The global financial crisis has so far decimated the stock market with even quality companies with no debts being hammered. However what this means is that there are currently some excellent bargains to be had if you are investing with a long term view.

Of course it's recommended that you should have a well diversified portfolio, but I've always felt that there's nothing wrong with weighting your portfolio towards companies in those hot sectors that you think will do well in the next few years. So with most sectors having been hit by the global financial crisis, which sectors should you be looking to invest in that are likely to do well in the next 2-5 years?

Well this does not constitute professional financial advice and should not be seen as a recommendation, but my own view is that with commodity prices falling and oil prices having dropped substantially, this has now presented an excellent opportunity to snap up some bargains in the mining and oil sectors.

A lot of companies within these sectors are now trading on ridiculously low PE ratios and have been completely oversold by the market. Yes the drop in commodity and oil prices will inevitably hit their bottom line, but the fact is that a lot of the larger companies in these sectors are extremely well run, have little or no debts and are in a great position to snap up the smaller mining and oil companies who are not so well equipped to deal with falling commodity and oil prices.

There is also the fact that in the next few years these prices should eventually rise back up again, which will boost these companies' profits. For example, as I write this article the oil price is currently trading at $64, but in my view oil will rise back up again and should be trading above $100 in the next few years because it is after all a finite resource and there is still massive demand from rapidly expanding countries such as China and India.

Of course share prices in these companies could fall even further which is why I personally am drip-feeding money back into the markets at these levels. There will come a time in a few years time when the economy will be in better shape and the banks will have sorted themselves out. As a result share prices in general should be a lot higher, but for me the best bargains are in the mining and oil sectors. These companies should be trading a lot higher at some point in the next few years, and in the meantime you can always collect the nice dividends that are paid out by the larger more profitable companies in these sectors.