That's right, in the Black Scholes model for any option you can construct essentially a portfolio of money market+stock that replicates the option. So if you se

That's right, in the Black Scholes model for any option you can construct essentially a portfolio of money market+stock that replicates the option. So if you sell the option and buy and track the replicating portfolio, there is no hedging error. But you can't hedge perfectly when there are jumps, there is no replicating portfolio, only ways to minimize the hedging error.