$ During the "work circumstance" you liquidate the portfolio at $t_1$ realising its PnL (let me simplify the notation a little bit) WillWill 13344 bronze badges $endgroup$ four $begingroup$ Did you not say to begin with that $V$ is self-financing? In that situation there isn't a cost to finance it https://www.youtube.com/watch?v=qMmsQ4kKgY4