Theoretical aspects of rare $B$ decays are reviewed. The focus is on the relation between short-distance interactions and physical observables. It is argued that there remain significant uncertainties in the theoretical treatment of certain important quantities. (Talk presented at the International Symposium on Vector Boson Interactions, University of California, Los Angeles, February 1-3, 1995)

12 pages, uses REVTeX with aps.sty, epsf.sty, floats.sty; 10 uuencoded .eps figures included