If you’ve never seen The Big Short, then I highly recommend you watch it. (It’s on Netflix). Other than incredible performances from Steve Carrell, Ryan Gosling and Christian Bale, it provides a unique look into the chain of events that led to the monumental clusterfuck that was the 2008 global financial crisis.
Unlike some docu-movies that attempt to dramatise real-life events but end up skimming over the detail, The Big Short does a brilliant job of bringing the financial complexity to the big screen, treating the viewer with respect in the process. Even if you don’t fully understand what a CDO is by the end, there’s a strong chance you’ll open Google and find out.
The premise of the movie is about how a small group of investors saw what no—one else did in the run up to the financial crisis. That the US housing market was nowhere near as healthy as it was pretending to be. That fraud in the US financial system was rife; from banks, mortgage companies and even credit ratings agencies, the housing market was built on lies.
The film begins with a length narrative from Ryan Gosling, but the best bit is what he ends on, saying:
“These outsiders saw the giant lie at the heart of the economy, and they saw it by doing something the rest of the suckers never thought to do: They looked.”Jared Vennett (Ryan Gosling) — The Big Short
It’s a pretty simple thing when you think about it; looking at the detail to see the glaringly obvious, but what I love most about it is it’s a brilliant reminder to anyone who works in marketing and advertising.
In this turbo-charged, time-pressured, blink-and-you’ll-miss-it world that we live in, throwing yourself into a task, allowing yourself to really get into it, and spending time obsessing over the detail seems like an unattainable luxury. It’s far easier to jump to conclusions, base theories on assumptions, fill in the blanks with conjecture, research passively (or not at all), and create strategies and ideas that aren’t really grounded in anything more than a hunch.
Of course, sometimes hunches pay off and everything comes together as planned, but sometimes they don’t, and this can have catastrophic consequences.
Wouldn’t it be great then, if every bit of work out there had the sort of thinking that comes when you’ve got the time and inclination to throw yourself into the problem. Richard Huntington wrote a brilliant article about what he coined ‘Deep Thinking’ — it’s well-worth a read.
There’s a saying that goes; ‘failing to plan, is planning to fail’. On the whole, it’s something I can categorically say is true — certainly when it comes to marketing and advertising. Because only when you look, really really hard at something, do you give yourself the best possible chance of getting to a really good answer.