Yeah, inflation tends to be good for debtors, bad for creditors and also bad for equity holders. In theory stocks are a claim on real flows and should be an inflation hedge. In practice, only over very long horizons. 1/

But usually shares grow faster than inflation, which can represent an increase in real production, but can also represent, and often does represent, a transfer TO assetholders from those with fewer assets. 2/

When shares rise independently of an increase in quantity (broadly understood) produced, assetholders are able to claim a greater share of total real production. and those with few assets have to pay into the burgeoning flows that become share “fundamentals”, if it’s not just multiple expansion./fin