I held a study session for mid-career and young sword dealers participating in the Noda-kai Sword auction. The instructor was Nakahara Nobuo sensei. I hold these sessions every two months, building on previous sessions. This time, after viewing the swords and sword fittings, he explained topics such as the difference between the original hi (ubu-hi) and the later hi (ato-hi) on the blade, how to determine the attribution of unsigned swords, and the characteristics of various openwork tsuba from schools like Owari, Kanayama, Higo, Kyoto, and Akasaka. Since differences in knowledge directly impact business, everyone was serious and deepened their understanding. Afterwards, we enjoyed a lively Bonen-kai (year-end party) in a warm and friendly atmosphere.