  It is demonstrated that charm is systematically undercounted in various
experiments. Via a process of elimination, $B(D^0 \rightarrow K^- \pi^+ )$ is
identified as the culprit. It calibrates essentially all charmed meson
production and decay properties, and thus is central to the physics of heavy
flavors. We predict it to decrease significantly below currently accepted
values. We suggest several novel methods for precise measurements of $B(D^0
\rightarrow K^- \pi^+ )$. The $B(\Lambda_c \rightarrow pK^-\pi^+)$, on the
other hand, calibrates heavy-flavored baryons. Its world average relies heavily
on a model of baryon production in $B$ decays, which would be invalidated if
$\overline B\rightarrow D^{(*)} \stackrel{(-)}{N} X$ processes were found to be
significant. A Dalitz-plot analysis explains naturally the soft inclusive
$\Lambda_c$ momentum spectrum in $\overline B$ decays, and predicts sizable
$\overline B\rightarrow D^{(*)}\stackrel{(-)}{N} X$ processes. Consistently
carrying through these modifications to charmed meson and baryon yields has the
potential to resolve the heavy-flavor puzzles at $Z^0$-factories [$R_c,\;
R_b$], the number of charm per $B$-decay puzzle, and the semi-leptonic $B$
decay puzzles. We emphasize that state of the art theoretical calculations are
consistent with precise experimental measurements regarding $B(\overline
B\rightarrow X\ell\bar\nu )$. Recent CLEO measurements are interpreted as newly
available cross-checks that any inclusive theoretical investigation must
satisfy. Another topic of this report concerns the $b\rightarrow c + \overline
D^{(*)}\overline K$ transitions, which were predicted to be sizable and
subsequently confirmed by CLEO. This report discusses the underlying dynamics
of those processes and quantifies the necessary modifications in existing
