  We develop parallels between the holographic renormalization group in the
bulk and the Wilsonian renormalization group in the dual field theory. Our
philosophy differs from most previous work on the holographic RG; the most
notable feature is the key role of multi-trace operators. We work out the forms
of various single- and double-trace flows. The key question, `what cutoff on
the field theory corresponds to a radial cutoff in the bulk?' is left
unanswered, but by sharpening the analogy between the two sides we identify
possible directions.
