NOT KNOWN FACTUAL STATEMENTS ABOUT PNL

And this will depend on the rebalancing frequency. But "envisioned P&L" refers to a mean more than all attainable selling price paths. So You can find not essentially a contradiction in this article. $endgroup$To generate the two approaches comparable you must imagine investing/borrowing $PnL_1$ at fee $r$ so that it stays in the procedure until $t