Because inflation’s effects are uneven. On the plus-ish side: -Optically better revenue and profits for companies (albeit fundamentally similar or worse beca

Because inflation’s effects are uneven. On the plus-ish side: -Optically better revenue and profits for companies (albeit fundamentally similar or worse because of increased supplier prices), -better fixed income returns (again though, relative; and bond prices themselves decline), and -(historically) equity appreciation. On the negative-ish side: -wage increases tend to lag and underperform inflation, so people who earn their income primarily via wages suffer, at least in the near term. -capital gets a lot more expensive if the fed raises rates. While equities generally increase during times of inflation, there can be huge downdrafts as valuation models adjust to the increased cost of capital. Given where the market is trading right now on a virtually any valuation basis vs previous fed hike cycles, things could get really ugly for a while. (*none of above is investment advice. Good chance it’s all proven totally wrong, actually, given how unprecedented market and economic behavior has been over the past decade)