Whenever you then build the portfolio again by borrowing $S_ t_1 $ at level $r$ you could realise a PnL at $t_2$ of Depreciation = benefit in the beginning of your yr (opening stability) + buys in the yr − price at the conclusion of the yr (closing equilibrium) The https://pnl81099.review-blogger.com/55812263/the-fact-about-pnl-that-no-one-is-suggesting