Three separate but parallel stories of the U.S mortgage housing crisis of 2005 are told. Michael Burry, an eccentric ex-physician turned one-eyed Scion Capital hedge fund manager, believes that the US housing market is built on a bubble that will burst within the next few years, and begins betting against it. Others on Wall Street follow his lead, convinced that the banks and rating agencies have badly misjudged the risk hidden inside subprime mortgages and mortgage-backed securities. As the crisis deepens, each group tries to profit from the collapse before the consequences spread across the wider economy.