Question: A good trader with a bad model can beat a bad trader with a good model. Critique MGs failure with reference to normal backwardation model.

A good trader with a bad model can beat a bad trader with a good model. Critique MGs failure with reference to normal backwardation model. Be very specific in pointing out what normal backwardation model entails and what MG did. Use options markets in addition to futures market to answer the question.

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