$ In the "operate situation" you liquidate the portfolio at $t_1$ realising its PnL (let me simplify the notation somewhat) WillWill 13344 bronze badges $endgroup$ four $begingroup$ Did you not say to begin with that $V$ is self-financing? In that case there is not any Price to finance it and https://www.youtube.com/watch?v=qMmsQ4kKgY4