$ Inside the "function circumstance" you liquidate the portfolio at $t_1$ realising its PnL (let me simplify the notation a tiny bit) WillWill 13344 bronze badges $endgroup$ four $begingroup$ Did you not say originally that $V$ is self-financing? In that circumstance there's no Price to finance it as well as https://pnl24554.theideasblog.com/34576781/5-easy-facts-about-pnl-described