Book excerpt: At this workshop, there are two pedagogical lectures on heavy quark effective theory and heavy quarkonium, given by B Grinstein and E Braaten. This is followed by eighteen talks addressing recent experimental and theoretical developments on a variety of topics. They include applications of heavy quark effective theory, heavy ion physics, CP violation in kaon and bottom mesons, implications of Higgs particle discovery, rare decays of kaons and pions, and new physics beyond the standard model.