Little Women both is and isn’t a natural follow-up to Lady Bird. Writer/director Greta Gerwig can obviously tell a terrific female-centric story, but dipping into a classic like this could feel like either a name-recognition cash grab or an uninspired next step after an award-winning debut.

Fortunately, it’s neither. Instead, Gerwig reunites Saoirse Ronan and Timothée Chalamet (not to mention Tracy Letts!) and adds Florence Pugh, Laura Dern, and Emma Watson to the mix, creating an instant masterpiece that feels old and new at the same time.

You probably know the story 100 times over, though I did not: Jo March (Ronan) is the most vocal member of her poor Massachusetts family, which includes mother Marmee (Dern) and sisters Meg (Watson), Amy (Pugh), and Beth (Eliza Scanlen). Eventually, their crew comes to include neighbor Laurie (Chalamet), which of course induces jealousy among sisters. Gerwig takes us on a nonlinear journey through their collective upbringings, as they find love, suffer loss, and emerge as fully formed women.

It’s a very standard narrative, to be expected from source material that was first published in 1868. But by bouncing from their past to their present and back again, Gerwig doesn’t let her film become an ordinary period piece. She also embarks on the deceptively complicated task of mixing old-timey dialogue with modern-day exclamations; Pugh does the heaviest lifting here, switching between tempestuous millennial and 19th century lady with ease. It’s remarkable how well Gerwig makes this timeless story feel both nostalgic and contemporary.

As with Lady Bird, the performances are phenomenal. Ronan doesn’t usually take the flashiest roles, but she might be the finest leading woman of her generation. Dern is her always solid self, and Watson is doing her best to escape the shadow of Hermione. But the real standout is Pugh; Amy vacillates between being unlikable and likable more than any other character, and Pugh makes both sides work. You can understand her viewpoint and root for her while also thinking she’s being a total jerk, which feels like a necessity in a story about oft-feuding sisters. After this, Fighting with My Family and Midsommar, we are undoubtedly looking at the best female actress of 2019. Though the Oscars are usually wrong and terrible, I really hope they recognize her work with at least a nomination.

In the wake of countless harassment scandals and subsequent declarations of female empowerment, Little Women serves as both a celebration and a necessity. It’s a reminder that, even 150 years ago, women were struggling against society’s mandated roles while also seeking their own happiness. It’s a film where all of the sisters end up married but not necessarily compromising for the sake of their male partners. It’s a beautiful, heartwarming story directed by – I’ll say it – the top young auteur in the business today.

Whether you’re a devotee of Louisa May Alcott’s work or a total neophyte like me, you’ll find something to love. Simply put, it’s one of the best films of the year.