La Moustache opens with a man thinking about possibly shaving his moustache. There are theories in both spiritual and scientific circles that postulate that whenever we make a decision like this we in fact make them both. We "filter" out the decision that we "didn't" make and continue to live our normal seemingly-linear life, but another reality exists, just as real as "this" one, in which we made the "other" decision.

To understand this movie in a multiple-timeline context, we have to back up to the beginning of the main character's adult life (before the movie starts), in which he made the decision to grow a moustache at all. In timeline A he never grew one, in timeline B he always grew one since he could. The movie thus begins in timeline B. To keep things simple, let's pretend there are only these two timelines to worry about.

The movie opens with the main character making the decision to shave his moustache. In one reality, timeline B, he keeps it. We don't see this reality for the next week or so of his life. Instead, the decision to shave his moustache is so jarring that he "jumps" to timeline A, or more accurately he jumps to timeline A but elements of timeline B are still known to him, such as the photographs of his vacation, the license in his wallet, and his overall consciousness and memories are still from timeline B. Most of the movie, however, takes place in timeline A.

The fact that he is caught between timelines is psychologically disturbing to him and his wife, neither of whom understand the predicament he is in, and assume that he is either going crazy or, as he assumes at times, someone may be playing an elaborate prank on him.

Overhearing that his wife might send him to a mental institution, he escapes to Hong Kong. He immediately misses his wife and writes a postcard to her that he will be back by the time she gets it, but doesn't mail it. He takes a ferry from the city side to the airport side of a river, but before boarding the plane, changes his mind again and goes back on the ferry. Then he _keeps on_ going back and forth across the ferry until the end of the day when it closes. He never does go back to the airport.

The ferry riding is a very interesting element in the film. A decision - the decision to shave his moustache, was done hastily in the beginning of the film. Again, another decision, to not get on the plane and get back on the ferry, was made quickly. Was he perhaps trying to "trick time" into getting him back into the right timeline? Or is the ferry simply a way to experience the same space over and over again - a "sameness" - that is in fact "different" every time (every time he rides the ferry there are new people, and he sits in a different place, etc. Even the chairs on the ferry seem to have adjustable backs on them that can swing one way or another, so that the rider can make a decision to face backwards or forwards. Only the ticket seller is the same, and she never seems to recognize him or wonder why he is riding back and forth) Normally we experience sameness (e.g. going to work) that can seem very much the same every time (same co-workers, similar work, etc.) and the ferry is a break from that. Or does the ferry "between" the city and the airport represent his state of "betweenness" of the timelines? He doesn't want to go back to France, where they might put him in an institution, but he doesn't want to go to his Hong Kong hotel, where he will be missing his wife. He decides to stay "between" for this day, and he seems content in this between-ness. He doesn't seem that nervous or worried on the ferry. He is cordial, even smiling to teenage schoolgirls that are giggling at him. He is learning to be OK with betweenness.

The movie then jumps to what seems like days later (or perhaps even longer) and the main character now has a moustache grown out. The moustache being present is the catalyst to get him back to timeline B, and when he gets back to his hotel his wife his there, and it is as if she has been there the whole time, with him, on vacation.

That night he asks if she would like to see him without a moustache, and she says that she might like to have him try it. This is a different answer than at the opening of the movie, where she says that she has never seen him without it, and she doesn't seem to be that into the idea of him shaving it. He shaves the moustache, but stays in timeline B. Perhaps this time the move is not so jarring because he has done it before. Or perhaps it is because his wife seems more approving this time while they are happy on vacation. Or perhaps it is because he has learned to live in and accept "betweenness" after his experience on the ferry. All is well. Or is it? As the lights dim in the room, the viewer is wondering if he will wake up in timeline A all alone.