counterintuitive effect of inflation stock, why, everything, anything, regarding

laurab

this is regarding the formula for P/E = 1 / r + (1-L)*I from reading 38.
also take a look at question #15 end-of-chapter

the fact that higher inflation causes lower stock price sounds counterintuitive to me.
when we think about prices of anything (groceries, clothing...) -
if inflation is high, then prices of everything are high - so why is it opposite for stock prices .
anyone cares to share their thoughts on this subject