In τ physics, we are at the frontier between the completion of the LEP program and the start of analyses from b-factories, which are expected to produce results in the coming years. Nice results from CLEO are steadily delivered in the meantime. For charm, impressive progress have been achieved by fixed target experiments in the search for CP violation and Do - /lineDo oscillations. First results from b-factories demonstrate the power of these facilities in such areas. The novel measurement of the D* width by CLEO happens to be rather different from current expectations. The absence of a charm factory explains the lack or the very slow progress in the absolute scale determinations for charm decays.