$ Now you say $V_t$ is definitely the dangerous asset. Pretty confusing. Edit the post to create this crystal clear. We could consider exactly what is a PnL once we really know what We've got invested in. $endgroup$ To generate The 2 solutions similar it is best to imagine investing/borrowing https://pnl79119.blogdun.com/34778069/pnl-things-to-know-before-you-buy