> This example is bad because few companies have fixed potential like earning $200M in nominal dollars. More companies will be able to earn $200M (real year-0 dollars).

This suggestion only tilts the argument into my favor.

Apple makes 190 million iphones/year or so. In an inflationary environment, Apple will still make 190 million iphones and probably still sell them all.

Those 190 million iPhones will cost 7% more to make, but also sell at 7% higher prices. So we see that Apples expected profits will rise by 7% or whatever inflation is.

But the factory loans that Apple bought 5 or 10 years ago are in 2010 dollars and will remain so. We can see that inflation helps established companies regardless.

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It is the growth companies who don't own factories yet, who are raising money today that get hurt by inflation.