A decade ago, Exxon Mobil was the most valuable company on earth. Since then, its shares have gone nowhere, lagging the S&P 500 by 231 percentage points. The fact that a company or industry has been in the doldrums is no reason to buy it, or for that matter to ignore it. Still, it would be equally wrong to look at macro trends such as the rise of renewables and dismiss carbon-based players.

Source: Wall Street Journal February 01, 2019 16:29 UTC