Let's make a clear decision on this idea of equivalence.
A proof cannot 'create' an equivalence by itself; it reveals it under specific conditions.
For managing a pension fund like ours, we must rely on fundamental principles validated by research and not on ephemeral constructions.
If the market stability assumptions are not met, this so-called equivalence can become an illusion, like during a sudden stock market crash.
We must invest in robustness, not in rhetoric.