Just note that deflation and stagflation stand on opposite ends...

Just note that deflation and stagflation stand on opposite ends of the spectrum when we talk about prices. Deflation is prices actually falling, stagflation is high inflation rates with low or negative economic growth. High inflation has generally been good for commodities and those operating in that space. Overall, it looks to me that spending on mining and infrastructure projects is on the up, central banks are averse to raising interest rates any further, and governments seem happy to spend like drunken sailors.
I don’t think it’s as straight forward as we will have one outcome or another, rather we just keep plugging along, low growth but the best in-field companies - eg. SRG - go from strength to strength.

In the case of Deflation, if that were to happen, better to just pack up our bags and put all our money in a term deposit.