"Rocky IV" is a ridiculous movie; it's fun to laugh at, for sure, but also impossible to watch and realize that it shares any DNA whatsoever with the first in the series — an understated, borderline-auteur, Oscar-worthy piece of work.
In a way, Balboa vs. Drago, since "Rocky V" never happened, was also a logical progression; "II" and "III" were each campier than the one before, so of course Rocky was destined to end the Cold War.
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One legitimately good part of the movie, though, is Tony Burton's performance as Duke Evers, the trainer for Apollo Creed and then Rocky.