After I wrote that, it occurred to me that there is another counterargument. If cash-on-hand decreases along with the inflation of earnings-per-share, the busin

After I wrote that, it occurred to me that there is another counterargument. If cash-on-hand decreases along with the inflation of earnings-per-share, the business value doesn't really increase. I have always assumed that shareholders wouldn't take this into account, but maybe they deserve more credit than I've been giving them.