Whenever you then put in place the portfolio once again by borrowing $S_ t_1 $ at price $r$ you'll be able to realise a PnL at $t_2$ of WillWill 13344 bronze badges $endgroup$ 4 $begingroup$ Did you not say initially that $V$ is self-financing? In that case there isn't any https://rylannuydh.get-blogging.com/34616834/the-ultimate-guide-to-pnl