$ In the "do the job situation" you liquidate the portfolio at $t_1$ realising its PnL (allow me to simplify the notation somewhat) WillWill 13344 bronze badges $endgroup$ 4 $begingroup$ Did you not say to begin with that $V$ is self-funding? In that situation there isn't a cost to finance https://www.youtube.com/watch?v=qMmsQ4kKgY4