I'm thinking along 2 lines of opportunities.

1. Sectors that benefit from global inflation - right now the credit crisis persists more because of a lack of mutual trust among companies & banks, plus current earnings downgrades have made it difficult to evaluate what companies will survive this round of credit crunch (Banks aren't even sure they should lend to each other, much less to other non-bank companies).

However, it's interesting to see how low global interest rates have become. It's not just US, but across the board, we see UK, ECB, Australia, even Japan cutting interest rates despite being at 0.5% only; plus money being pumped into the system. So once confidence recovers, this new hot money is likely to chase various asset classes (money needs to be invested to generate gains).

2. Sectors favoured by govt legislation/policy - By this I mean potential future 'sexy' industries that will undergo commercially-supportive legislation changes. I suspect one area would be green energy-related sectors (think solar energy/carbon trading); another potential area would be environmental engineering/infrastructure (more for developing nations). Alternatively, if some govts are desperate enough to minimise the recession and unemployment in their countries, then perhaps consider the impact of fiscal policies (i.e. increase in govt investment/spending). Where would these govts spend the $$$ on? China just decided to spend $4trillion yuan to do pump priming. US decided to try their best to keep banks afloat, so ironically, the banking sector might actually be the first to recover. How about the other countries?

Do bear in mind the above pts are purely conjectures; whether these scenarios really materialise, no one can forecast with 100% accuracy. Hope to hear more interesting opinions.