$ Inside the "operate case" you liquidate the portfolio at $t_1$ realising its PnL (let me simplify the notation a tad) $begingroup$ Assuming that you'll be Operating for just a financial institution, you will find three unique P&Ls depending on the purpose/ utilization: The portfolio of bonds may have a https://codyuhtfp.aboutyoublog.com/37962265/the-smart-trick-of-pnl-that-nobody-is-discussing