Looks like an inconsistency… Schweser, page 113, Book 5 - formula for hedged return calculates the return of the future with F(0)*V(L,0) in the denominator. Schweser, page 153, Solution 2, Book 5 - formula for the hedged return calculates the return on the future with S(0)*V(L,0) in the denominator. The latter makes more sense to me since futures are costless to enter into. Am I being an idiot here?

I used CFAI, this is the only chapter i did not complete, hopefully , i am lucky and don’t ask anything about. I study the mock questions they give about. and was able to anwer 5/6 wthout doing it. So i keep my finger cross. And i decide that i am not going to put any new formula into my brain because if I try, i will loose every that I saved so far.