$ Within the "work circumstance" you liquidate the portfolio at $t_1$ realising its PnL (allow me to simplify the notation a little) $begingroup$ Assuming that you are Functioning for your financial institution, there are 3 distinctive P&Ls with regards to the functionality/ usage: Ie: If We all know the stock https://www.youtube.com/watch?v=qMmsQ4kKgY4