  Trade is one of the essential feature of human intelligence. The securities
market is the ultimate expression of it. The fundamental indicators of stocks
include information as well as the effects of noise and bias on the stock
prices; however, identifying the effects of noise and bias is generally
difficult. In this article, I present the true fundamentals hypothesis based on
rational expectations and detect the global bias components from the actual
fundamental indicators by using a log-normal distribution model based on the
true fundamentals hypothesis. The analysis results show that biases generally
exhibit the same characteristics, strongly supporting the true fundamentals
hypothesis. Notably, the positive price-to-cash flows from the investing
activities ratio is a proxy for the true fundamentals. Where do these biases
come from? The answer is extremely simple: ``Cash is a fact, profit is an
opinion.'' Namely, opinions of management and accounting are added to true
fundamentals. As a result, Kesten process is realized and the Pareto
distribution is to be obtained. This means that the market knows it and
represents as a stable global bias in the stock market.
