Before revision:  As in Karatzas and Fernholz  (2008)  , we do not assume the existence of an equivalent local martingale measure  but merely the existence of a local martingale deflator.
After revision:  As in Karatzas and Fernholz On optimal arbitrage (2008) , we do not assume the existence of an equivalent local martingale measure but merely the existence of a local martingale deflator.