RT Journal Article SR Electronic T1 New Results on Stock Prices and Fundamental Value JF The Journal of Investing FD Institutional Investor Journals SP 67 OP 69 DO 10.3905/joi.2001.319453 VO 10 IS 1 A1 Douglas J. Lamdin YR 2001 UL https://pm-research.com/content/10/1/67.abstract AB The S&P 500 Index is valued using the discounted dividend model, corrected for share repurchases. Under more optimistic, but not unreasonable assumptions, the S&P 500 index is not overvalued, and therefore may reflect underlying fundamental value.