The chapter is a letter from Gran to Molly in which Gran (as her younger self, Flora Gray) admits to past cruelty and explains that hardship taught her empathy. She sets the scene a week into her rigorous prep courses, noting persistent sexism from classmates but her growing tenacity and success.

At Gray Manor, rumors about Gray Investments solidify into a crisis: poor decisions and a market crash have put the firm in jeopardy. Flora observes her father’s decline and, after seeing a loose button on his suit, confronts Uncle Willy, who explains he has been stretched thin after staff firings and has been tasked with staging the Braun Summit at the manor in a week to impress Magnus Braun’s board. The aim is to dissuade Braun from consuming the family firm; Willy has hired temporary help to create an illusion of grandeur.

Flora, startled by the possibility of losing the estate, receives Willy’s counsel to focus on education, which cannot be taken away. She heads to the library for solace and unexpectedly finds John on a ladder returning books. Flora demands to know why he is there, and John explains that after accusations of theft, he was reminded he had permission from her father to borrow books and is now returning them, insisting, “I’m not a thief.”

A tense exchange follows. Flora accuses John of taking needed texts; John admits he needed convincing but has replaced most volumes. He criticizes Flora’s behavior in class for ignoring her father’s name and acting above others. Flora strikes back at his status as a servant’s son; John retorts that she is an even worse snob than her parents. He apologizes moments later, acknowledging the cruelty of his words and reframing their classroom struggle as the two of them against jealous, less capable boys.

They discuss Romeo and Juliet, with John calling it both comedy and tragedy because early love gives way to doom. He suggests they study together to claim the top of the class and avoid competing over books, even complimenting Flora’s intelligence. Flora, hungry for praise but unwilling to reciprocate, rejects the offer and demands he address her formally as Miss Gray.

John, stung, prepares to leave. He agrees to call her Miss Gray and demands she call him by his family name, Mr. Preston, which he bears with pride. Flora concludes that on that day Mr. Preston became her heart’s desire and sworn enemy, while the financial crisis and the impending Braun Summit loom over the household.