Completely captivated me. Bogart portrays his character wonderfully. Credit is also due to Holt/Huston who more than hold their own. The constant paranoia is present throughout and this feature keeps you on your toes all the way. A great ending to top it off also. Its the sort of story that you want told well and this doesn't disappoint.
There are only two types of Bogie. Grimy and dripping with sweat or cool as a cucumber. This one is pure sudoric.
I love movies that end on a high note after dipping down low, really, really low, tapping into greed, paranoia, hate and general loathing. They are few and far between. And even fewer manage to do it convingcingly. 'Sierra Madre' is one of them.
I had no idea someone could portray the descent into being a complete and utter piece of moral garbage but Bogart did it masterfully and is certainly the highlight of the film. That's not to say Tim Holt and Walter Huston are both not excellent as well, because they most certainly are. Yes it's terribly depressing (or rather it's highly karma based) but damn is it well done.
Perhaps I'm jaded as the story was spoiled for me by the Simpsons Three Men and a Comic Book episode. But this film is too one note in arguing that greed corrupts. And that theme could've been illustrated by giving characters wants & drives that make you want to root for them. Instead, the same paranoid suspense repeatedly plays out. The landscapes are nice and it's obviously influential for filmmakers. But it's a marginal recommendation intended for film students and Turner Classic Movies fans.