$ Now you say $V_t$ will be the risky asset. Quite puzzling. Edit the post to help make this crystal very clear. We could consider exactly what is a PnL once we know very well what we have invested in. $endgroup$ Stack Exchange network contains 183 Q&A communities which includes https://manuelsrhxo.weblogco.com/34231853/top-latest-five-pnl-urban-news