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> There’s plenty of successful businesses chugging along growing at about the rate of inflation.

Even outpacing inflation by 1.2 - 2 times. It's not insane growth, but it is consistent. Better yet is that they tend to have a decent number of assets too.

> It’s really hard to grow a business at 10 or 500 times that rate.

How often is 10 to 500 times growth seen in reality? I think most start-ups fail before the second year.

> Why would it be surprising to value the latter kind of business higher than the former?

Highly stable and proven growth as opposed to highly unstable and unreliable growth.