In reading 60, page 50 of Volume 6, consider questions 3 (D & E) and 4 (D & E): I am unable to understand why they are considering the starting asset price and ending asset price to calculate the loss “to the investor”! The loss/gain to the investor should be a function of forward price too according to me, because that is the price at which investor concluded the transaction. I calculated it as the forward price minus the final asset price and got the wrong answer. Any help would be greatly appreciated.