Say I have infinite precision of strikes $K$ (continuous world $dk$) and expirations $T$ (continuous $dk$) all with liquidity (so no practical limitations). What positions in an underlying can't be replicated? I'm under the impression I can replicate any European payoff, so if I had infinite expirations I could replicate really any position.
What Positions on an Underlier CANNOT be Hedged with Vanillas?
Jared
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