Solid contrarian thesis. The LNG export floor on nat gas is probably the most underappreciated part here, becuase it fundamentally changes the switching economics that drove coal's decline over the past decade. I've watched utilities flip between fuels based on Henry Hub spreads, and that $3.50/MMBtu threshold is real. The lag between gas price moves and equity repricing creates actual alpha if timed right.
Solid contrarian thesis. The LNG export floor on nat gas is probably the most underappreciated part here, becuase it fundamentally changes the switching economics that drove coal's decline over the past decade. I've watched utilities flip between fuels based on Henry Hub spreads, and that $3.50/MMBtu threshold is real. The lag between gas price moves and equity repricing creates actual alpha if timed right.
Great shout. Agree w that take.