A commen problem amoung bad movies is a lack of proper context. Sometimes people you meet will try to tell you a story but the bad story tellers will assume you have details that you don't leaving you confused about small details and therefore less engaged. Or they will assume you take a certain point of view of the world and will colour their story without considering your different understanding. It's the same for bad film making.
A good film maker will set up their story in a way that it is accessable regardless how you approach it. A bad film maker will make too many assumptions.
That's the biggest fault of Lord of War. This cynical pseudo-comedy that tries to be a comment on capitalism meeting war politics, assumes too much. It's the story of a poor boy from Little Odessa who becomes a leading war profiteer without any explenation of how that happens.
He buys a gun, sells it and suddenly he's renting jets with shitloads of cocaine and supermodels. All the while he's desperately lonely tortured inside. Blah, blah, blah.
This slacker attitude towards story telling is compounded by Nicholas Cage's frat boy affect which just reaks of Moonstruck and Raising Arizona. I don't know how this guy ever got the career he's had. He's just not that versitile.
Top it all off with a boring story and lack of engaging characters and Lord of War just fails on every level. The only point of watching this film is to learn how not to make a movie.