that the kid doesn't lose anything. if the coin depreciates, he can just return the 10 coins he borrowed(as promised). if the coin appreciates, he gets the 10 coins and 10 percent profit. looking at those 2 scenarios, its not actually a win-win situation, but a no-lose situation :D(kinda different because the kid doesn't actually 'win' if he has to return the 10 coins)

but understanding the things about currency etc was making my head turn @_@ i didn't quite follow it right.(the ones about countries controlling currencies and the silver content etc) anyone care to elaborate? :D


The different currencies are basically in competition with each other. If people "trust" a particular currency more (low risk of the currency losing value) and so prefer to have that country's coin, it means they are willing to offer more of something to get that coin, and they'll want more in order to part with it. That is literally an increase in the coin's value. With these silver coins, a major factor in people's preferences is the silver purity. Silver is valuable by itself, so the coins with the most silver have the most intrinsic value.

I think it's good for the country to have their currency gain popularity and grow in value because then they can counteract that increase in value by creating more of the currency to spend (only costing them the silver they have to put in the coin, which is less than the value of the coin). It's creating free money without having to collect taxes.

There's also some power from having the currency be widely used. If the country got into a war and needed to spend a lot, they could create a lot more coins to spend and it wouldn't reduce the overall value as much. On the other hand, a country whose currency is only used by a few people would quickly cause their currency to collapse if they produced coins to pay for a war (nobody wants to have it because it drops noticeably in value each day).


What they talk about in this episode is regarding speculation that a country might be reissuing a coin, but with a higher silver purity. They would do this to make their coins more popular and valuable (competing with other coins). If Lawrence and Holo were to buy the coins before their overall value was increased by the reissuing of higher purity coins, they'd make a profit.

But it turns out that the newer coins actually are less pure. It's possible to make money by waiting for the value to drop, then buying the coins. This is because the markets overreact to changes. So a decrease in purity leads the currency to drop in value more than it really should, but then slowly corrects itself by rising slightly to a more accurate valuation.


This is pretty much how I understood it, but your explanation was really helpful in making sure everything is clear. Thanks a lot!

Yeah, I'm really loving this show. It's slow - dreadfully slow, in fact - but it's difficult to detect. Though nothing's really happening, nothing needs to because it's just fun to watch. It's also really, really unique.

And my goodness I can't get over how sexy Brina's voice is for Holo sdshlfkdjglglhj



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Nov 16, 2014 8:58 AM

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Nov 2011
9206
Wow. I'm really impressed, almost shocked. They're actually portraying economics properly. I never expected to see that in an anime. Whoever wrote this story did their research. As others have noted, check Timofmars's post if you're having trouble understanding the coin trade.

Instant bump to my opinion of the show.

I didn't care for Holo's lying the second time around. I didn't like it the first time, but I figured the scent might actually stick with the furs for awhile, plus she was more ambiguous. She's a quick learner in any case; some of this would be going over my head had I not taken economics in high school.

It would be interesting if the government issuing the Trenni silver coins put that guy up to making deals with various merchants so said government could trick them out of money.

The chemistry between Holo and Lawrence is great.

Best episode yet.
Nov 24, 2014 2:14 AM

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Sep 2014
1641
Now that was some great bargaining from Holo.. I guess she's not the "The Wise Wolf" for nothing..
Together with Lawrence, they make a fearsome merchant duo..

Her playful side is cute~ Making Lawrence a bit jealous haha!

"Males are all jealous idiots." "And females, too, are idiots who feel happy about it."
^ This line from Holo made me lol'd..

Timofmars said:
corroded said:
i think the explanation is that the kid doesn't lose anything. if the coin depreciates, he can just return the 10 coins he borrowed(as promised). if the coin appreciates, he gets the 10 coins and 10 percent profit. looking at those 2 scenarios, its not actually a win-win situation, but a no-lose situation :D(kinda different because the kid doesn't actually 'win' if he has to return the 10 coins)

but understanding the things about currency etc was making my head turn @_@ i didn't quite follow it right.(the ones about countries controlling currencies and the silver content etc) anyone care to elaborate? :D


The different currencies are basically in competition with each other. If people "trust" a particular currency more (low risk of the currency losing value) and so prefer to have that country's coin, it means they are willing to offer more of something to get that coin, and they'll want more in order to part with it. That is literally an increase in the coin's value. With these silver coins, a major factor in people's preferences is the silver purity. Silver is valuable by itself, so the coins with the most silver have the most intrinsic value.

I think it's good for the country to have their currency gain popularity and grow in value because then they can counteract that increase in value by creating more of the currency to spend (only costing them the silver they have to put in the coin, which is less than the value of the coin). It's creating free money without having to collect taxes.

There's also some power from having the currency be widely used. If the country got into a war and needed to spend a lot, they could create a lot more coins to spend and it wouldn't reduce the overall value as much. On the other hand, a country whose currency is only used by a few people would quickly cause their currency to collapse if they produced coins to pay for a war (nobody wants to have it because it drops noticeably in value each day).


What they talk about in this episode is regarding speculation that a country might be reissuing a coin, but with a higher silver purity. They would do this to make their coins more popular and valuable (competing with other coins). If Lawrence and Holo were to buy the coins before their overall value was increased by the reissuing of higher purity coins, they'd make a profit.

But it turns out that the newer coins actually are less pure. It's possible to make money by waiting for the value to drop, then buying the coins. This is because the markets overreact to changes. So a decrease in purity leads the currency to drop in value more than it really should, but then slowly corrects itself by rising slightly to a more accurate valuation.

Definitely worth the read.. I understand it better now thanks..
XiferVPNov 24, 2014 2:20 AM
Mar 13, 2015 9:55 AM

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Mar 2012
5785
That Death stare from Lawrence at the guy flirting with Holo lol.
May 1, 2015 11:00 AM
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Nov 2014
26586
Horo is clearly the best female character 5ever. ( no bullshit )

Good episode overall, Holo eating apples was so Ryuk-esque. That kid was damn smart though, excited to see what Lawrence will do in the next episode.
Jul 6, 2015 7:36 AM

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Mar 2013
63
whooaaa Horo is already mastering business skills!
Jul 11, 2015 7:24 AM

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Aug 2014
5132
Sanji came in at the end and he was awesome.
Jul 14, 2015 11:11 AM

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Apr 2014
2086
I feel kind of disappointed..
Aug 12, 2015 12:45 PM

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Oct 2014
687
I don´t get the appeal.Another episode in which nothing of importance happened.
Sep 22, 2017 1:22 AM

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Sep 2016
465
i really enjoyed this eps now im finally hooked into the show, the merchant business is wayy more challenging and incomprehensible at times than i thought, & ah man the witty dialogue and interactions between characters i love it holo is amazingg the way she swayed that man with the fur was spectacular
Facta Non Verba
Sep 24, 2017 3:33 PM

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Nov 2016
2959
Holo is an entertaining character but bugger me if I know what all the merchant talk is about.. I'm a completionist so I'll finish this one.
Nov 29, 2017 3:51 AM

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May 2015
5919
So many coin types.
"The future is always blank. Only your willpower can leave footsteps there."

"Ruling over death means ruling over life. Death is the climax of life. To have the best death, you must honor life."
Jan 7, 2018 9:41 PM

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Dec 2014
1637
Holo is slick. How can you not love this girl
Jan 4, 2019 7:57 PM

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Mar 2018
65
Pretty slow paced show so far, I am pretty sure there are great things to come tho!
Feb 8, 2019 3:00 PM

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Nov 2016
31443
Holo is a wolf-girl of many talents <3

One Piece episode 914 & 915 & 1027 were a mistake and 957 brought the salvation - FMmatron


Jul 5, 2019 7:48 AM

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Sep 2012
6630
she just killed it with the fur sail 😄

when he teased her with apples, kawaii 😁

Sep 28, 2019 11:03 AM

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Apr 2013
36149
Didn't she just lie about the fur when she talked about its smell? I'm not that impressed if you get a better price through lying tbh.
Dec 3, 2019 12:45 PM
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Apr 2016
13215
This was just made for Holo, she's so good at it. She's really awesome.
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