Agreed, I was also quite skeptical about the section you quoted. It seems like a much more hand-wavey proof than I'd expect to accompany an important result lik

Agreed, I was also quite skeptical about the section you quoted. It seems like a much more hand-wavey proof than I'd expect to accompany an important result like this. Surprised that it was published (in a journal called Algorithmic Finance, which seems respectable enough) in this form.