Acknowledgments
The authors thank J.-P. Bouchaud for many insightful discussions on these topics. This research was conducted within the Econophysics & Complex Systems Research Chair, under the aegis of the Fondation du Risque, the Fondation de l'Ecole polytechnique, the Ecole polytechnique and Capital Fund Management.
Data availability statement
The data that support the findings of this study analyzed in section 4.1 are openly available at https://datahub.io/core/s-and-p-500#python. Due to the nature of this research, participants of this study did not agree for their data analyzed in section 4.2 to be shared publicly, so supporting data is not available.
Disclosure statement
No potential conflict of interest was reported by the author(s).
Notes
1 Let us note that this prescription for the fundamental price is not causal since the mean price-dividend ratio is calculated with all the data provided by the dataset.