AN UNBIASED VIEW OF PNL

Which depends on the rebalancing frequency. But "expected P&L" refers to an average in excess of all doable rate paths. So There's not essentially a contradiction here. $endgroup$Kurt G.Kurt G. 2,38944 silver badges1717 bronze badges $endgroup$ three $begingroup$ Many thanks a good deal for taking the time to answer. Thanks to your past equality I