Supply and demand matters, not just demand. Further ESG activism impedes supply, whereas third world countries continue to industrialise increases demand for coal. Long term this only goes one way and that’s prices up. Supply issues weren’t a thing 10-20 years ago. These companies are trading on record low P/E ratios. Easy hold long-term.
You mentioned deflation and stagflation, I believe the latter will continue to play a role. Inflationary commodities, stagnant economic growth. Excellent stagflation hedge.
