It’s no secret that Hollywood really loves sequels. There is a lot of guesswork and hope when it comes to releasing a movie, so when a particular title finds an audience and legitimately succeeds, the industry tries to capitalize in every way possible – including the development of a follow-up feature. Understanding this, the fact that Will Ferrell has never made an Elf 2 is all kinds of surprising, but the reason it hasn’t happened makes plenty of sense.

You may remember that Elf, directed by a pre-Iron Man Jon Favreau, was a massive hit in 2003, earning over $200 million worldwide, and Will Ferrell recently explained the lack of a sequel to the beloved Christmas movie as a guest on the podcast Happy Sad Confused. The beloved comedian was asked about a sequel never coming together after the box office windfall, and he noted that there was a legitimate effort for a second film that just never crossed the finish line. Said Ferrell,