In the mid-2000s, a few astute financial outsiders notice critical flaws in the housing market and predict an impending crash. Michael Burry, a hedge fund manager, identifies that numerous subprime home loans are on the brink of default. He creates a bold but risky strategy: betting against the housing market by purchasing credit default swaps. His move attracts the attention of a banker named Jared Vennett, who capitalizes on the idea and convinces other investors to join in. Among them is Mark Baum, a cynical hedge fund manager who, along with his team, delves into uncovering the rampant fraud and unethical practices within the mortgage industry.

Parallelly, two young investors, Charlie Geller and Jamie Shipley, discover a document by Vennett and seek guidance from retired banker Ben Rickert, who aids them in their quest to profit from the collapsing market. As these groups further investigate, they uncover the extent of the impending financial disaster, fueled by corrupt practices in major banks and rating agencies. Despite facing skepticism and fierce opposition, they pursue their convictions driven by both profit motives and a desire to expose the truth. The unfolding economic catastrophe highlights systemic issues within Wall Street, corporate greed, and the consequent impacts on everyday Americans.