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Re:Show HN: Inflation-adjusted stock charts – Total Real Ret... by hobo_mark on Wednesday July 13, 2022 @10:45AM (#32083464)
Recent noahpinion episode about this very topic:

https://noahpinion.substack.com/p/where-does-the-wealth-go-w...

Re:Show HN: Inflation-adjusted stock charts – Total Real Ret... by whatshisface on Wednesday July 13, 2022 @10:48AM (#32083500)
According to that explanation, the index value of a dollar should still go up when the price of all assets goes down.