Commodity Super cycle

https://www.ft.com/content/d3c43942-af5c-45df-8797-aed080a61092. JPMorgan’s Marko Kolanovic seems to think so. In a note published Monday he outlined the reasons why energy prices, and related assets, might have turned.

Rotation by discretionary funds and retail: In the period from 2010 to 2015, the Energy sector had a 10.6% allocation in equity portfolios. This has steadily declined to a 3.1% weight currently (Figure 4). The largest decline was in active allocations, which declined from 7% to 1.5% (while passive allocations decreased from 3.6% to 1.8%). Any retracement of this decline, on a US equity fund asset base of ~$14T would result in significant inflows and re-pricing. As economies reopen, inflation moves higher, and yield curves steepen, active funds are expected to first close cyclical shorts, and then rotate from long secular growth towards value and cyclicals. Given that equity assets significantly increased over the past 10 years, and the energy sector significantly decreased, even a small rotation could produce an outsized move. Retail investors also reduced energy equity allocation from 4.4% to only 0.6% currently. Given the increased retail activity and interest in stocks that are volatile, have high short interest, are smaller in size and have thematic news/social media coverage (see here), the sector will probably also be of interest to retail investors.

So to me his main thesis is active funds will increase their weightings in energy sector stocks as economies reopen, and retail investors will increase their weightings because they like to chase meme stonks. I got a couple questions:

1) "as economies reopen, inflation moves higher, and yield curves steepen": there's a chance that COVID might hang around for another 10 years and new and more lethal variants will prolong the recession. Plus, as supply chain is restored, wouldn't the inflation be lower? Aren't these expectations already priced in the yield curve?

2) there's a chance that the active funds might never increase their energy holdings again? just like stocks who go into decline might keep dropping further and never go back up.

3) Why does he think that retail/reddit investors would be interested in buying stocks of mining companies? this ain't gamestop or AMC which are names the average joe can relate to.