Inflation as long as it’s predictable doesn’t really matter, since the future cash flows just get bigger with more inflation. However real interest rates do aff

Inflation as long as it’s predictable doesn’t really matter, since the future cash flows just get bigger with more inflation. However real interest rates do affect the discount rate; higher interest rates relative to inflation discourage investment since you could just put the money in a bank instead of taking risk. That means inflation does have an effect, since higher inflation is historically more volatile which raises risk thus real interest rates. That’s all assuming a free market without government price fixing interest rates.