Equity Investors Don't Understand Inflation

"The piece references an a academic paper "Inflation Illusions and Stock Prices," by John Campbell and Tuomo Vuolteenaho, that argues that investors analyze stocks incorrectly during inflationary times because corporations can pass cost increases on and show higher earnings growth. I'd shred this paper in more detail, except I'm unwilling to spend $5 to buy it, so I'll go on Hulbert's summary and the abstract and just give the high concept. "