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May 27, 9:57 AM
#1

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Nov 2011
129185
Look at how happy Holo is, clinging onto Lawrence lol

I love how outspoken she still is, towards any mechant or negotiator. Typical Holo. Feels like both of their feelings are being tested again. That went from cherry to tense fast.
May 27, 9:57 AM
#2

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Dec 2021
2933
Lawrence is in big trouble now.

Upon arriving in Ruvinheigen, Lawrence visited the Rowen Trading Guild, where fellow merchants from his hometown were affiliated. He was delighted to reunite with Jacob Tarantino, the head of the guild and someone he revered as a father figure. Lawrence requested a proof-of-membership certificate with the guild, but Jacob's expression darkened as soon as he inquired about the destination for selling his goods. Meanwhile, Norah, who had parted ways with Lawrence and the others, approached a priest at the church who had been assisting her with job placements. She asked about a place to graze sheep.

When Lawrence arrives at the Lemerio Company to sell his armor, he is horrified to discover that the armor market has crashed, leaving him with a massive debt and worthless goods. To make matters worse, the Latparron Company has sold his loan to Lemerio, which is also struggling from the crash and eager to collect his debt. As he goes asking merchants for help, Lawrence realizes that the merchants are unwilling to help him because of his unmarried relationship with Holo. In a fit of rage, he vents his frustration by slapping her hand away.

Things are really taking a turn for the worse.


May 27, 9:58 AM
#3

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May 2020
11546
Though I do like how they brief us over the merchant philosophy from time to time in this show, but sometimes you need to apply those words not just by speaking but by your actions as well. Which kind of didn’t happen in this case, I mean what a blunder. Just a couple of episodes ago, we actually did see and feel Lawrence made a huge profit out of that man when he sold those peppers and got armour in return too. But man, the luck… he actually was carrying iron junk this whole time.

I’d give it to Lawrence for not heeding Holo’s advice and attempting to run away even after incurring huge debt, but the moral and ethics actually would not help in the slightest here. And hey yeah, their ambiguous relationship, Lawrence and Holo that is, at least in the eyes of these people just made it worse. Think how worse it is when you’re in a huge debt, need to pay it back in a couple of days and no one is even willing to help… and moreover explaining themselves with a really stupid stand. They could be right but that was just sad in the end:(
May 27, 11:48 AM
#4

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Jul 2017
6782
Lawrence ended up in quite some trouble in this episode after things were going smoothly since his recovery from the previous incident, a lot bigger trouble in a sense that could potentially damage his reputation as a merchant forever if unresolved on time. The armor that he purchased basically had its market crash and the value drop off completely making it meaningless and he has quite a lot of debt to pay in only a couple days after things were on the up for him. He's in big trouble and he has to desperately figure out how to recover all that money he owes, and the fact that no one's willing to loan any money due to not just his failure with the armor there but with him traveling around with Holo, an unmarried woman in an ambiguous relationship in a medieval-like setting where the Church in this particular city are highly dominant in its presence and value can feel like a sin for most people to associate with him like that. He lashed out for a second at Holo but to be fair to him, guy completely was losing his head and hopes there and you hope to see him make up with Holo there and more importantly, try to desperately dig himself out of that deep hole he is at right now. The visuals could have been better in conveying that sense of a fall off he was experiencing as well as the music to go with it, but it was a solid episode as a whole (especially due to the second half). First half of the episode was alright with Holo and Kraft's interactions continuing to shine but beyond that it was a little forgettable. But it was the second half that had this gain a bit more stakes that affected someone who's tried his best to be emotionally composed at most times like Lawrence to lose himself there.
May 27, 11:49 AM
#5
Shingster

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Jun 2015
4422
For those that dunno her Holo is certainly a good catch. The church as ever has too much power here. Lawrence sure ended up getting caught in quite the predictament. Feels like the odds are really against them repaying the debt though. Sad to see their bond bested tested just after they made up as well.
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May 27, 11:50 AM
#6
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Oct 2016
2559
Lawrence has reached a particularly low point in his merchant life at this point. He just got the rug pulled out from under him in the most brutal way. Investing all your money into one product that you hope to flip for a profit probably isn't the wisest idea but Lawrence really got the short end of the stick here. Buying all that armor, traversing to another city, only to arrive and hear that the value of that armor is basically nothing. Oh and you also owe A substantial amount of money to this trading company you wwre hoping to sell the armor to and make money yourself. Its about worse case scenario as you can get. Lawrence is penniless and only has two days to someone get basically a small fortune otherwise he can never be a merchant again. His whole life's dream is hanging by a thread. Its hard seeing him this stressed running around town hoping to get a loan that he could maybe have a longer deadline on. Its disheartening seeing so many people turn him away with such disrespect. Holo in all this just wanted her honey pickled peaches but now even that won't happen. She's trying desperately to help Lawrence but there's not much she can do at this point but tag along. Which is somehow a hindrance in itself, I don't really understand what that merchant meant by its bad that he's asking for money from people while with a woman. I don't get that really. Lawrence is gonna have to figure something out or he will be out of options once that deadline hits.
May 27, 11:51 AM
#7

Offline
Feb 2019
9570
Damn man this was a painful episode to watch. Started out so cute with Holo and Lawrence usual flirting and banter, before that bankruptcy at the end, my boy Lawrence at rock bottom.

So cute how Lawrence reassured Holo about how special she is to him even with Nora in the picture, and then her mood just totally improves. I thought we were gonna be in for a nice sweet episode at that point.. wasn’t to be.

Speaking of Nora, the priest not granting her a safer area for her sheep to roam is.. sus to say the least. Ever since we saw him last week when she arrived in town I had a feeling he’d be up to something

Lawrence unfortunately learnt a very hard lesson, never put all your eggs in one basket. As someone who’s invested in penny stocks and lost heavy I completely understand how he’s feeling rn. The anxiety, blaming yourself, snapping on people like he did with Holo at the end, etc. It’s tuff. Luckily he does have anime plot armour on his side so I’m sure he’ll come out of this stronger and wiser, just a matter of how.

I can’t lie tho. Last dude he asked money from basically telling him Holo was too fine for Lawrence to be this broke had me crying.😭

Hoping for a happier episode next week and that they somehow figure things out. Also Lawrence better make up to Holo for snapping on her 😡
Marinate1016May 27, 1:36 PM
May 27, 12:03 PM
#8
Offline
Sep 2015
6723
Shamelessly borrowing money is humiliating method, but at least it's better than creating a demand for the armor by creating a war just like our real world creating a demand for guns and weapons...
May 27, 12:30 PM
#9

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Jan 2023
2417
I really loved Holo's teasing of Lawrence at the beginning and their flirting/banter.
It gives me so much joy every single time!

Besides that, things quickly became pretty heavy as it appears Lawrence has been scammed.
I think they did a really good job of building up the tension slowly through the episode, up until that pretty harsh (but realistic) scene of Lawrence going around asking for money/loans and getting denied every single time.
Stress gets the best out of him and that last rejection has him taking it out on Holo and hurting her feelings.
It's clear he regrets it immediately, but now he will have to mend his relationship with her as well as getting out of that tricky situation.

We saw very little of Nora this week, but we saw enough to get a confirmation she's exploited by the church and unhappy.
MeguSae38May 27, 12:36 PM
May 27, 12:56 PM
Level 6 esper

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May 2021
1062
Okay wow that was harsh.
I hope they will sell something.
“Do what feels right in your heart. You will be criticized either way.” (Eleanor Roosevelt)
May 27, 1:14 PM

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Mar 2023
673
Lawrence at his lowest. Taking a loan was a risk and now he can't pay back.
He can't take more loans since he is perceived as a womanizer by the churchgoers.
He can't expect to play fair and by the book and come out on top at this point.
May 27, 1:23 PM

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Mar 2020
1466
An untimely market crash leaves Lawrence in a pickle, with no one around to help...

This was probably one of the more impactful episodes, in that things went from calm to tense real quick. There's no worse feeling than buying goods to sell, and then having those goods depreciate in market value so much that they are worth nothing due to a cancelled military expedition, leading to virtually zero demand for armor. To make matters worse, Lawrence now owes a hefty sum of money to the Lemerio Trading Company, forty-seven Lumione, which is enough for a commoner to live for thirty years with. He needs to pay that debt off in two days. Needless to say, he's in a very tough situation, and with the added issue of Holo and Lawrence's relationship in other people's eyes along with knowing he has a huge debt to pay, he was not able to get any loans. Lawrence snapped at Holo at the end, and while I don't necessarily blame him for that, it was sad seeing Holo, who wants to help, be pushed aside. Now, all Lawrence can hope for is working toward a solution.

As for how I felt about this episode, it was one of the better ones, but it's hard not to imagine what things could be if the production quality was a bit better. That said, I was still thoroughly immersed during the second half of the episode.
May 27, 1:31 PM

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Nov 2013
6772
No ED in this depressing and tense episode. This is the case when you lose despite overwhelmingly favorable odds. The worst is - you lose EVERYTHING you have!
May 27, 2:09 PM
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Feb 2024
162
It’s weird remembering that the original anime is part of what helped me pass my economics class- this bit with the armor really stood out to me back then because the armor market crash was fascinating.
“Any merchant would be excited when there are profits on the horizon.”
“However, the hunter is most vulnerable when it is captivated by its prey.” Holo hit the nail on the head once again.
Merchants buy what they think will sell, it’s an investment. But he was overconfident and the armor market crashed and he had no way of knowing that… essentially flushing all of his money down the drain because while the armor might’ve sold perfectly fine in another town, he had a debt to pay and couldn’t sell what he had brought with him.
May 27, 2:17 PM
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Apr 2024
31
anime going very well
May 27, 2:50 PM
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Mar 2024
36
I find it so cute that Holo tries to be by his side and in serious times doesn’t make silly jokes.
May 27, 3:05 PM

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Mar 2007
1512
Oh dear, buying on credit and then getting burned when the market falls out from under you. And now he can't even get a loan and will be sentenced to debtors prison which means mining or rowing for 10 years. Ack! That's not good at all.

May 27, 3:29 PM

Offline
Feb 2014
3989
Poor Lawrence got hit by a stroke of bad luck with his huge investment in the armour now practically worthless due to a market crash. Because of this, he's now under severe debt that would take an average citizen most of their lifetime to pay back.

Seeing him going around town trying to find somewhere that can loan him money was more depressing, being refused one place after another, with the last guy being unhappy about Lawence having Holo around with him everywhere he went. To add insult to injury, Lawrence even snapped at Holo before realising his error, which left her rather disheartened. =(

Nora was also having her own struggles as well. She tried to request a safer place for her sheep to graze, but the rather dodgy head priest then questioned her belief in the lord, which shut down her request far too easily. It's sad seeing her getting exploited this way.

Overall, this episode was done well, despite how depressing it got at times. Holo, Lawrence and Nora deserves a happier outcome than this right now...
May 27, 3:46 PM
Deadhead

Offline
Dec 2018
4083
Damn, this one was a bit rough to watch near the end, poor Lawrence man. This whole making it big with the armor fell completely through thanks to that market crash, but I guess it makes sense that they wouldn’t break the bank this early in the show. And to make matters worse, Lawrence had to abandon his pride and ask around for money to help pay the dept he owes, only to get turned down at every turn and even get treated like shit with some of those people, it is painfully true that everyone is your friend until you’re out of money.

And then there was the reveal that Holo was part of the reason he wasn’t getting help, at least with that last guy, and that unfortunately got Lawrence to lash out at Holo in anger, pretty much pushing away the only one that was sticking with him through all this. I understand Lawrence here but that was definitely the wrong move, but I’m thinking that Holo is the only way he’s making that money in time so hopefully they can mend things next episode.
May 27, 3:49 PM

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Jan 2013
2321
not only did that two-faced boomer guild merchant have the gall to shamelessly waste valuable time through idle talk while withholding actually relevant f-ing info in the first place then doubled down playing pontius pilate but he also implied with a rather suggestive wink that pimping holo out is the loophole lawrence would need to exploit in order to make some quick money which makes this holier than thou town all the more infuriating. what a joke of a father figure. disgusting, repulsive even. deserves to be disowned by his sons.
May 27, 3:50 PM

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Jun 2015
3904
Why can't he just pay some of it now and the rest later?

What is the point of the association if they don't lend you money and prohibit it's members from lending money to each other?

This is not how business works.
May 27, 3:58 PM

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Sep 2016
158
Poor Lawrence, but he was greedy and just like his pal said, the path that awaits him will be dark and hard.
May 27, 4:23 PM

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Sep 2017
2799
Yup, the northern campaign being cancelled. Something I really love about Spice & Wolf is the world building as the series goes on. Here we see the Lawrence effectively going broke due to the campaign, but it will continue to have major plot implications in the world as the journey continues. Hopefully the anime will continue beyond this season. Anyway very excited to see the resolution of this conflict animated over the next few episodes.
May 27, 4:55 PM
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Jul 2022
128
This episode was sad. but I knew it was coming.
May 27, 5:24 PM

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Jun 2012
93
This is why you don't invest in one thing only. Putting all your eggs into one basket so to speak.
What happens if the basket gets smashed on the ground? No eggs. No goods, no profit.

I hope Lawrence learns from this mistake.

Poor Holo chasing after him as he charges around trying to find a quick solution.
Get excited, I suppose.
May 27, 6:57 PM
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Mar 2021
333
what did that guy mean when he said about the church involving Nora being in dangerous areas with sheep?
May 27, 7:22 PM
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May 2017
1815
Another excellent but sad episode!

Mene, mene, tekel, parsin
May 27, 7:44 PM

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Feb 2021
2985
When someone is in need and nobody help him...
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May 27, 7:47 PM

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Jul 2022
887
Poor Lawrence, the frustration he must have felt having that debt and going around asking for money. Additionally, Holo's presence at that moment gives a bad impression for a merchant. I felt bad when he blamed her, even though he didn't mean it seriously.





May 27, 9:09 PM
Offline
Feb 2020
246
I've been confused, even at this part of the original. I don't see how armor would EVER be completely worthless. Even if they might not be able to buy the whole lot, there's always going to be someone in need of armor
And even if they can't buy at full price, trading companies would want to have a stock, even if it means maintenance while they're holding them.
Besides spices, armor should be one of the commodities that's always safe.
May 27, 10:47 PM

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Nov 2018
235
Reply to Bastiono
I've been confused, even at this part of the original. I don't see how armor would EVER be completely worthless. Even if they might not be able to buy the whole lot, there's always going to be someone in need of armor
And even if they can't buy at full price, trading companies would want to have a stock, even if it means maintenance while they're holding them.
Besides spices, armor should be one of the commodities that's always safe.
@Bastiono The merchant guilds wouldn't want to keep stock with no buyer because that's warehouse space you could fill with something you can actually sell, plus if everyone had been anticipating a run on armor to begin with, they would already have stock on hand when the market crashed. It's worthless precisely because there are no buyers.
May 27, 11:06 PM
John Titor

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Jul 2017
1420
Oh, poor Lawrence, now trying to desperately get the money before the deadline. He was harsh with Holo, not being her fault, but pretty surely she'll come up with a wise idea... after some tsundere moments ^^.
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May 27, 11:45 PM

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Jan 2018
3866
Damn. Lawrence x Holo stocks are rising... That is what I thought at the beginning of the episode. So, the end of the episode caught me by surprise.

It seems like Lawrence made a bad deal with the armor and is now in debt. Wonder how he would get out of the situation when he had just wasted one of the days he had left. And also repair his relationship with Holo. I know he's desperate, so his mind is a mess, but I still feel bad about how he treated her.

I think some dialogue in the beginning was cut or shortened compared to the original. To make room for the short scene with Nora I guess. Otherwise, the episode was pretty much identical to the original. However, there was one scene added where Lawrence was asking for money and a bunch of people were throwing coins at him like he was a beggar. That was humiliating. Also, no ED was surprising.

This was probably the most engaging episode by far. Can't wait to see how Lawrence and Holo will get outta this mess they've created.
May 28, 12:05 AM

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Oct 2020
397
Lawrence made a big mistake to buy the armor on a loan, that's always a bad idea.

May 28, 12:11 AM

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Apr 2023
129
Lawrence should know that there are only two situations in which people are legitimately interested in knowing about your life and spreading news about it...
1 - When you earned money;
2 - When you owe money;
May 28, 3:08 AM
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Jul 2018
564055
Damn, that was quite painful to watch. Hope he's gonna be fine :(
May 28, 4:57 AM
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Nov 2022
3
Ah, I just love it when the economy does economic shenanigans and now I'm broke...so relatable...

Really can't wait for the next episode...must...resist...continuing...from...the...original!!!
May 28, 6:49 AM
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Feb 2022
94
Dum dum dum Holo Chan and her honesty
May 28, 11:30 AM

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Apr 2015
164
This show just doesnt have same appeal as the original. Finding myself bored in most episodes.
May 28, 11:56 AM
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Apr 2022
77
Can they enter a city once where there would be no problems, it's getting repetitive
May 28, 2:06 PM
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Mar 2015
13563
Our boi is up against the wall
May 28, 3:09 PM

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Mar 2011
14658
How can you call yourself a merchant when you don't have a backup plan for when things go south? Especially with his experience. He even has a wise wolf by his side.
May 28, 5:04 PM

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Nov 2016
32007
This seriously sucks. But hey, lesson learned. Making it out of this crisis will strengthen their relationship.

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


May 28, 7:19 PM

Offline
Jul 2011
64
Reply to MiaAyende
@Bastiono The merchant guilds wouldn't want to keep stock with no buyer because that's warehouse space you could fill with something you can actually sell, plus if everyone had been anticipating a run on armor to begin with, they would already have stock on hand when the market crashed. It's worthless precisely because there are no buyers.
@MiaAyende But that doesn't explain how the iron its made of is also worthless.
May 28, 7:44 PM
Offline
Feb 2020
246
Reply to MiaAyende
@Bastiono The merchant guilds wouldn't want to keep stock with no buyer because that's warehouse space you could fill with something you can actually sell, plus if everyone had been anticipating a run on armor to begin with, they would already have stock on hand when the market crashed. It's worthless precisely because there are no buyers.
@MiaAyende there is always the opportunity for someone to enter the guards, and thus needing armor. If you ever filled up your warehouse, you toss the most worthless thing. You never leave your warehouse even the tiniest bit empty if there's space, it's a loss, that's how you make money.
The episode implied that Lawrence was the only one who didn't know the armor was 'worthless', even when he brought it, the merchant knew something, the way it was presented, Lawrence was the only one selling armor at that time.
May 28, 10:41 PM

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Oct 2016
229
The whole refusing to offer Lawrence a loan because he was traveling with a woman threw me off at first. With deeper analysis, I’m guessing it it because she is dressed very nicely and looks well taken care of, which implies Lawrence only needs the money because he doesn’t spend his wisely. That makes the last dude’s comments make more sense with him shaming Lawrence for relying on the generosity of others while supposedly making bad spending decisions aka having a woman around. This whole armor business is really interesting, and I can’t wait to see how this all gets resolved. (9.5/10)
May 29, 5:19 AM
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Apr 2024
57
I was sad when Lawrence's sales dropped! Who acts like a muggle! And another thing that got stronger with half a fight from Holo, which has nothing to do with it! I hope the next chapter is a little lighter!
May 29, 6:35 AM
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Mar 2019
627
Kraft is in trouble, and now he's alienating Holo. I wonder what Holo has planned to get out of Kraft's predicament.
May 29, 6:53 AM
Shalltear

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Apr 2018
34568
That's just sad, Lawrence got scammed for the armor and now he has to gather money for his debt otherwise he's in deep shit... meanwhile all his friends left him :S
May 29, 8:54 AM
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Sep 2021
2498
Lawrence got tricked & hence fall in debt, how will Holo help him in this time of crisis.
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