Later ratio factors drop out: $\mathbb E[\rho_{t:T-1}R_{t+k}] = \mathbb E[\rho_{t:t+k-1}R_{t+k}]$ (5.14)

Initializing...

Later ratio factors drop out: $\mathbb E[\rho_{t:T-1}R_{t+k}] = \mathbb E[\rho_{t:t+k-1}R_{t+k}]$ (5.14) · Prove2Me