The big question on every investor's lips right now is, 'Should I buy BHP?'

The Big Australian has fallen sharply in the last 12 months, having given up half of its value.

The rout has come about due to slowing growth out of China and a subdued outlook for global economic growth.

The Samarco mine disaster in Brazil has also weighed heavily, with BHP and partner Vale expected to be footing a multi-billion dollar bill for the tailings dam failure.

These factors, coupled with massive oversupply in key iron ore and oil markets, have driven the share price south.

But commodity slumps don't last forever; booms turn to busts and back to booms in due course.

And over the cycle, BHP has remained and will remain one of, it not the world's best diversified mining companies, with an enviable portfolio of world-class assets.

If you have a long-term investment horizon and are willing to put up with some volatility, now could be an ideal time to revisit BHP given the depressed share price.

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