The Big Short (film)
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''The Big Short'' is a 2015 American
biographical A biography, or simply bio, is a detailed description of a person's life. It involves more than just the basic facts like education, work, relationships, and death; it portrays a person's experience of these life events. Unlike a profile or ...
crime In ordinary language, a crime is an unlawful act punishable by a State (polity), state or other authority. The term ''crime'' does not, in modern criminal law, have any simple and universally accepted definition,Farmer, Lindsay: "Crime, definit ...
comedy-drama film Comedy drama, also known by the portmanteau ''dramedy'', is a genre of dramatic works that combines elements of comedy and drama. The modern, scripted-television examples tend to have more humorous bits than simple comic relief seen in a typical ...
directed and co-written by Adam McKay. Co-written by
Charles Randolph Charles Randolph is an American screenwriter and producer for film and television. In 2015, he won the Academy Award for Best Adapted Screenplay along with Adam McKay for co-writing ''The Big Short''. In 2019, he wrote and produced the film '' ...
, it is based on the 2010 book '' The Big Short: Inside the Doomsday Machine'' by
Michael Lewis Michael Monroe Lewis (born October 15, 1960) Gale Biography In Context. is an American author and financial journalist. He has also been a contributing editor to ''Vanity Fair'' since 2009, writing mostly on business, finance, and economics. He ...
showing how the
financial crisis of 2007–2008 Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fi ...
was triggered by the
United States housing bubble The 2000s United States housing bubble was a real-estate bubble affecting over half of the U.S. states. It was the impetus for the subprime mortgage crisis. Housing prices peaked in early 2006, started to decline in 2006 and 2007, and reac ...
. The film stars
Christian Bale Christian Charles Philip Bale (born 30 January 1974) is an English actor. Known for his versatility and physical transformations for his roles, he has been a leading man in films of several genres. He has received various accolades, including ...
,
Steve Carell Steven John Carell (; born August 16, 1962) is an American actor and comedian. He played Michael Scott (The Office), Michael Scott in ''The Office (American TV series), The Office'' (2005–2011; 2013), NBC’s adaptation of the The Office (B ...
, Ryan Gosling and
Brad Pitt William Bradley Pitt (born December 18, 1963) is an American actor and film producer. He is the recipient of various accolades, including two Academy Awards, a British Academy Film Award, two Golden Globe Awards, and a Primetime Emmy Award. ...
, with
John Magaro John Robert Magaro (born February 16, 1983) is an American actor. He starred in '' Not Fade Away'' (2012). He also had roles in ''The Big Short'', '' Carol'' (2015) and the Netflix series ''Orange Is the New Black'' and ''The Umbrella Academy''. ...
,
Finn Wittrock Peter L. Wittrock Jr. (born October 28, 1984), known as Finn Wittrock, is an US actor and screenwriter who began his career in guest roles on several television shows. He made his film debut in 2004, in ''Halloweentown High'' before returning to f ...
,
Hamish Linklater Hamish Linklater (born July 7, 1976) is an American actor and playwright. He is known for playing Matthew Kimble in '' The New Adventures of Old Christine'', Andrew Keanelly in ''The Crazy Ones'', and Clark Debussy in ''Legion''. He is the son of ...
, Rafe Spall, Jeremy Strong, and
Marisa Tomei Marisa Tomei ( , ; born December 4, 1964) is an American actress. She came to prominence as a cast member on '' The Cosby Show'' spin-off '' A Different World'' in 1987. After having minor roles in a few films, she came to international attentio ...
in supporting roles. The film is noted for the unconventional techniques it employs to explain
financial instrument Financial instruments are monetary contracts between parties. They can be created, traded, modified and settled. They can be cash (currency), evidence of an ownership interest in an entity or a contractual right to receive or deliver in the form ...
s. Among others, it features
cameo appearance A cameo role, also called a cameo appearance and often shortened to just cameo (), is a brief appearance of a well-known person in a work of the performing arts. These roles are generally small, many of them non-speaking ones, and are commonly eit ...
s by actress
Margot Robbie Margot Elise Robbie (; born 2 July 1990) is an Australian actress and producer. Known for her work in both blockbuster and independent films, she has received several accolades, including nominations for two Academy Awards, four Golden Glob ...
, chef
Anthony Bourdain Anthony Michael Bourdain (; June 25, 1956 – June 8, 2018) was an American celebrity chef, author, and travel documentarian who starred in programs focusing on the exploration of international culture, cuisine, and the human condition. Bourdai ...
, singer-songwriter
Selena Gomez Selena Marie Gomez ( ; born July 22, 1992) is an American singer, actress and producer. Gomez began her acting career on the children's television series ''Barney & Friends'' (2002–2004). As a teenager, she rose to prominence for starring a ...
, and economist
Richard Thaler Richard H. Thaler (; born September 12, 1945) is an American economist and the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago Booth School of Business. In 2015, Thaler was p ...
, who break the
fourth wall The fourth wall is a performance convention in which an invisible, imaginary wall separates actors from the audience. While the audience can see through this ''wall'', the convention assumes the actors act as if they cannot. From the 16th cen ...
to explain concepts such as
subprime mortgages The United States subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010 that contributed to the 2007–2008 global financial crisis. It was triggered by a large decline in US home prices after the coll ...
and synthetic collateralized debt obligations. Several of the film's characters directly address the audience, most frequently Gosling's, who serves as the narrator. ''The Big Short'' began a
limited release __FORCETOC__ Limited theatrical release is a film distribution strategy of releasing a new film in a few theaters across a country, typically art house theaters in major metropolitan markets. Since 1994, a limited theatrical release in the Unite ...
in the United States on December 11, 2015, followed by a
wide release In the American motion picture industry, a wide release (short for nationwide release) is a film playing at the same time at cinemas in most markets across the country. This is in contrast to the formerly common practice of a roadshow theatrical re ...
on December 23 by
Paramount Pictures Paramount Pictures Corporation is an American film and television production company, production and Distribution (marketing), distribution company and the main namesake division of Paramount Global (formerly ViacomCBS). It is the fifth-oldes ...
. A critical and commercial success, the film grossed $133 million on $50 million budget and received acclaim for the performances of the cast (particularly that of Bale), McKay's direction, editing, and the screenplay. The film won the
Academy Award for Best Adapted Screenplay The Academy Award for Best Adapted Screenplay is the Academy Award for the best screenplay adapted from previously established material. The most frequently adapted media are novels, but other adapted narrative formats include stage plays, musica ...
in addition to nominations for
Best Picture This is a list of categories of awards commonly awarded through organizations that bestow film awards, including those presented by various film, festivals, and people's awards. Best Actor/Best Actress *See Best Actor#Film awards, Best Actress#F ...
,
Best Director Best Director is the name of an award which is presented by various film, television and theatre organizations, festivals, and people's awards. It may refer to: Film awards * AACTA Award for Best Direction * Academy Award for Best Director * BA ...
, Best Supporting Actor (Bale), and Best Film Editing.


Premise

The film consists of three separate but concurrent stories, loosely connected by their actions in the years leading up to the 2007 housing market crash.


Scion Capital

In 2005, eccentric
hedge fund A hedge fund is a pooled investment fund that trades in relatively liquid assets and is able to make extensive use of more complex trading, portfolio-construction, and risk management techniques in an attempt to improve performance, such as sho ...
manager
Michael Burry Michael James Burry (; born June 19, 1971) is an American investor, hedge fund manager, and physician. He founded the hedge fund Scion Capital, which he ran from 2000 until 2008 before closing it to focus on his personal investments. He is best k ...
discovers that the United States housing market, based on high-risk subprime loans, is extremely unstable. Anticipating the market's collapse in the second quarter of 2007, as interest rates would rise from
adjustable-rate mortgage A variable-rate mortgage, adjustable-rate mortgage (ARM), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets.Wie ...
s, he proposes to create a
credit default swap A credit default swap (CDS) is a financial swap agreement that the seller of the CDS will compensate the buyer in the event of a debt default (by the debtor) or other credit event. That is, the seller of the CDS insures the buyer against som ...
market, allowing him to bet against, or
short Short may refer to: Places * Short (crater), a lunar impact crater on the near side of the Moon * Short, Mississippi, an unincorporated community * Short, Oklahoma, a census-designated place People * Short (surname) * List of people known as ...
, market-based
mortgage-backed securities A mortgage-backed security (MBS) is a type of asset-backed security (an 'instrument') which is secured by a mortgage or collection of mortgages. The mortgages are aggregated and sold to a group of individuals (a government agency or investment ba ...
, for profit. His long-term bet, exceeding $1 billion, is accepted by major investment and commercial banks but requires paying substantial monthly premiums. This sparks his main client, Lawrence Fields, to accuse him of "wasting"
capital Capital may refer to: Common uses * Capital city, a municipality of primary status ** List of national capital cities * Capital letter, an upper-case letter Economics and social sciences * Capital (economics), the durable produced goods used f ...
while many clients demand that he reverse and sell, but Burry refuses. Under pressure, he eventually restricts withdrawals, angering investors, and Fields sues Burry. Eventually, the market collapses and his fund's value increases by 489% with an overall profit (even allowing for the massive premiums) of over $2.69 billion, with Fields receiving $489 million alone.


FrontPoint Partners

Jared Vennett (based on
Greg Lippmann Greg Holden Lippmann (born 1968/1969) is an American hedge fund manager, and one of the key figures in Michael Lewis' book ''The Big Short''. Early life Greg Lippmann is the son of Susan Lippmann, a business manager at Purchase College, and Thoma ...
), the executive in charge of global asset-backed securities trading at
Deutsche Bank Deutsche Bank AG (), sometimes referred to simply as Deutsche, is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Sto ...
, is one of the first to understand Burry's analysis, learning from one of the bankers who sold Burry an early credit default swap. Using his quant to verify that Burry is most likely correct, he decides to enter the market, earning a fee from selling the swaps to firms who will profit when the underlying bonds fail. A misplaced phone call alerts FrontPoint Partners hedge fund manager Mark Baum (based on Steve Eisman), who is motivated to buy swaps from Vennett due to his low regard for banks' ethics and business models. Vennett explains that the packaging of subprime loans into
collateralized debt obligation A collateralized debt obligation (CDO) is a type of structured asset-backed security (ABS). Originally developed as instruments for the corporate debt markets, after 2002 CDOs became vehicles for refinancing mortgage-backed securities (MBS).Lepke ...
s (CDOs) rated at AAA ratings will guarantee their eventual collapse. Conducting a field investigation in South Florida, the FrontPoint team discovers that
mortgage broker A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. Traditionally, banks and other lending institutions have sold their own products. As markets for mortgages have become more competitive, ...
s are profiting by selling their mortgage deals to
Wall Street Wall Street is an eight-block-long street in the Financial District of Lower Manhattan in New York City. It runs between Broadway in the west to South Street and the East River in the east. The term "Wall Street" has become a metonym for t ...
banks, who pay higher margins for the riskier mortgages, creating the bubble. This knowledge prompts the FrontPoint team to buy swaps from Vennett. In early 2007, as these loans begin to default, CDO prices somehow rise and ratings agencies refuse to downgrade the bond ratings. Baum discovers
conflicts of interest A conflict of interest (COI) is a situation in which a person or organization is involved in multiple interests, financial or otherwise, and serving one interest could involve working against another. Typically, this relates to situations i ...
and dishonesty amongst the credit rating agencies from an acquaintance at
Standard & Poor's S&P Global Ratings (previously Standard & Poor's and informally known as S&P) is an American credit rating agency (CRA) and a division of S&P Global that publishes financial research and analysis on stocks, bonds, and commodities. S&P is con ...
. Vennett invites the team to the American Securitization Forum in Las Vegas, where Baum learns from a CDO manager that the market for insuring mortgage bonds, including "
synthetic CDO A synthetic CDO (collateralized debt obligation) is a variation of a CDO that generally uses credit default swaps and other derivatives to obtain its investment goals.Lemke, Lins and Picard, ''Mortgage-Backed Securities'', §5:16 (Thomson West, 2017 ...
s" which are bets in favor of the faulty mortgage bonds, is significantly larger than the market for the mortgage loans themselves, leading a horrified Baum to realize the entire world economy is set to collapse. As the subprime bonds continue to fall, Baum learns that
Morgan Stanley Morgan Stanley is an American multinational investment management and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in more than 41 countries and more than 75,000 employees, the fir ...
, under whose umbrella FrontPoint operates, had also taken short positions against mortgage derivatives. However, in order to offset the risk and the monthly premiums, it had bought higher-rated mortgage derivatives. Now that these are also collapsing in value, Morgan Stanley is facing severe liquidity problems. Despite pressure from his staff to sell their position before Morgan Stanley collapses, Baum refuses to sell until the economy is on the verge of collapsing, making over $1 billion in their swaps. Even so, Baum laments that the banks, as well as the government, will not admit what caused the economy to collapse, but will instead blame "immigrants and poor people".


Brownfield Capital

Young investors Charlie Geller and Jamie Shipley run a small firm called Brownfield Capital (based on the firm
Cornwall Capital Cornwall Capital is a New York City-based private financial investment corporation. It was founded in 2003 by Jamie Mai, President and Chief Investment Officer, under the guidance of his father, Vincent Mai, who ran the private equity firm AEA I ...
). They accidentally discover a marketing presentation by Vennett on a coffee table in the lobby of a large investment bank (the characters address the audience stating that in reality they had heard about Vennett's plan through word of mouth from friends and family), convincing them to invest in swaps, as it fits their strategy of buying cheap insurance with big potential payouts. Below the capital threshold for an
ISDA Master Agreement The ISDA Master Agreement, published by the International Swaps and Derivatives Association, is the most commonly used master service agreement for OTC derivatives transactions internationally. It is part of a framework of documents, designed ...
required to enter into trades like Burry's and Baum's, they enlist the aid of Ben Rickert, a retired securities trader who was based in
Singapore Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, borde ...
. When the bond values and CDOs rise despite defaults, Geller suspects the banks of committing fraud. The trio also visit the American Securitization Forum, where they learn that the SEC has no regulations to monitor mortgage-backed security activity. They successfully make even more profit than Burry and Baum by shorting the higher-rated AA mortgage securities, as they were considered highly stable and carried a much higher payout ratio. Later, as default numbers rise, the value of the CDOs and mortgage bonds does not change, and they realize the banks and the ratings agencies are maintaining the value of their CDOs in order to sell and short them before the inevitable crash. Horrified, they try to tip off the press about the upcoming disaster and the rampant fraud, but a writer from ''
The Wall Street Journal ''The Wall Street Journal'' is an American business-focused, international daily newspaper based in New York City, with international editions also available in Chinese and Japanese. The ''Journal'', along with its Asian editions, is published ...
'' exposes his own personal conflict of interest and will not listen in order to not endanger his relationships at the Wall Street investment banks. As the market starts collapsing, Ben, on vacation in England, sells their swaps. Ultimately, they turn their $30 million investment into $80 million, but their faith in the system is broken when Ben tells them of the severe consequences for the general public.


Epilogue

Jared Vennett receives a bonus of $47 million for all of his swap sales. Mark Baum becomes more gracious from the financial fallout, and his staff continue to operate their fund. Charlie Geller and Jamie Shipley go their separate ways after unsuccessfully trying to sue the ratings agencies, with Charlie moving to
Charlotte Charlotte ( ) is the most populous city in the U.S. state of North Carolina. Located in the Piedmont region, it is the county seat of Mecklenburg County. The population was 874,579 at the 2020 census, making Charlotte the 16th-most populo ...
to start a family, and Jamie still running the fund. Ben Rickert returns to his peaceful retirement. Michael Burry closes his fund after public backlash and multiple IRS
audit An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon.” Auditing ...
s, now only investing in water securities. The personnel of the banks responsible for the crisis escape any consequences for their actions, with the single exception of one trader. It is noted that as of 2015, banks are selling CDOs again under a new label: " Bespoke Tranche Opportunity".


Cast

*
Christian Bale Christian Charles Philip Bale (born 30 January 1974) is an English actor. Known for his versatility and physical transformations for his roles, he has been a leading man in films of several genres. He has received various accolades, including ...
as
Michael Burry Michael James Burry (; born June 19, 1971) is an American investor, hedge fund manager, and physician. He founded the hedge fund Scion Capital, which he ran from 2000 until 2008 before closing it to focus on his personal investments. He is best k ...
: one of the first people to discover the American housing market bubble. Burry operates his own hedge fund,
Scion Capital Michael James Burry (; born June 19, 1971) is an American investor, hedge fund manager, and physician. He founded the hedge fund Scion Capital, which he ran from 2000 until 2008 before closing it to focus on his personal investments. He is best k ...
, and uses his liquidity to short the housing market. *
Steve Carell Steven John Carell (; born August 16, 1962) is an American actor and comedian. He played Michael Scott (The Office), Michael Scott in ''The Office (American TV series), The Office'' (2005–2011; 2013), NBC’s adaptation of the The Office (B ...
as Mark Baum: the leader of FrontPoint Partners, a small independent trading firm. Baum is in a state of constant disgust with the American banks. The character is based on Steve Eisman. * Ryan Gosling as Jared Vennett: a salesman from
Deutsche Bank Deutsche Bank AG (), sometimes referred to simply as Deutsche, is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Sto ...
who decides to sell Burry's credit default swaps for his own profit. The character of Vennett is based on
Greg Lippmann Greg Holden Lippmann (born 1968/1969) is an American hedge fund manager, and one of the key figures in Michael Lewis' book ''The Big Short''. Early life Greg Lippmann is the son of Susan Lippmann, a business manager at Purchase College, and Thoma ...
. *
Brad Pitt William Bradley Pitt (born December 18, 1963) is an American actor and film producer. He is the recipient of various accolades, including two Academy Awards, a British Academy Film Award, two Golden Globe Awards, and a Primetime Emmy Award. ...
as Ben Rickert: a retired former trader who helps Jamie and Charlie with their trades. The character is based on Ben Hockett. *
John Magaro John Robert Magaro (born February 16, 1983) is an American actor. He starred in '' Not Fade Away'' (2012). He also had roles in ''The Big Short'', '' Carol'' (2015) and the Netflix series ''Orange Is the New Black'' and ''The Umbrella Academy''. ...
as Charlie Geller: one half of Brownfield Fund (based on
Cornwall Capital Cornwall Capital is a New York City-based private financial investment corporation. It was founded in 2003 by Jamie Mai, President and Chief Investment Officer, under the guidance of his father, Vincent Mai, who ran the private equity firm AEA I ...
), who discover Vennett's prospectus and also decide to short the housing market. The character is based on Charlie Ledley. *
Finn Wittrock Peter L. Wittrock Jr. (born October 28, 1984), known as Finn Wittrock, is an US actor and screenwriter who began his career in guest roles on several television shows. He made his film debut in 2004, in ''Halloweentown High'' before returning to f ...
as Jamie Shipley: Charlie's partner in Brownfield Fund. The character is based on James Mai. *
Hamish Linklater Hamish Linklater (born July 7, 1976) is an American actor and playwright. He is known for playing Matthew Kimble in '' The New Adventures of Old Christine'', Andrew Keanelly in ''The Crazy Ones'', and Clark Debussy in ''Legion''. He is the son of ...
as Porter Collins: one of Baum's team. * Rafe Spall as Danny Moses: one of Baum's team. * Jeremy Strong as Vinny Daniel: one of Baum's team. *
Marisa Tomei Marisa Tomei ( , ; born December 4, 1964) is an American actress. She came to prominence as a cast member on '' The Cosby Show'' spin-off '' A Different World'' in 1987. After having minor roles in a few films, she came to international attentio ...
as Cynthia Baum: Mark Baum's wife.
Tracy Letts Tracy S. Letts (born July 4, 1965) is an American actor, playwright, and screenwriter. He started his career at the Steppenwolf Theatre before making his Broadway debut as a playwright for '' August: Osage County'' (2007), for which he received ...
appears as Lawrence Fields, an investor in Burry's hedge fund, a fictional composite of
Joel Greenblatt Joel Greenblatt (born December 13, 1957) is an American academic, hedge fund manager, investor, and writer. He is a value investor, alumnus of the Wharton School of the University of Pennsylvania, and adjunct professor at the Columbia University G ...
and others who had invested with Burry but came to disagree with his strategy.
Byron Mann Byron Mann is a Hong Kong-American actor of film and television. His best-known roles include Ryu in ''Street Fighter'', Silver Lion in ''The Man with the Iron Fists'', Wing Chau in ''The Big Short'', Admiral Augusto Nguyen on ''The Expanse'', ...
appeared as Mr. Chau, a CDO specialist whom Baum interviews in Las Vegas, and
Melissa Leo Melissa Chessington Leo (born September 14, 1960) is an American actress. She is the recipient of several accolades, including an Academy Award, a Primetime Emmy Award, a Golden Globe Award, a Screen Actors Guild Award and two Critics' Choice A ...
as Georgia Hale, an employee of
Standard and Poor's S&P Global Ratings (previously Standard & Poor's and informally known as S&P) is an American credit rating agency (CRA) and a division of S&P Global that publishes financial research and analysis on stocks, bonds, and commodities. S&P is consi ...
who admits to giving inaccurate ratings for bonds.
Adepero Oduye Adepero Oduye ( ) (born January 11, 1978) is an American actress, director, singer, and writer. She is known for '' Pariah'' (2011), '' 12 Years a Slave'' (2013), ''The Big Short'' (2015), and '' Widows'' (2018). Life and career Adepero Oduye ...
portrays Kathy Tao, an employee of
Morgan Stanley Morgan Stanley is an American multinational investment management and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in more than 41 countries and more than 75,000 employees, the fir ...
, who oversees Baum's fund. In minor roles,
Karen Gillan Karen Sheila Gillan (; born 28 November 1987) is a Scottish actress. She gained recognition for her work in British film and television, particularly for playing Amy Pond, a primary companion to the Eleventh Doctor in the science fiction seri ...
appears as Evie, an employee of the SEC and Jamie's brother's ex-girlfriend, whom he meets with in Las Vegas.
Max Greenfield Max Greenfield (born September 4, 1979) is an American actor. He appeared in recurring roles in ''Veronica Mars'' and ''Ugly Betty''. He co-starred as Schmidt in the Fox sitcom ''New Girl'', for which he received nominations at the Primetime Em ...
and
Billy Magnussen William Gregory Magnussen (born April 20, 1985) is an American actor. He has been featured in the films ''Into the Woods'' (2014), ''Birth of the Dragon'' (2016), '' Game Night'' (2018), and '' Aladdin'' (2019), and has had supporting television ...
appear as mortgage brokers taking advantage of people looking for homes.
Jae Suh Park Jae Suh Park (Korean: 박재서, born April 5, 1984) is an American actress who starred in the 2017 Netflix comedy series ''Friends from College''. Personal life Park grew up in Lodi, California. She is married to Randall Park, and they have o ...
features as Burry's wife, and
Margot Robbie Margot Elise Robbie (; born 2 July 1990) is an Australian actress and producer. Known for her work in both blockbuster and independent films, she has received several accolades, including nominations for two Academy Awards, four Golden Glob ...
,
Anthony Bourdain Anthony Michael Bourdain (; June 25, 1956 – June 8, 2018) was an American celebrity chef, author, and travel documentarian who starred in programs focusing on the exploration of international culture, cuisine, and the human condition. Bourdai ...
,
Richard Thaler Richard H. Thaler (; born September 12, 1945) is an American economist and the Charles R. Walgreen Distinguished Service Professor of Behavioral Science and Economics at the University of Chicago Booth School of Business. In 2015, Thaler was p ...
and
Selena Gomez Selena Marie Gomez ( ; born July 22, 1992) is an American singer, actress and producer. Gomez began her acting career on the children's television series ''Barney & Friends'' (2002–2004). As a teenager, she rose to prominence for starring a ...
make cameo appearances as themselves in non-sequiturs to explain different financial aspects of the film. The real Michael Burry made a cameo in the film as a Scion employee. At the beginning of the scene in which the fictional Burry's investors confront him at his office, he is briefly shown standing near the front door, talking on the phone.


Production


Development

In 2013,
Paramount Paramount (from the word ''paramount'' meaning "above all others") may refer to: Entertainment and music companies * Paramount Global, also known simply as Paramount, an American mass media company formerly known as ViacomCBS. The following busin ...
acquired the rights to the 2010 non-fiction book '' The Big Short: Inside the Doomsday Machine'' by
Michael Lewis Michael Monroe Lewis (born October 15, 1960) Gale Biography In Context. is an American author and financial journalist. He has also been a contributing editor to ''Vanity Fair'' since 2009, writing mostly on business, finance, and economics. He ...
, to develop it into a film, which
Brad Pitt William Bradley Pitt (born December 18, 1963) is an American actor and film producer. He is the recipient of various accolades, including two Academy Awards, a British Academy Film Award, two Golden Globe Awards, and a Primetime Emmy Award. ...
's
Plan B Entertainment Plan B Entertainment, Inc., more commonly known as Plan B, is an American production company founded in November in 2001 by Brad Grey, Brad Pitt, Jennifer Aniston and Kristin Hahn. In 2005, after Pitt and Aniston divorced, Grey became the CEO o ...
would produce. On March 24, 2014, Adam McKay was hired to write and direct a film about the housing and
economic bubble An economic bubble (also called a speculative bubble or a financial bubble) is a period when current asset prices greatly exceed their intrinsic valuation, being the valuation that the underlying long-term fundamentals justify. Bubbles can be c ...
. Screenwriter
Charles Randolph Charles Randolph is an American screenwriter and producer for film and television. In 2015, he won the Academy Award for Best Adapted Screenplay along with Adam McKay for co-writing ''The Big Short''. In 2019, he wrote and produced the film '' ...
, who co-wrote the film with McKay, said one of the first challenges was finding the right tone for the film. He told ''Creative Screenwriting'', "In general it was trying to find the right tone that was slightly funnier than your average
Miloš Forman Jan Tomáš "Miloš" Forman (; ; 18 February 1932 – 13 April 2018) was a Czech and American film director, screenwriter, actor, and professor who rose to fame in his native Czechoslovakia before emigrating to the United States in 1968. Forman ...
comedy, which is all grounded character-based but not so satirical where you got ''
Wag the Dog ''Wag the Dog'' is a 1997 American political satire black comedy film produced and directed by Barry Levinson and starring Dustin Hoffman and Robert De Niro. The film centers on a spin doctor and a Hollywood producer who fabricate a war in Al ...
.'' Somewhere between there was what I was shooting for. Once I got the tone down, then I went through the plot. The market's movements provided you with an underlying plot. You make your short deal, then the bank is trying to squeeze you out, and then it all breaks loose. So that was pretty easy, and it provided character arcs against that." Two years after Randolph wrote his draft, McKay, as director, rewrote Randolph's screenplay. It was McKay's idea to include the celebrity cameos in the film to explain the financial concepts.


Casting

On January 13, 2015, ''
Variety Variety may refer to: Arts and entertainment Entertainment formats * Variety (radio) * Variety show, in theater and television Films * ''Variety'' (1925 film), a German silent film directed by Ewald Andre Dupont * ''Variety'' (1935 film), ...
'' reported that
Brad Pitt William Bradley Pitt (born December 18, 1963) is an American actor and film producer. He is the recipient of various accolades, including two Academy Awards, a British Academy Film Award, two Golden Globe Awards, and a Primetime Emmy Award. ...
,
Christian Bale Christian Charles Philip Bale (born 30 January 1974) is an English actor. Known for his versatility and physical transformations for his roles, he has been a leading man in films of several genres. He has received various accolades, including ...
, and Ryan Gosling were set to star in the film, with Pitt producing the film along with
Dede Gardner Dorcas Wright "Dede" Gardner (born October 16, 1967) is an American film producer and the president of Plan B Entertainment. She is a two-time Oscar winner for '' 12 Years a Slave'' and ''Moonlight'', the first woman to win two Oscars for Best P ...
and
Jeremy Kleiner Jeremy Kleiner (born 1976/1977) is an American film producer. He and his fellow producers won two Academy Awards for Best Picture for the 2013 film ''12 Years a Slave'' and the 2016 film '' Moonlight''. Biography Kleiner was born to a Jewish f ...
.
Plan B Entertainment Plan B Entertainment, Inc., more commonly known as Plan B, is an American production company founded in November in 2001 by Brad Grey, Brad Pitt, Jennifer Aniston and Kristin Hahn. In 2005, after Pitt and Aniston divorced, Grey became the CEO o ...
would finance, with Paramount handling the distribution rights. Before this, Pitt had already starred in the adaptation of the author's '' Moneyball'', for which he was nominated for an Oscar. On January 14, it was announced that
Steve Carell Steven John Carell (; born August 16, 1962) is an American actor and comedian. He played Michael Scott (The Office), Michael Scott in ''The Office (American TV series), The Office'' (2005–2011; 2013), NBC’s adaptation of the The Office (B ...
would also star. On April 21, 2015, more cast was revealed by ''Deadline'', including
Melissa Leo Melissa Chessington Leo (born September 14, 1960) is an American actress. She is the recipient of several accolades, including an Academy Award, a Primetime Emmy Award, a Golden Globe Award, a Screen Actors Guild Award and two Critics' Choice A ...
,
Marisa Tomei Marisa Tomei ( , ; born December 4, 1964) is an American actress. She came to prominence as a cast member on '' The Cosby Show'' spin-off '' A Different World'' in 1987. After having minor roles in a few films, she came to international attentio ...
,
Tracy Letts Tracy S. Letts (born July 4, 1965) is an American actor, playwright, and screenwriter. He started his career at the Steppenwolf Theatre before making his Broadway debut as a playwright for '' August: Osage County'' (2007), for which he received ...
,
Hamish Linklater Hamish Linklater (born July 7, 1976) is an American actor and playwright. He is known for playing Matthew Kimble in '' The New Adventures of Old Christine'', Andrew Keanelly in ''The Crazy Ones'', and Clark Debussy in ''Legion''. He is the son of ...
,
John Magaro John Robert Magaro (born February 16, 1983) is an American actor. He starred in '' Not Fade Away'' (2012). He also had roles in ''The Big Short'', '' Carol'' (2015) and the Netflix series ''Orange Is the New Black'' and ''The Umbrella Academy''. ...
,
Byron Mann Byron Mann is a Hong Kong-American actor of film and television. His best-known roles include Ryu in ''Street Fighter'', Silver Lion in ''The Man with the Iron Fists'', Wing Chau in ''The Big Short'', Admiral Augusto Nguyen on ''The Expanse'', ...
, Rafe Spall, Jeremy Strong, and
Finn Wittrock Peter L. Wittrock Jr. (born October 28, 1984), known as Finn Wittrock, is an US actor and screenwriter who began his career in guest roles on several television shows. He made his film debut in 2004, in ''Halloweentown High'' before returning to f ...
.
Charles Randolph Charles Randolph is an American screenwriter and producer for film and television. In 2015, he won the Academy Award for Best Adapted Screenplay along with Adam McKay for co-writing ''The Big Short''. In 2019, he wrote and produced the film '' ...
wrote the initial draft.
Max Greenfield Max Greenfield (born September 4, 1979) is an American actor. He appeared in recurring roles in ''Veronica Mars'' and ''Ugly Betty''. He co-starred as Schmidt in the Fox sitcom ''New Girl'', for which he received nominations at the Primetime Em ...
joined the ensemble cast of the film on April 23, 2015.
Karen Gillan Karen Sheila Gillan (; born 28 November 1987) is a Scottish actress. She gained recognition for her work in British film and television, particularly for playing Amy Pond, a primary companion to the Eleventh Doctor in the science fiction seri ...
tweeted about her involvement in the film on May 8, 2015. Jeffry Griffin, who plays Vennett's assistant Chris, was originally only planned to appear as an
extra Extra or Xtra may refer to: Arts, entertainment and media Film * ''The Extra'' (1962 film), a Mexican film * ''The Extra'' (2005 film), an Australian film Literature * ''Extra'' (newspaper), a Brazilian newspaper * ''Extra!'', an American me ...
, and was cast to a speaking role after a production assistant picked him out of a crowd.


Filming

Principal photography Principal photography is the phase of producing a film or television show in which the bulk of shooting takes place, as distinct from the phases of pre-production and post-production. Personnel Besides the main film personnel, such as actor ...
on the film began on March 18, 2015, in
New Orleans New Orleans ( , ,New Orleans
Merriam-Webster.
; french: La Nouvelle-Orléans , es, Nuev ...
,
Louisiana Louisiana , group=pronunciation (French: ''La Louisiane'') is a state in the Deep South and South Central regions of the United States. It is the 20th-smallest by area and the 25th most populous of the 50 U.S. states. Louisiana is borde ...
. On March 25, filming was taking place on General de Gaulle Boulevard in the
Algiers Algiers ( ; ar, الجزائر, al-Jazāʾir; ber, Dzayer, script=Latn; french: Alger, ) is the capital and largest city of Algeria. The city's population at the 2008 Census was 2,988,145Census 14 April 2008: Office National des Statistiques ...
section of New Orleans. On May 8, Gillan confirmed she was shooting her scenes. On May 20, 2015, filming took place on a short stretch of Mercer Street, between
Prince Street The Prince Street station is a local station on the BMT Broadway Line of the New York City Subway. Located in SoHo, Manhattan, it is served by the R train at all times except late nights, the W train on weekdays, the N train during late nig ...
and
Spring Street Spring Street may refer to: * Spring Street (Los Angeles), USA * Spring Street (Manhattan), New York City, USA * Spring Street, Melbourne, Australia * Spring Street, Singapore * Spring St (website), a US based lifestyle website Subway and trolle ...
, in
Manhattan Manhattan (), known regionally as the City, is the most densely populated and geographically smallest of the five boroughs of New York City. The borough is also coextensive with New York County, one of the original counties of the U.S. state ...
,
New York City New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...
. On May 22, the production crew recreated the offices of failed investment firm
Lehman Brothers Lehman Brothers Holdings Inc. ( ) was an American global financial services firm founded in 1847. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman Sachs, Morgan Stanley, a ...
in the lobby of the
New York State Department of Financial Services The New York State Department of Financial Services (DFS or NYSDFS) is the department of the Government of New York (state), New York state government responsible for regulating financial services and products, including those subject to the Consol ...
in Manhattan. An assistant counsel for the Department of Financial Services played one of the extras in the scene.


Release

On September 22, 2015, Paramount set the film for a
limited release __FORCETOC__ Limited theatrical release is a film distribution strategy of releasing a new film in a few theaters across a country, typically art house theaters in major metropolitan markets. Since 1994, a limited theatrical release in the Unite ...
on December 11, 2015, and a
wide release In the American motion picture industry, a wide release (short for nationwide release) is a film playing at the same time at cinemas in most markets across the country. This is in contrast to the formerly common practice of a roadshow theatrical re ...
on December 23, 2015. The film was released on
DVD The DVD (common abbreviation for Digital Video Disc or Digital Versatile Disc) is a digital optical disc data storage format. It was invented and developed in 1995 and first released on November 1, 1996, in Japan. The medium can store any kind ...
and
Blu-ray The Blu-ray Disc (BD), often known simply as Blu-ray, is a digital optical disc data storage format. It was invented and developed in 2005 and released on June 20, 2006 worldwide. It is designed to supersede the DVD format, and capable of sto ...
on March 15, 2016.


Reception


Box office

''The Big Short'' grossed $70.3 million in the United States and Canada and $63.2 million in other countries for a worldwide total of $133.4 million, against a production budget of $50 million. The film was released in eight theaters in
Los Angeles Los Angeles ( ; es, Los Ángeles, link=no , ), often referred to by its initials L.A., is the largest city in the state of California and the second most populous city in the United States after New York City, as well as one of the world' ...
, New York,
San Francisco San Francisco (; Spanish language, Spanish for "Francis of Assisi, Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the List of Ca ...
and
Chicago (''City in a Garden''); I Will , image_map = , map_caption = Interactive Map of Chicago , coordinates = , coordinates_footnotes = , subdivision_type = Country , subdivision_name ...
on December 11, 2015 and earned $705,527 (an average of $88,191 per theater). It set the record for the best ever per-screen gross for a film opening in eight locations, breaking the previous record held by ''
Memoirs of a Geisha ''Memoirs of a Geisha'' is a historical fiction novel by American author Arthur Golden, published in 1997. The novel, told in first person perspective, tells the story of Nitta Sayuri and the many trials she faces on the path to becoming and wo ...
'' ($85,313 per theater), and was the third biggest theater average of 2015 behind the four screen debuts of ''
Steve Jobs Steven Paul Jobs (February 24, 1955 – October 5, 2011) was an American entrepreneur, industrial designer, media proprietor, and investor. He was the co-founder, chairman, and CEO of Apple; the chairman and majority shareholder of Pixar; a ...
'' ($130,000) and '' The Revenant'' ($118,640). The film had its wide release on Wednesday December 23, 2015 and grossed $2.3 million on its first day. In its opening weekend it grossed $10.5 million, finishing 6th at the box office.


Critical response

On
review aggregator A review aggregator is a system that collects reviews of products and services (such as films, books, video games, software, hardware, and cars). This system stores the reviews and uses them for purposes such as supporting a website where users ...
website
Rotten Tomatoes Rotten Tomatoes is an American review-aggregation website for film and television. The company was launched in August 1998 by three undergraduate students at the University of California, Berkeley: Senh Duong, Patrick Y. Lee, and Stephen Wang ...
, the film has an approval rating of 89% based on 331 reviews, with an
average rating In ordinary language, an average is a single number taken as representative of a list of numbers, usually the sum of the numbers divided by how many numbers are in the list (the arithmetic mean). For example, the average of the numbers 2, 3, 4, 7 ...
of 7.80/10. The site's critical consensus reads, "''The Big Short'' approaches a serious, complicated subject with an impressive attention to detail – and manages to deliver a well-acted, scathingly funny indictment of its real-life villains in the bargain." On
Metacritic Metacritic is a website that review aggregator, aggregates reviews of films, TV shows, music albums, video games and formerly, books. For each product, the scores from each review are averaged (a weighted arithmetic mean, weighted average). M ...
, the film has a score of 81 out of 100 based on 45 reviews, indicating "universal acclaim". Audiences polled by
CinemaScore CinemaScore is a market research firm based in Las Vegas. It surveys film audiences to rate their viewing experiences with letter grades, reports the results, and forecasts box office receipts based on the data. Background Ed Mintz founded Ci ...
gave the film an average grade of "A−" on an A+ to F scale.
IGN ''IGN'' (formerly ''Imagine Games Network'') is an American video game and entertainment media website operated by IGN Entertainment Inc., a subsidiary of Ziff Davis, Inc. The company's headquarters is located in San Francisco's SoMa distri ...
gave the film a score of 8.6/10, praising its "energetic direction" and making "a complicated tale palpable for the layperson even as it triggers outrage at the fatcats who helped cause it". ''
The New York Times ''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid ...
'' "UpShot" series stated ''The Big Short'' offered the "strongest film explanation of the global financial crisis". The series also stated that it "wouldn't necessarily have been able to cash in as successfully as the characters in ''The Big Short''. The success of this film is due to the work of the actors who played the characters.”


Historical accuracy

David McCandless David McCandless (born 1971) is a British data-journalist, writer and information designer. Early life and education McCandless is an alumnus of Westfield College. Career McCandless is the founder of the visual blog ''Information Is Beautiful''. ...
's visual blog ''Information is Beautiful'' deduced that, while taking creative licence into account, the film was 91.4% accurate when compared to real-life events, calling it a "shockingly truthful film" with "very little dramatization or fakery". Movie critics with backgrounds in finance also commented on the film. Many agreed with the public that ''The Big Short'' was entertaining and engaging, but also terrifying.
Glenn Kenny Glenn Kenny (born August 8, 1959) is an American film critic and journalist. He writes for ''The New York Times'' and '' RogerEbert.com''. Biography Kenny attended William Paterson University, where he majored in English literature.Steve Eisman has become "Mark Baum" and
Greg Lippmann Greg Holden Lippmann (born 1968/1969) is an American hedge fund manager, and one of the key figures in Michael Lewis' book ''The Big Short''. Early life Greg Lippmann is the son of Susan Lippmann, a business manager at Purchase College, and Thoma ...
has become "Jared Vennett". Some biographical information has also been slightly modified. Eisman has said that he respects Carell's portrayal but that it was not 100 percent true to his real character. Speaking to ''
The Globe and Mail ''The Globe and Mail'' is a Canadian newspaper printed in five cities in western and central Canada. With a weekly readership of approximately 2 million in 2015, it is Canada's most widely read newspaper on weekdays and Saturdays, although it ...
'', Eisman said, "Eliminate my sense of humour and make me angry all the time, and that's arell'sportrayal. It's accurate enough, but it's not really me." The film, along with '' The Wolf of Wall Street'', had a brief resurgence in the wake of the January 2021
GameStop short squeeze In January 2021, a short squeeze of the stock of the American video game retailer GameStop () and other securities took place, causing major financial consequences for certain hedge funds and large losses for short sellers. Approximately 140 ...
as the events shown in the films provided reference points for what was happening with the GameStop and related stocks.


Accolades

Adam McKay and
Charles Randolph Charles Randolph is an American screenwriter and producer for film and television. In 2015, he won the Academy Award for Best Adapted Screenplay along with Adam McKay for co-writing ''The Big Short''. In 2019, he wrote and produced the film '' ...
won the
Academy Award The Academy Awards, better known as the Oscars, are awards for artistic and technical merit for the American and international film industry. The awards are regarded by many as the most prestigious, significant awards in the entertainment ind ...
,
BAFTA Award The British Academy Film Awards, more commonly known as the BAFTA Film Awards is an annual award show hosted by the British Academy of Film and Television Arts (BAFTA) to honour the best British and international contributions to film. The cer ...
, and
Writers Guild of America Award The Writers Guild of America Awards is an award for film, television, and radio writing including both fiction and non-fiction categories given by the Writers Guild of America, East and Writers Guild of America West since 1949. Eligibility Th ...
for Best Adapted Screenplay. They also won an
Empire Award The Empire Awards was an annual British awards ceremony honouring cinematic achievements in the local and global film industry. Winners were awarded the Empire Award statuette. The awards, first presented in 1996, were presented by the British f ...
for the Best Screenplay.
Christian Bale Christian Charles Philip Bale (born 30 January 1974) is an English actor. Known for his versatility and physical transformations for his roles, he has been a leading man in films of several genres. He has received various accolades, including ...
won the
Critics' Choice Movie Award for Best Actor in a Comedy The Critics' Choice Movie Award for Best Actor in a Comedy is one of the awards given to people working in the motion picture industry by the Broadcast Film Critics Association (BFCA) at their annual Critics' Choice Movie Awards. Winners and nomi ...
and the Satellite Award for Best Supporting Actor (Motion Picture). Hank Corwin won the American Cinema Editors Award for Best Edited Feature Film (Comedy or Musical) and
Los Angeles Film Critics Association Award The Los Angeles Film Critics Association (LAFCA) is an American film critic organization founded in 1975. Background Its membership comprises film critics from Los Angeles-based print and electronic media. In December of each year, the organiza ...
for Best Editing. The film earned the
Critics' Choice Movie Award for Best Comedy The Critics' Choice Movie Award for Best Comedy is one of the awards given to people working in the motion picture industry by the Broadcast Film Critics Association. List of winners and nominees 2000s 2010s 2020s Multiple wins *David O. Ru ...
and was named one of the Top 10 Films of the Year at the
American Film Institute Awards 2015 The American Film Institute Awards (also known as the AFI Awards) are awards presented by the American Film Institute to recognize the top 10 films and television programs of the year. Unlike other accolades about the art form, the AFI Awards ac ...
.
Dede Gardner Dorcas Wright "Dede" Gardner (born October 16, 1967) is an American film producer and the president of Plan B Entertainment. She is a two-time Oscar winner for '' 12 Years a Slave'' and ''Moonlight'', the first woman to win two Oscars for Best P ...
,
Jeremy Kleiner Jeremy Kleiner (born 1976/1977) is an American film producer. He and his fellow producers won two Academy Awards for Best Picture for the 2013 film ''12 Years a Slave'' and the 2016 film '' Moonlight''. Biography Kleiner was born to a Jewish f ...
, and
Brad Pitt William Bradley Pitt (born December 18, 1963) is an American actor and film producer. He is the recipient of various accolades, including two Academy Awards, a British Academy Film Award, two Golden Globe Awards, and a Primetime Emmy Award. ...
won the
Producers Guild of America Award for Best Theatrical Motion Picture The Producers Guild of America Award for Best Theatrical Motion Picture, also known as the Darryl F. Zanuck Award for Outstanding Producer of Theatrical Motion Pictures, is one of the annual awards given by the Producers Guild of America from 1989 ...
. The cast also won the National Board of Review Award for Best Ensemble.


See also

*
Bankruptcy of Lehman Brothers The bankruptcy of Lehman Brothers on September 15, 2008, was the climax of the subprime mortgage crisis. After the financial services firm was notified of a pending credit downgrade due to its heavy position in subprime mortgages, the Federal ...
*
Great Recession The Great Recession was a period of marked general decline, i.e. a recession, observed in national economies globally that occurred from late 2007 into 2009. The scale and timing of the recession varied from country to country (see map). At ...
* ''
Inside Job (2010 film) ''Inside Job'' is a 2010 American documentary film, directed by Charles Ferguson, about the late-2000s financial crisis. Ferguson, who began researching in 2008, says the film is about "the systemic corruption of the United States by the financi ...
'' * ''Margin Call'' (film) * ''Too Big to Fail'' (film)


References


External links

* * * * *
"The Big Short" at Second City Tzivi
{{DEFAULTSORT:Big Short, The 2015 films 2010s biographical films 2010s business films 2010s crime comedy-drama films American biographical films American business films American crime comedy-drama films BAFTA winners (films) Biographical films about businesspeople Biographical films about fraudsters Comedy-drama films based on actual events Crime films based on actual events Films set in the Great Recession Films about financial crises Films based on non-fiction books Films directed by Adam McKay Films produced by Brad Pitt Films scored by Nicholas Britell Films set in the 1970s Films set in 2005 Films set in 2006 Films set in 2007 Films set in 2008 Films set in Manhattan Films set in Colorado Films set in Miami Films set in the Las Vegas Valley Films set in Devon Films shot in New York City Films shot in New Orleans Films whose writer won the Best Adapted Screenplay Academy Award Paramount Pictures films Plan B Entertainment films Regency Enterprises films Films with screenplays by Adam McKay Wall Street films Hyperlink films Films based on works by Michael Lewis Cultural depictions of fraudsters Cultural depictions of American men Short selling 2010s English-language films Films produced by Arnon Milchan 2010s American films