AN UNBIASED VIEW OF PNL

That is not the same as the pnl equalling the worth paid out, alternatively the anticipated pnl in the technique could be similar to the choice price. $endgroup$To produce the two strategies similar you'll want to visualize investing/borrowing $PnL_1$ at price $r$ to ensure that it stays within the process right until $t_2,.$ At the moment your$beg