I read Denning's story and left this response:

"This from the same guy who just called Stocks Fiat.

"Michael Saylor has a drastic opinion. He says when you measure inflation based on something real, like stocks, for 2020, inflation is more like 20%."

So are stocks real or fiat?

I would also claim that you have to adjust that measure for the increase in earnings. If earnings were up 20% and the price was up 20% then inflation was zero. Maybe a better measure would be the change in PE ratio. The one year change in PE ratio was 72%. Certainly we did not see 72% inflation. I think this just points out the idiocy of using stock prices to estimate inflation rates. Stock prices are too strongly driven by the sentiments of the rich to be a useful inflation gage."

The same goes for real estate unless you pick something not driven by the rich like the price of the median family residence or working class rents.

Inflation is not reflected in the spending or investments of the rich. The rich are getting richer so fast that are just throwing money at the markets.