“I’m no fan of phoney-baloneys. I like a man who is direct; I like a man who is honest and plainspoken,” Macdonald writes amid his litany of overwrought lies, and therein lies the great comic juxtaposition of his persona. So many of Macdonald’s best moments—on Update, where the punchlines often boiled down to “Marion Barry loves crack,” or telling poor Courtney Thorne-Smith her new Carrot Top movie was probably spelled Chairman Of The B-O-R-E-D—are based in comedy as the truth, bluntly stated. As he told The A.V. Club in 2011, Macdonald’s ideal joke would be to “make the setup and the punchline identical to each other.” In an industry built on so much extraneous cleverness and other horseshit, simply telling the truth counted as something subversive and new.

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Even as it’s buried beneath its own, many layers of horseshit, Macdonald’s book also tells a frank and funny truth: Most celebrities are boring, and anyone expecting insight from them is a sucker. It’s a pointed thesis in an age when so much of our comedy, especially, is tied up with the deeply personal—not just in recent memoirs-cum-therapy sessions by people like Steve Martin, Tina Fey, or Amy Schumer, but on stages, in the garage pews of Marc Maron’s WTF, and across myriad Netflix and FX series, where the laughs are often more knowing than gut-busting. And Macdonald, for one, hates it. “Confessional comedy is the worst kind of comedy I’ve come across,” he recently told Vulture, dismissing (if not specifically naming) the wave of stand-ups and Louie-derived shows that “forget about being comedies” and instead mine humor from humiliation and pain. “In any art, the key is concealing, it’s not revealing,” he later added to Esquire.

Not that Macdonald doesn’t have his own truths to reveal; it’s just that he prefers withholding them until the moment they have their greatest power. Based On A True Story is, in its own discursive and dissembling way, also a confession of his lifelong struggles with gambling addiction, which he once described (on Maron’s WTF, no less) as having cost him “everything I’ve ever had” three times over. Here he talks fleetingly of the “profound sadness” and emptiness of wasted time it’s left inside him; in Macdonald’s story, there is always that looming specter of loss and blown opportunity. “I can see that my life since SNL has been a full sprint, trying with all my might to outrun the wolves of irrelevancy snapping at my heels,” he writes, yet he never tries to turn any of this into pity or self-deprecating gag. At every turn, he refuses that kind of gentle, mawkish laughter.

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Which, come to think of it, is probably why he doesn’t have one of those TV shows, and why that threat of irrelevancy seems so ever-present. Geoff Edgers’ recent Washington Post profile poses the eternal question of why Macdonald isn’t currently on the air, starring in both sitcoms (The Norm Show) and talk shows (Sports Show With Norm Macdonald), yet never quite flourishing the way the deep reverence of fans and fellow comedians would suggest. Edgers’ article suggests it’s partly Macdonald’s refusal to play the industry game, as when he tanked a recent FX pilot by rewriting its script at the last minute behind the back of his collaborator, late Simpsons’ co-creator Sam Simon. It might also be his own oddly egotistical yet defeatist attitude that he’s funnier than just about anyone, but that ultimately, it doesn’t matter. There’s also the not-insignificant issue of Macdonald’s open distaste for acting: “It’s so humiliating, acting. ‘Acting.’ Having to fall in love with a girl or some fucking thing, you know? Stuff I never ever wanted to do in my life,” he told The A.V. Club years ago.

But it’s also because Macdonald refuses to be the kind of oversharer we’ve begun to expect, even demand of our comedians—accessible, vulnerable, and yes, confessional. After all, Macdonald doesn’t even use Twitter like he’s supposed to. Instead of cranking out pithy observations all day for free to shore up his personal “brand,” he’ll spend hours tweeting granular play-by-plays of golf games. When he does open up—offering poignant remembrances of Robin Williams, or telling a fascinating story about hanging out with Bob Dylan—he’ll just delete it all hours later, leaving behind only awed eyewitnesses and white-space-scarred blogs to piece together the tale. And now he’s written an entire memoir that barely even unburdens himself of a deeply private struggle. It’s like he doesn’t even want to be famous.

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Actually, he doesn’t: “I don’t really care about success or money or shit. I could give a fuck. I hate fame,” he once told us. That shrugging commitment to keeping the world at an arm’s length of ironic detachment is, of course, what makes Norm Macdonald funny. And the world’s befuddlement—or outright apathy—in return demonstrates why he’s probably right that, yeah, these days being funny isn’t enough. Based On A True Story seems unlikely to change that attitude on either side, even after the current publicity blitz or the litany of endorsements from Macdonald’s famous, occasionally oversharing friends (including David Letterman, Amy Schumer, Judd Apatow, Adam Sandler, and Louis CK, who also wrote the foreword). Instead, Macdonald will continue to do what he loves most—stand-up comedy—for all those people waiting to shake the hand of Turd Ferguson.

Nevertheless, he’s created a hilarious, innovative work, at a time when the work is only part of what makes a comedian successful. Maybe someday, when no one remembers Norm Macdonald or SNL (let alone any of us), future readers will rediscover and embrace it as a purely comic novel, like a 21st-century Tristram Shandy. Until then, fans can be grateful that Macdonald has written the rare celebrity memoir that, through so much blatant falsehood, presents the truest picture of himself.

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Purchasing Based On A True Story via Amazon helps support The A.V. Club.