Even if new data indicate that direct CP violation in D -meson decays is compatible with the standard model expectation, the first hints for direct CP violation have triggered a lot of interest, and charm phenomenology will remain an essential part of new physics searches due to its unique role as a probe for flavor-changing neutral currents among up-type quarks. Charm physics poses considerable theoretical challenges, because the charm mass is neither light nor truly heavy. The heavy quark expansion (HQE) provides a perturbative expansion in the inverse heavy quark mass for inclusive rates. It has proved to be very successful in the B sector, yet its validity for charm decays has often been questioned. We present results of a HQE study of...