$ While in the "work circumstance" you liquidate the portfolio at $t_1$ realising its PnL (allow me to simplify the notation a tiny bit) WillWill 13344 bronze badges $endgroup$ 4 $begingroup$ Did you not say initially that $V$ is self-financing? In that circumstance there's no Charge to finance it along https://www.youtube.com/watch?v=qMmsQ4kKgY4