$ In the "operate circumstance" you liquidate the portfolio at $t_1$ realising its PnL (allow me to simplify the notation a little bit) WillWill 13344 bronze badges $endgroup$ 4 $begingroup$ Did you not say in the beginning that $V$ is self-funding? In that situation there isn't any Expense to finance https://beauhnrwz.iyublog.com/33221531/5-simple-techniques-for-pnl