LITTLE KNOWN FACTS ABOUT PNL.

$ In the "operate circumstance" you liquidate the portfolio at $t_1$ realising its PnL (let me simplify the notation a bit)WillWill 13344 bronze badges $endgroup$ 4 $begingroup$ Did you not say in the beginning that $V$ is self-financing? In that case there isn't a Value to finance it and also the PnL is always just $V_T-V_t$ amongst any two time f