  Achievements in the heavy quark theory over the last decade are reviewed,
with the main emphasis put on dynamical methods which quantify nonperturbative
effects via application of the Operator Product Expansion. These include the
total weak decay rates of heavy flavor hadrons and nonperturbative corrections
to heavy quark sum rules. Two new exact superconvergent sum rules are derived;
they differ from the known ones in that they are finite and normalization point
independent in perturbation theory. A new hadronic parameter \bar\Sigma is
introduced which is a spin-nonsinglet analogue of \bar\Lambda=M_B-m_b; it is
expected to be about 0.25GeV. The first sum rule implies the bound \rho^2 > 3/4
for the slope of the Isgur-Wise function. The heavy quark potential is
discussed and its connection to the infrared contributions in the heavy quark
mass. Among applications extraction of |V_cb| from the total semileptonic and
from the B->D^* zero recoil rates is addressed, as well as extracting |V_ub|
from \Gamma_sl(b->u). Practical aspects of local quark-hadron duality are
briefly discussed.
