Peter Schiff says stock gains are inflation, not real wealth

Peter Schiff says the stock market’s rise is not necessarily real value creation.
His argument is that when the dollar loses purchasing power, asset prices can rise in nominal terms without investors actually becoming wealthier.
That is the inflation-adjusted bear case.
The number on the screen may go up, but the real question is what that money can still buy.
For $SPY investors, nominal gains and real returns are not the same thing.