Buffy: You...
The Master: So, this is the Slayer? You're prettier than the last one.
Buffy: This isn't real. You can't be free.
The Master: You still don't understand, do you? I am free because you fear it. Because you fear it, the world is crumbling. Your nightmares are made flesh. You have little Billy to thank for that.
[She turns around and Billy is missing]
Buffy: This is a dream!
The Master: A dream is a wish your heart makes.
[He grabs onto her]
The Master: This is real life.