The concepts of Equivalence and of Consubstantiality are presented and explored. They are helpful in better understanding the special relationship between Past, Present, Feared Future, and Potential Future in the analytic experience. Particularly, Confluence and “Non-Confusional Consubstantiality” need to be recognized and described as constructive analytic concepts. Also, the distinction between Repetition, Recurrence, and Rediscovery deserves an accurate consideration. An analytic case presentation (“A session with Olympia”) completes clinically the chapter.