$ In the "do the job scenario" you liquidate the portfolio at $t_1$ realising its PnL (allow me to simplify the notation a tiny bit) $begingroup$ Assuming that you will be working for just a bank, you'll find 3 unique P&Ls depending on the function/ utilization: For illustration, an organization https://www.youtube.com/watch?v=qMmsQ4kKgY4