In this paper, the author discusses two models of masochism. The starting point is a two-perspective theory on therapeutic action, put forward at the Anna Freud Centre. In one model, focus is on processes reflecting functions the patient has acquired (or not). In the other model, focus is on available representations. In the latter theory, one goes into the psychic material (the representations), in process or function theory, again, one concentrates on the use of the material. From these two perspectives, the author looks into masochism and the negative therapeutic reaction. In both models masochism seems to reflect a felt impossibility to accept vulnerability. The vulnerability, however, relates (in respective theory) to different realities. Three cases are used as illustrations.