Before revision:   The first result in this paper reveals that in reasonable continuous time financial market  the super--replication price is prohibitively costly and leads to trivial buy--and--hold strategies.
After revision:  This can be viewed as a stochastic impulse control problem with a terminal state constraint. The first result in this paper reveals that in reasonable continuous time financial market the super--replication price is prohibitively costly and leads to trivial buy--and--hold strategies.