The film was to be a documentary, but evolved during production to a fictional film. It nevertheless adheres strictly to the poems and letters exchanged by two of the most outstanding names of the Modernist Movement, Fernando Pessoa (in Lisbon) and Mário de Sá-Carneiro (in Paris). Their endless conversation was dramatically and suddenly terminated.

A man finds a mansion with a strange inhabitant.

A woman translates the front page of H.P. Lovecraft's book “The Silver Key”. Her husband, a journalist, listens. The book describes the conflicts between the real and the imaginary, and tells how Randolph Carter, the film's character, leaves everyday life in search of his childhood dreams.