Totally bogus/flawed analysis.
Each company stock is constantly being adjusted to inflation. If they are a seller of services, they charge MORE DOLLARS for those services if the dollar inflates. If they are a seller of commodities, they sell their product for MORE DOLLARS if the dollar inflates. If they have real estate holdings, the price of that real estate is valued at MORE DOLLARS if the dollar inflates. All dollar inflation is in the current value of the stock so to say you lost X after losing purchasing power is flawed.
“ Each company stock is constantly being adjusted to inflation
The long term average return of the US stock market is just less than 9% annually.
Every dollar of value is worth 3% less on average and you need more dollars to purchase the same goods and services.
It is why goods and services cost more than in previous years.
If you get back 9% more dollars than you invested, you are 6% ahead after inflation.
Simple as that.