$ Now you say $V_t$ will be the risky asset. Really complicated. Edit the put up for making this crystal apparent. We are able to think about what's a PnL when we determine what We now have invested in. $endgroup$ To generate the two techniques comparable you should visualize investing/borrowing https://pnl80987.arwebo.com/56689731/the-5-second-trick-for-pnl