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A Masterful Odyssey Into the Mind of Elizabeth Holmes

Nathan Fielder’s new documentary is a captivating study of self-perception.

This article was originally published by The Atlantic and is republished here under license.

When he was in charge of Apple, Steve Jobs was notorious for projecting a “reality distortion field.” That was the jokey way his employees described Jobs’s mix of charisma and bravado and his demanding management style—which would lead people to accept seemingly impossible deadlines, or to promise that they could fix unfixable problems. A malfunctioning version of the same phenomenon once surrounded Elizabeth Holmes, the disgraced founder of the failed medical start-up Theranos. She worshipped Jobs, imitating his style and unnerving confidence, even while presiding over an imploding enterprise. Her promises of a device that could affordably perform rapid medical tests with only a drop of blood were, at best, fantastical; once valued at $9 billion, Theranos collapsed into nothing. In 2022, Holmes was sentenced to 11 years in prison for defrauding her investors.

In the new documentary You Can See Everything, the comedian and television auteur Nathan Fielder steps into Holmes’s reality-distortion field. Fielder, accompanied by his co-director, Lance Oppenheim, and a small camera crew, essentially moved into Holmes’s abode for the 34 days before she reported to federal prison. The team received fairly unfettered access to her, her two small children, and her partner, the entrepreneur Billy Evans, who professes obsessional devotion to Holmes. What Fielder was expecting to find while staying at the family’s Del Mar, California, rental is unclear, but he ends up in an odd and unsettling game of cat and mouse: He’s trying to suss out whether Holmes is a master manipulator or someone so deeply convinced of her own genius that she can’t distinguish fiction from fact.

The film capturing that experience is an odyssey of human perception. Fielder knows that no matter how intimate his time with Holmes is, the minute the camera is trained on her, both he and the audience will be consumed by the question of whether she’s giving yet another performance. The movie unfolds and evolves over nearly three hours, spanning both the month ahead of Holmes’s May 2023 incarceration and the years following; throughout, Fielder pores over his interactions with not just Holmes but also the people around her, sifting for kernels of authenticity. What emerges is a transfixing portrait of a phenomenon most viewers will understand—a deep desire to empathize, even as we are horrified by what’s occurring or suspect we’re being lied to.

[Read: Manipulator vs. manipulator]

Holmes would disagree about that last part. Early on, she plainly states to Fielder that she has never told a lie, a statement so bewildering that it cracks his reliably deadpan expression. Watching him work to make sense of what she could mean by that, I thought of Jobs’s strange force of personality. Holmes has saucer-shaped, striking blue eyes, and she repeatedly meets Fielder’s squinty gaze with an unblinking stare and gauzy smile. Holmes may indeed be flatly misleading her interviewer, but she comes off as unnervingly sure that she’s being honest; she’s perhaps deceiving herself alongside the people in ber orbjt.

Evans is a vital part of her new facade, which has morphed from the elite-businesswoman persona of her CEO days to that of a loving mother and partner. Holmes often has a child draped over her, and she seems profoundly attached to her worshipful partner. Yet at other times, Evans gives off a controlling air. He plucks a bowl from her because she’s not stirring eggs quickly enough. When Fielder’s questions probe too close to an uncomfortable topic, Evans will show up, put his hands on Holmes’s shoulders, and softly try to shut down the conversation. The claustrophobic proximity between Fielder and his subjects comes across visually: Oppenheim shoots them all with zoom lenses, holding on their faces for a discomfitingly long time as they wince, frown, and grin. Like his co-director, he’s searching for the truth by getting as physically close as he can. Given Holmes’s past, however, the task of uncovering anything feels impossible.

Fielder is obviously uninterested in relitigating the details of Holmes’s case; she appears firmly assured that she did nothing wrong, and he knows there’s nothing he can do to tell her otherwise. Instead, he pokes at how she takes in the world, and how Evans is helping to feed her surreal self-image. It also becomes apparent that the pair are working on a new version of Theranos, chatting to investors and patent lawyers on the phone with abandon. When the harsh reality facing her—that she’ll soon have to leave her children behind—peeks through, her devastation seems genuine. But those moments then flit by as Holmes and Evans try to ponder a brighter future.

[Read: The comic who’s his own worst enemy]

The first half of the movie consists of captivating fly-on-the-wall footage. The second half, which Fielder and Oppenheim have begged critics not to spoil (and I do think it’s fun to experience it cold), establishes You Can See Everything as one of the best films of the year. That portion finds Fielder fixating on his brief time with Holmes and the untoward influence Evans had over it: He brings in other perspectives to consult, re-creates scenes to better understand them (something he’s wont to do, especially on his fascinating HBO show, The Rehearsal), and, most important, reckons with his role in telling this chapter of Holmes’s life story.

Fielder is smart enough to know that his celebrity presence further pierces the bubble around how we perceive ourselves and one another. But he quickly developed a sort of emotional intimacy with Holmes, even as he sought to remain objective. You Can See Everything is a bold title, an invitation from Holmes that she is unlikely to follow through on. Can Fielder see everything that’s going on in her head? Beyond that, can he be an effective audience surrogate so viewers can see what he sees? The true question of this documentary isn’t just whether Holmes—who has been a figure of societal fascination for more than a decade—is putting on another performance, but also whether that’s all we, the viewers, crave from Holmes anyway.

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