Murnau is at his best when he's using incredible technique to make a simple story resonate. This seems more complicated than it needs to be, and any directorial flair is few and far between. Generally pretty boring.

Phantom was lost for many decades and recovered in 2006, but those who expected another Nosferatu, Sunrise or Faust must have been disappointed to find that we had not been missing much. Its main function is as a cautionary tale for would-be poets: Don't even try it - warns Phantom - it's just a Ponzi scheme. You will end up losing your money, your job, your social standing, the trust of your family, you'll get thrown in the slammer like a common criminal. Stick to being a clerk.