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Lawrence and Holo travel to Kumerson, where a pagan festival is taking place. Upon arrival, they meet Fermi Amati, a young merchant and Lawrence's fellow guild member. Amati, who seems smitten with Holo, helps them get a room in the trading company. That night, Lawrence asks Holo a few questions about towns neighboring Yoitsu and ascertains that it will probably take another year or two to reach it.

Instead of taking Holo to the festival as planned, Lawrence is taken by fellow merchant Batos to meet Dianna Rubens, an alchemist, to learn more about Yoitsu. She tells Lawrence of a legend about the bear that destroyed Yoitsu and also of a large wolf near the town of Renos who called herself Holo of Yoitsu.

In front of the Merchant Guild, Amati challenges Lawrence, proclaiming he will pay for Holo's falsified debt of 1,000 silver coins and then propose to her, certain that she will leave Lawrence. Lawrence researches Amati, discovering that his plan to pay back the debt relies on the sale of pyrite. Back at the inn, Holo discovers and reads a letter for Lawrence containing an explanation of the legend about the bear that destroyed Yoitsu. When Lawrence returns, she claims that he knew Yoitsu was destroyed the entire time and he has now grown tired of her. Her fit of rage prompts Lawrence to leave the inn.

Lawrence realizes that he has to drop the price of pyrite or risk losing Holo to Amati. After receiving the information on Amati's assets, Lawrence finds Amati and proposes a deal based on credit (essentially, a naked short on pyrite), which will result in profit for Amati if the price of pyrite rises or losses if the price of pyrite falls. Amati accepts the deal after Lawrence appeals to his chivalry and causes him to doubt that Holo will agree to his marriage proposal. Unable to enlist Mark's help to purchase the pyrite necessary to pull off the deal, Lawrence turns to the alchemists in the belief that they should have a large amount of pyrite that he can purchase.

To gain access to the alchemists' quarter, Lawrence asks Batos for a password to meet Dianna. Upon his arrival, Lawrence is told that the pyrite has already been sold on credit. Dianna, however, agrees to sell Lawrence pyrite instead and tells him that she will handle negotiations and contact him upon their completion. The next morning, Lawrence goes to the exchange with Amati and receives fourteen gold coins, equivalent to 300 silver coins, in accordance with their deal. The price of pyrite continues rising, worrying Lawrence.

Lawrence participates in the pyrite market, selling small quantities several times to combat the rapidly rising prices, but to no avail. Lawrence's original plan falls through when Dianna's messenger informs him that the negotiations did not go as planned. In despair, Lawrence all but gives up before he is spurred on by Mark's apprentice, Lant. When Lawrence goes to sell his remaining pyrite, Holo also sells a large bag purchased from Dianna, revealing that she was attempting to help Lawrence from the beginning. The market quickly turns to selling, dropping the price of pyrite and causing Amati huge losses. He fails to fulfill his portion of his challenge to Lawrence and gives up his marriage proposal to Holo as a result. Holo and Lawrence realize what they mean to one another and the two grow closer as they decide to continue traveling together to find Yoitsu.

Lawrence and Holo make their way to the chilly port town of Renos, known for its wood and fur. As he enters the town, Lawrence is given a tablet to identify him as a foreign merchant, allowing him to trade in the town. Intrigued by the town's history and legends, Lawrence decides to investigate. They settle into the local inn, where the innkeeper tells them about people who may be able to help them, including a man named Ligro, who was part of a strange gathering witnessed by Lawrence and Holo upon entering the town. They also meet a mysterious cloaked stranger, who Lawrence mistakes as male. Holo corrects him and jokingly chides him for having eyes for another woman.

Holo and Lawrence visit the port in Renos, where they sit down for a meal. Holo uses her sharp senses and informs Lawrence that foreign fur merchants are unable to sell their wares, resulting in some unrest. However, she becomes inebriated from the meal and has to rest. Lawrence, meanwhile, visits a local bar to gather information and learns that the entire town is on edge due to some issues with the fur trade. After dinner, Lawrence goes to talk with the innkeeper but is interrupted by the arrival of the mysterious cloaked stranger, who introduces herself as Eve Bolan. She and Lawrence briefly chat, and she tells him that they should chat further if their interests coincide.

Lawrence and Holo go see Ligro and are at first awed by the magnificent garden behind his house encased in large glass windows. Ligro brings them downstairs where Holo picks out a few books containing old legends from the north for Lawrence to carry back. Lawrence and Holo spend an enjoyable night together, though Holo later confesses that she is afraid of being separated from Lawrence at the journey's end. After Holo goes to sleep, Lawrence chats with Eve about her business ventures, but she surprises him by asking whether he would like to sell Holo.

Eve explains the plan to Lawrence: they will sell Holo to gain cash, which they will then use to buy the fur in town. The fur will then be sold in turn at a profit, and Holo will be bought back. After Lawrence explains it to Holo, she also agrees to the plan, hoping Lawrence will be more selfish and use the profit to achieve his dream. Later, Lawrence's digging around town reveals that Eve is trading in salt and that the church in town is aiming to become more powerful in the region and Eve had a disagreement with the bishop but Lawrence and Holo resolve to go with Eve's plan nonetheless.

The trading company wishing to purchase Holo proposes to pay with 60 gold coins instead of 2,000 silver coins because of their inability to procure the necessary silver, and Lawrence agrees to the deal. While celebrating the deal, Eve reveals she had been purchased and married to a merchant. She tells Lawrence and Holo to cherish their experiences together. Back at the inn, Holo suggests they should end their journey after she is sold since Lawrence has almost realized his dream of becoming a shop owner, and Lawrence's efforts to dissuade her fail. The next morning, they return the books borrowed from Ligro, pausing to converse with a nun residing in Ligro's home. Suddenly, Eve arrives and says there has been a coup d'état, leaving them surrounded by a rebellion.

Even in light of the chaos caused by the coup, Eve and Lawrence decide to continue with their plan. While Eve goes to reserve a ship, Lawrence leaves Holo with the traders and receives the gold according to the deal. However, when he meets with Eve in the inn, Lawrence decides to pull out. Eve threatens to murder him, since he discovered Eve had a cunning plan involving the Church to earn a huge amount of money. Eve knocks him out, but leaves him a deed to an inn, which he then uses to buy back Holo. In the face of Holo's apparent fury, Lawrence declares his decision to forgo his dream and keep traveling with Holo.