Following his good fortune in Pazzio, Lawrence is confident that he is on the path to realizing his dream of becoming a town merchant. One ill-informed business decision, though, leaves him teetering on the brink of bankruptcy and ruin! With no assets to his name - other than the cunning of his fetching traveling companion, Holo the Wisewolf - Lawrence may need to resort to illicit means to put his affairs in order. With all of the merchant's plans hinging on one beautiful young shepherdess - for whose vocation Holo holds no affection - Lawrence's prospects, both personal and professional, are looking grim!

Having narrowly escaped financial ruin, Lawrence turns his attention to helping Holo find her ancient homeland in the North. But how long can a traveling merchant afford to wander the countryside looking for a village that he suspects may have ceased to exist long ago? When a rival merchant sets his sights on Lawrence's beautiful companion, though, can Lawrence truly be confident that Holo will remain by his side? Has the time come when Lawrence must ask himself whether his relationship with the Wisewolf is business or pleasure?

Continuing their journey north, Lawrence and Holo stop in the village of Tereo in hopes of finding a local abbey where they might uncover more information regarding the fate of Holo's ancient home, Yoitsu. Soon after their arrival, though, the companions are caught up in a local dispute between Tereo and the neighboring town of Enberch that could cost Lawrence and Holo both their fortunes and their lives! With the Wisewolf's help, can Lawrence devise a way to save an entire town from ruin - and his skin and that of his traveling companion in the process?

Arriving in the town of Lenos, Lawrence and Holo take a respite from their travels north - but a true businessman never rests! It isn't long before an opportunity for profit presents itself to Lawrence, one that could fulfill his dreams of owning his own establishment. But as always, the promise of great reward carries great risk - and risk is never greater than when one plans to use a wisewolf as collateral! As Lawrence and Holo feel the ties binding them stretched thin, has the time come for the pair to go their separate ways?

As Holo and Lawrence begin the final leg of their journey, Lawrence decides to accompany Holo to her ancient home of Yoitsu, if only to forestall their parting just a bit longer. Boarding a ship from the port of Lenos (much to the chagrin of the wisewolf, who is none too fond of water!), the pair's fate becomes entangled with that of a boy named Col, whose tale of his circumstances - combined with the gossip of the sailors - leads to a shocking revelation about Holo's homeland!