While central bankers continue to talk tough about clamping down on inflation, financial markets are questioning how resolute they will be if price pressures ease and economic growth stalls in the coming quarters as expected.

After raising interest rates aggressively over the past year in an attempt to curb consumer spending and slow price increases, a number of major central banks are reaching a pivot point for monetary policy. The Bank of Canada announced a “conditional pause” to interest rate hikes last week. The Bank of England seemed to follow suit on Thursday, announcing another rate hike while suggesting that borrowing costs may be high enough to get inflation under control.

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“Wide diversification is only required when investors do not understand what they are doing .... Diversification may preserve wealth, but concentration builds wealth.” -Warren Buffett

“The idea of excessive diversification is madness. Wide diversification, which necessarily includes investments in mediocre businesses, only guarantees ordinary returns.” -Charlie Munger