NOT KNOWN FACTUAL STATEMENTS ABOUT PNL

$ Now you say $V_t$ is the dangerous asset. Pretty bewildering. Edit the put up to make this crystal very clear. We could consider precisely what is a PnL once we determine what Now we have invested in. $endgroup$To produce the two techniques equivalent you need to think about investing/borrowing $PnL_1$ at fee $r$ so that it stays in the procedure