The shark leaped and missed again; Cicilia performed a brief one-armed handstand on her platform, waving her axe. The audience roared while the shark rolled over gracelessly in the water and came back for another pass.

“Agreed,” said Locke. “Signed identical copies of our contract to be kept by each of us; one additional copy in Therin to be kept with a mutually agreeable neutral solicitor, to be opened and examined by them within the month should one of us have…an accident while fetching the casks. One additional copy in Vadran to be signed and placed into the care of an agent known to me, for eventual delivery to my masters. I shall require a bonded scribe at the Tumblehome this evening, and a promissory note for five thousand crowns, to be drawn at Meraggio’s tomorrow so I can get to work immediately.”

“And that is all that remains?”

“Quite everything,” said Locke.

The don was silent for several seconds. “The hell with it; I agree. Let’s clasp hands and take our chances.”

Out on the water, Cicilia paused and hefted her axe, timing a blow as the shark approached her platform on her right, undulating, moving too slow for a high leap. Just as Cicilia shifted her weight to bring the spike down, the shark jackknifed in the water beside her, squeezing its body into a U shape, and drove itself straight downward. This maneuver flicked its tail into the air, catching the contrarequialla just under her knees. Screaming more in shock than in pain, Cicilia de Ricura fell backward into the water.

It was all over a few seconds after that; the shark came up biting and must have taken her by one or both legs. They turned over and over in the water a few times-Locke caught glimpses of the frantic woman’s form alternating with the dark rough hide of the shark; white then gray, white then gray. In moments the pink foam was dark red once more, and the two struggling shadows were sinking into the depths beneath the platforms. Half the crowd roared lusty approval; the rest bowed their heads in a respectful silence that would last just until the next young woman entered the ring of red water.

“Gods!” Doña Sofia stared at the spreading stain on the water; the surviving fighters stood with their heads lowered, and the priests were gesturing some sort of mutual blessing. “Unbelievable! Taken in so fast, by such a simple trick. Well, my father used to say that one moment of misjudgment at the Revel is worth ten at any other time.”

Locke bowed deeply to her, taking one hand and kissing it. “I doubt him not at all, Doña Sofia. Not at all.”

Smiling amiably, he bowed to her once more, then turned to shake hands with her husband.

“What?” Locke nearly jumped to his feet. “What are you talking about?”

“My boy,” said Chains, “my intermittently brilliant little boy, your world has such small horizons. You can see clearly enough to pull a fast one on someone, but you can’t see past the immediate consequences. Until you learn to think ahead of the repercussions, you are putting yourself and everyone around you in danger. You can’t help being young, but it’s past time that you stopped being stupid. So listen carefully.

“Your first mistake was that taking coin from the watch isn’t a beating offense. It’s a killing offense. Are we clear on that? Here in Camorr, the watch takes our coin, and never the other way around. This rule is set in stone and there are no exceptions, no matter what kind of thief you are. It’s death. It’s a throat-slashing, shark-feeding, off-to-meet-the-gods offense, clear?”

Locke nodded.

“So when you set Veslin up, you really set him up. But you compounded this mistake when you used a white iron coin. You know how much a full crown is worth, exactly?”

“Lots.”

“Ha. ‘Lots’ isn’t ‘exactly.’ You don’t speak Therin, or you don’t really know?”

“I guess I don’t really know.”

“Well, if everything’s butter and nobody’s been shaving the damn things, that little piece of shiny white iron was worth forty silver solons. You see? Two hundred and forty coppers. Your eyes are wide. That means you can think that big, that you understand?”

“Yes. Wow.”

“Yes, wow. Let me put it in perspective. A yellowjacket-one of our selfless and infinitely dutiful city watchmen-might make that much for two months of daily duty. And watchmen are decently paid, for common folk, and they sure as blessed shit do not get paid in white iron.”

“Oh.”

“So not only was Veslin taking money, he was taking too much money. A full crown! You can buy a death for much less, yours included.”

“Um…how much did you pay for my…” Locke tapped his chest, where the death-mark still hung beneath his shirt.

“I don’t mean to prick your rather substantial opinion of yourself, but I’m still not sure if it was two coppers wisely spent.” At the boy’s expression, Chains barked out a rich, genuine laugh, but then his voice grew serious once again. “Keep guessing, boy. But the point remains. You can get good, hard men to do serious work for less. You could buy five or six major pieces of business, if you know what I mean. So, when you stuck a white iron coin in Veslin’s things-”

“It was too much money for anything…simple?”

“Dead on. Far too much money for information or errands. Nobody in their right mind gives a fucking graveyard urchin a full crown. Unless that urchin is being paid to do something big. Kill your old master, for example. Smoke out all of Shades’ Hill and everyone in it. So if the poor Thiefmaker was upset to discover that Veslin was on the take, you can imagine how he felt when he saw how much money was involved.”

Locke nodded furiously.

“Ahhhhh, so. Two mistakes. Your third mistake was involving Gregor. Was Gregor supposed to get hit with the ugly stick?”

“I didn’t like him, but no. I just wanted Veslin. Maybe I wanted Gregor to get a little, but not as much as Veslin.”

“Just so. You had a target, and you had a twist to play on that target, but you didn’t control the situation. So your game for Veslin spilled over and Gregor Foss got the knife, too.”

“That’s what I said, isn’t it? I already admitted it!”

“Angry now? My, yes, you would be…angry that you fucked up. Angry that you’re not as clever as you think. Angry that the gods gave lots of other people the same sort of brain they gave Locke Lamora. Quite the pisser, isn’t it?”

Locke blew his little lamp out with one quick breath, then flung it in an arc, as high over the parapet as his slender arm could throw. The crash of its landing was lost in the murmur of the busy Camorri night. The boy crossed his arms defensively.

“Well, it certainly is nice to be free from the threat of that lamp, my boy.” Chains drew a last breath of smoke, then rubbed his dwindling sheaf of tobacco out against the roof stones. “Was it informing for the duke? Plotting to murder us?”

Locke said nothing, teeth clenched and lower lip protruding. Petulance, the natural nonverbal language of the very young. Chains snorted.

“I do believe everything you’ve told me, Locke, because I had a long talk with your former master before I took you off his hands. Like I said, he told me everything. He told me about your last and biggest mistake. The one that tipped him off and got you sent here. Can you guess what it might have been?”

Locke shook his head.

“Can’t, or won’t?”

“I really don’t know.” Locke looked down. “I hadn’t actually…thought about it.”

“You showed other kids in Streets the white iron coin, didn’t you? You had them help you look for it. You let some of them know what it might be used for. And you ordered them not to talk about it. But what did you, ah, back that order up with?”