Which will depend on the rebalancing frequency. But "expected P&L" refers to a median about all probable value paths. So There exists not automatically a contradiction right here. $endgroup$Los tres sistemas representativos primarios son: el sistema Visible, el sistema auditivo y el sistema del tacto o cinestésico. Sin olvidar el sistema olfativo

Which will depend on the rebalancing frequency. But "anticipated P&L" refers to a median over all achievable selling price paths. So There's not automatically a contradiction in this article. $endgroup$To help make the two approaches equivalent you need to think about investing/borrowing $PnL_1$ at level $r$ to ensure that it stays while in the pro