$ Now you say $V_t$ is the risky asset. Quite baffling. Edit the post for making this crystal crystal clear. We can think of what's a PnL when we know what We have now invested in. $endgroup$ Stack Trade network is made of 183 Q&A communities together with Stack Overflow, https://pnl99652.mybjjblog.com/helping-the-others-realize-the-advantages-of-pnl-46783654