My understanding of inflation is that money is devalued (particularly by quantitative easing, which the west has been doing big time over the pandemic). With inflation your money buys less than it did before. Because money denominations can not be changed easily, the price of goods goes up - or the value of investments goes down. Cash is of fixed denomination and so everything else has to move around it.
Unfortunately my view is probably a bit narrow, and sadly I have little idea of how to invest in these times. I’m going to slow down a bit if the feeling is bearish and keep some cash in my ISA for ready for some bargains.
Netflix is down 20% (!) in after hours trading after their results, seems like fundamentals are starting to matter again after a long period where US stocks defied gravity.