Joumanna Bercetche, Tom Mackenzie and Mark Cudmore break down today's key themes for analysts and investors on "Bloomberg: The Opening Trade." (Source: Bloomberg)
Joumanna Bercetche, Tom Mackenzie and Mark Cudmore break down today's key themes for analysts and investors on "Bloomberg: The Opening Trade." (Source: Bloomberg)
Benito Juncal/iStock Editorial via Getty Images In March, following its Capital Markets Day, I put a Strong Buy on Repsol, S.A. ( REPYY ). The company has set out two catalysts to unlock value: the liquidity event of its Upstream business and potentially selling down a portion of its international low-carbon generation business to a strategic investor. Since the capital markets day, Repsol has pro...
Benito Juncal/iStock Editorial via Getty Images In March, following its Capital Markets Day, I put a Strong Buy on Repsol, S.A. ( REPYY ). The company has set out two catalysts to unlock value: the liquidity event of its Upstream business and potentially selling down a portion of its international low-carbon generation business to a strategic investor. Since the capital markets day, Repsol has produced strong Q1 results and had a raft of positive news developments in its upstream business, putting the company in a strong position for its liquidity event, which could technically be later this year but is more likely to happen next year. Updates on the liquidity event The liquidity event for Upstream would either be a sale of a percentage of the Upstream business by Repsol (currently 75% owner) and/or EIG (currently 25% owner) to a third party, creating an updated valuation "mark". Or it could be an IPO, where EIG would likely exit some or all of its stake, and Repsol monetize some of its stake. Either way, the liquidity event would help Repsol unlock some of its conglomerate discount that it looks to be trading at. At Repsol's 2026 Q1 results conference call at the end of April, a Goldman Sachs analyst asked specifically about an update on the Upstream liquidity event. Repsol CEO Josu Jon Imaz San Miguel's answer was very interesting, and to paraphrase, he responded by being clear that Repsol is not in a hurry to pursue a liquidity event in the short term. Repsol and its upstream partner, EIG, are fully aligned in that, while technically they are ready to execute — all the reporting and Sarbanes-Oxley compliance work to list is complete—they are taking a longer-term view based on fundamentals. This means Repsol is comfortable not executing the liquidity event in 2026. They believe the quality of their upstream assets is improving, regardless of the commodity price environment. Venezuela is being de-risked with rising oil production and steady gas payments, backed by ...
What Happened? A number of stocks jumped in the afternoon session after Micron's blowout day signaled that AI-driven chip demand is structurally undersupplied which is bullish news for the equipment makers and foundries that build the capacity. Semiconductor manufacturing equipment (Applied Materials, Lam Research, KLA, ASML) and foundries (TSMC, GlobalFoundries) benefit when chip companies announ...
What Happened? A number of stocks jumped in the afternoon session after Micron's blowout day signaled that AI-driven chip demand is structurally undersupplied which is bullish news for the equipment makers and foundries that build the capacity. Semiconductor manufacturing equipment (Applied Materials, Lam Research, KLA, ASML) and foundries (TSMC, GlobalFoundries) benefit when chip companies announce capacity expansions. Every dollar of additional Micron capex flows to the equipment makers that supply the tools, and every new fab Micron builds is a multi-year revenue stream for the foundries that share processes. UBS estimated Micron will spend $50B+ on capacity over the next 5 years. At industry-average tool intensity, that's billions of equipment orders. The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks. Among others, the following stocks were impacted: Zooming In On Amkor (AMKR) Amkor’s shares are extremely volatile and have had 46 moves greater than 5% over the last year. But moves this big are rare even for Amkor and indicate this news significantly impacted the market’s perception of the business. The previous big move we wrote about was 6 days ago when the stock gained 3.5% on the news that traders positioned ahead of Nvidia's fiscal Q1 earnings. Nvidia accounted for a significant percentage of the S&P 500's gains heading into the announcement, making the print the binary catalyst for the entire AI-infrastructure complex — networking ASICs, connectivity silicon, memory, and packaging all move together on the read-through. Falling oil prices also supported the bullish sentiment. Semis carry arguably the longest-dated cash flows in the equity market because most of their value sits in 2027–2030 AI capex, not in the current quarter. When Brent crude drops 5.21% (like it did during the session), expected inflation falls, the Fed gets more room to cut, and the discount rate applied to those distant ca...
A 67-year-old jobless divorcee with a history of criminal offences has been jailed for nine years for sexually assaulting a woman during a brazen daytime break-in at a public rental flat in Hong Kong two years ago. The High Court on Wednesday sentenced former dockworker Leung Kam-wah over the “very serious” offences committed against the 26-year-old mother after he tailed her from a wet market to ...
A 67-year-old jobless divorcee with a history of criminal offences has been jailed for nine years for sexually assaulting a woman during a brazen daytime break-in at a public rental flat in Hong Kong two years ago. The High Court on Wednesday sentenced former dockworker Leung Kam-wah over the “very serious” offences committed against the 26-year-old mother after he tailed her from a wet market to her flat in Kwai Chung’s Lai King Estate on July 5, 2024. Leung has 11 previous convictions, including two for unlawful sex with a minor and two for assault. He was last discharged from a drug treatment centre on Hei Ling Chau in September 2023. Advertisement The court heard that the defendant, who lived alone in Wo King House on the estate, had gone out that day intending to find a victim to rape, carrying a 23cm cutter. He loitered around the estate’s wet market that afternoon and became sexually aroused when he saw the woman, who was with her nine-month-old baby in a pram. Advertisement Leung followed her into nearby Fung King House and pointed the cutter at her back as she opened the door to her flat.
Police say 60 Crystal Palace fans classified as "known troublemakers" were ordered to leave Leipzig city centre on Tuesday evening while two arrests were made following clashes between supporters of the Eagles and Rayo Vallecano. Thousands of fans have travelled to Leipzig for the Conference League final between Palace and Spanish side side Vallecano on Wednesday (20:00 BST). After videos appeared...
Police say 60 Crystal Palace fans classified as "known troublemakers" were ordered to leave Leipzig city centre on Tuesday evening while two arrests were made following clashes between supporters of the Eagles and Rayo Vallecano. Thousands of fans have travelled to Leipzig for the Conference League final between Palace and Spanish side side Vallecano on Wednesday (20:00 BST). After videos appeared online of rival fans clashing in the German city on Tuesday, Saxon State Police confirmed two arrests were made and all individuals involved in the disturbance were ordered to leave the area. Two officers, one from the Federal Police and one from the State Police, sustained minor injuries during clashes with both sets of fans. "At approximately 20:00 (19:00 BST), around 300 Rayo Vallecano fans, considered to be at high risk of hooliganism, were gathered in the city centre," read a statement from Saxon State Police. Police say clashes "suddenly broke out" with Palace fans sat on the outdoor terraces of both Leo's Brasserie and Dhillons. "Bottles, beer glasses, and pub furniture were thrown at each other. Physical altercations also occurred," added the police statement. "Officers on the scene immediately intervened and separated the two groups of fans, checked the identities of more than 300 people, and issued dispersal orders. "Known troublemakers from Crystal Palace moved to the area of the Penguin Ice Bar and approximately 60 individuals provoked passing Spanish fans and were surrounded by federal police." The police operation concluded at approximately 03:15 on Wednesday morning, with more than 320 fans involved. Local police say the 'fan fest' in the market area of Leipzig remained peaceful throughout, with about 2,000 fans from both clubs present.
Hafnia ( HAFN ) declares $0.2877/share quarterly dividend . Payable June 16; for shareholders of record June 4; ex-div June 4. See HAFN Dividend Scorecard, Yield Chart, & Dividend Growth. More on Hafnia Hafnia Limited: A Show Of Strength In A Volatile Market Hafnia: The Stock Price Upside Voyage Is Still Logical Hafnia Limited (HAFN) Q4 2025 Earnings Call Transcript Hafnia GAAP EPS of $0.36, reven...
Hafnia ( HAFN ) declares $0.2877/share quarterly dividend . Payable June 16; for shareholders of record June 4; ex-div June 4. See HAFN Dividend Scorecard, Yield Chart, & Dividend Growth. More on Hafnia Hafnia Limited: A Show Of Strength In A Volatile Market Hafnia: The Stock Price Upside Voyage Is Still Logical Hafnia Limited (HAFN) Q4 2025 Earnings Call Transcript Hafnia GAAP EPS of $0.36, revenue of $412.9M Hafnia Q4 2026 Earnings Preview
Getty Images President Donald Trump's pick to head the Federal Reserve and push forward rate cuts will have to deal with rising inflation and a fragile jobs market that will make any course changes difficult. Trump selected Kevin Warsh, a former Fed governor, after a months-long public feud with prior Chairman Jerome Powell, whom the president frequently criticized for not reducing rates faster. W...
Getty Images President Donald Trump's pick to head the Federal Reserve and push forward rate cuts will have to deal with rising inflation and a fragile jobs market that will make any course changes difficult. Trump selected Kevin Warsh, a former Fed governor, after a months-long public feud with prior Chairman Jerome Powell, whom the president frequently criticized for not reducing rates faster. Warsh was sworn in as the central bank's 17th chairman at the White House on May 22. Trump, during the ceremony, said he wanted Warsh to be "totally independent" as Fed chair. For his part, Warsh said he planned to lead a "reform-oriented" central bank. "Our mandate at the Fed is to promote price stability and maximum employment," Warsh said in his first remarks as chair. "When we pursue those aims with wisdom and clarity, independence and resolve, inflation can be lower, growth stronger, real take home pay higher and America can be more prosperous and, no less important, America's place in the world more secure." Warsh takes the reins as the war in Iran and related soaring energy prices have boosted the pace of inflation to their highest levels in nearly three years, pushing aside any rate-cut expectations and increasing the likelihood of rate hikes in the near future. A majority of the futures market now expects at least one 25 basis-point rate hike before the end of 2026, according to CME FedWatch. A month ago, the entirety of the futures market was betting on the Fed to either hold rates steady through the end of 2026 or cut them at least once, according to CME FedWatch. This shift in rate expectations stands to put some of Warsh's reform plans on hold, according to Oren Klachkin, a financial market economist at Nationwide. "Over time, we may get rate cuts in exchange for balance sheet reduction and other changes," Klachkin said in an interview. "He'll need to use his soft power to get a lot of his agenda done. That's where building relationships with the rest of the Fed...
TRESU INVESTMENT HOLDING A/S ANNOUNCEMENT NO. 04.2026 27.05.2026 TRESU Investment Holding A/S – Announcement of Q1 2026 Interim Report Tresu Investment Holding A/S today publishes the Q1 2026 Interim Report and presentation of the financial results. We are pleased to invite you to the financial results call, which is being held Tuesday, 2. June 2026, at 10am CET. The Interim Report will be present...
TRESU INVESTMENT HOLDING A/S ANNOUNCEMENT NO. 04.2026 27.05.2026 TRESU Investment Holding A/S – Announcement of Q1 2026 Interim Report Tresu Investment Holding A/S today publishes the Q1 2026 Interim Report and presentation of the financial results. We are pleased to invite you to the financial results call, which is being held Tuesday, 2. June 2026, at 10am CET. The Interim Report will be presented by Stephan Plenz, CEO and Jesper Eriksen, CFO. After the presentations there will be an opportunity for Q+A. A recording of the results call will be made available for four hours on the TRESU IR website. To register for the investor call, please send an e-mail to fho@tresu.com directed to Financial Manager at TRESU A/S, Finn Holm, no later than 1. June 2026 9am CET. Stephan plenz CEO, TRESU For further details, please contact: CEO, Stephan Plenz, phone: +45 2194 5480 CFO, Jesper Eriksen, phone: +45 6073 1967 Attachments: TRESU Investment Holding AS interim report 2026 Q1 Quarterly reporting – 2026 Q1 Attachments
Aurora Private Wealth Inc. purchased a new stake in shares of NVIDIA Corporation (NASDAQ:NVDA - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 18,847 shares of the computer hardware maker's stock, valued at approximately $3,515,000. NVIDIA comprises 2.3% of Aurora Private Wealth Inc.'s portfolio, making the ...
Aurora Private Wealth Inc. purchased a new stake in shares of NVIDIA Corporation (NASDAQ:NVDA - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 18,847 shares of the computer hardware maker's stock, valued at approximately $3,515,000. NVIDIA comprises 2.3% of Aurora Private Wealth Inc.'s portfolio, making the stock its 8th largest position. Get NVIDIA alerts: Sign Up Other institutional investors and hedge funds have also bought and sold shares of the company. LVZ Inc. grew its holdings in shares of NVIDIA by 7.7% in the fourth quarter. LVZ Inc. now owns 8,426 shares of the computer hardware maker's stock worth $1,571,000 after purchasing an additional 602 shares during the last quarter. Riverstone Advisors LLC grew its holdings in shares of NVIDIA by 32.2% in the fourth quarter. Riverstone Advisors LLC now owns 23,874 shares of the computer hardware maker's stock worth $4,452,000 after purchasing an additional 5,810 shares during the last quarter. Sandro Wealth Management LLC bought a new position in shares of NVIDIA in the fourth quarter worth approximately $6,513,000. LMG Wealth Partners LLC grew its holdings in shares of NVIDIA by 0.7% in the fourth quarter. LMG Wealth Partners LLC now owns 7,649 shares of the computer hardware maker's stock worth $1,427,000 after purchasing an additional 53 shares during the last quarter. Finally, Caisse Des Depots ET Consignations grew its holdings in shares of NVIDIA by 0.5% in the fourth quarter. Caisse Des Depots ET Consignations now owns 507,631 shares of the computer hardware maker's stock worth $94,673,000 after purchasing an additional 2,731 shares during the last quarter. 65.27% of the stock is currently owned by institutional investors. Insider Transactions at NVIDIA In other news, CFO Colette Kress sold 42,650 shares of NVIDIA stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $174.89, for ...
B.O.S.S. Retirement Advisors LLC trimmed its stake in NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 7.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 38,603 shares of the computer hardware maker's stock after selling 2,973 shares during the quarter. NVIDIA comprises about 2.3% of B.O.S.S. Retirement Advisors LLC...
B.O.S.S. Retirement Advisors LLC trimmed its stake in NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 7.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 38,603 shares of the computer hardware maker's stock after selling 2,973 shares during the quarter. NVIDIA comprises about 2.3% of B.O.S.S. Retirement Advisors LLC's holdings, making the stock its 7th biggest position. B.O.S.S. Retirement Advisors LLC's holdings in NVIDIA were worth $7,199,000 as of its most recent filing with the Securities and Exchange Commission. Get NVIDIA alerts: Sign Up A number of other hedge funds have also recently made changes to their positions in the business. Joule Financial LLC grew its holdings in shares of NVIDIA by 2.2% during the third quarter. Joule Financial LLC now owns 2,308 shares of the computer hardware maker's stock valued at $431,000 after buying an additional 50 shares during the last quarter. Presidio Capital Management LLC grew its holdings in shares of NVIDIA by 0.4% during the fourth quarter. Presidio Capital Management LLC now owns 15,137 shares of the computer hardware maker's stock valued at $2,823,000 after buying an additional 53 shares during the last quarter. LMG Wealth Partners LLC grew its holdings in shares of NVIDIA by 0.7% during the fourth quarter. LMG Wealth Partners LLC now owns 7,649 shares of the computer hardware maker's stock valued at $1,427,000 after buying an additional 53 shares during the last quarter. Vision Financial Markets LLC grew its holdings in shares of NVIDIA by 1.2% during the third quarter. Vision Financial Markets LLC now owns 4,640 shares of the computer hardware maker's stock valued at $866,000 after buying an additional 53 shares during the last quarter. Finally, IMG Wealth Management Inc. grew its holdings in shares of NVIDIA by 1.4% during the third quarter. IMG Wealth Management Inc. now owns 3,820 shares of the computer hardware maker's stock ...
Balentine LLC boosted its position in shares of NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 7.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 33,540 shares of the computer hardware maker's stock after acquiring an additional 2,445 shares during the period. NVIDIA makes up approximately 0.2% of Balentine LLC's h...
Balentine LLC boosted its position in shares of NVIDIA Corporation (NASDAQ:NVDA - Free Report) by 7.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 33,540 shares of the computer hardware maker's stock after acquiring an additional 2,445 shares during the period. NVIDIA makes up approximately 0.2% of Balentine LLC's holdings, making the stock its 26th largest holding. Balentine LLC's holdings in NVIDIA were worth $6,255,000 at the end of the most recent reporting period. Get NVIDIA alerts: Sign Up Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Longfellow Investment Management Co. LLC increased its stake in NVIDIA by 47.9% during the second quarter. Longfellow Investment Management Co. LLC now owns 207 shares of the computer hardware maker's stock valued at $33,000 after acquiring an additional 67 shares during the period. Spurstone Advisory Services LLC bought a new position in NVIDIA during the second quarter valued at about $40,000. Syntax Research Inc. increased its stake in NVIDIA by 62.5% during the fourth quarter. Syntax Research Inc. now owns 260 shares of the computer hardware maker's stock valued at $49,000 after acquiring an additional 100 shares during the period. Sellwood Investment Partners LLC bought a new position in NVIDIA during the third quarter valued at about $50,000. Finally, Networth Advisors LLC bought a new position in NVIDIA during the fourth quarter valued at about $51,000. 65.27% of the stock is currently owned by institutional investors. Key NVIDIA News Here are the key news stories impacting NVIDIA this week: Positive Sentiment: Multiple reports said NVIDIA remains a primary beneficiary of the AI buildout, with strong demand for AI chips, hyperscaler spending, and supply constraints in advanced packaging supporting growth. Article Title Multiple reports said NVIDIA remains a primary beneficia...
abadonian/iStock via Getty Images Investors who intend to beat the stock market long term should naturally be seeing asymmetric bets. These are positions in which the investor deems some of the following to be true: 1) The market has discounted true cash flows erroneously. 2) The valuation for those future cash flows is incoherent. 3) The market position and growth prospects of the company are not...
abadonian/iStock via Getty Images Investors who intend to beat the stock market long term should naturally be seeing asymmetric bets. These are positions in which the investor deems some of the following to be true: 1) The market has discounted true cash flows erroneously. 2) The valuation for those future cash flows is incoherent. 3) The market position and growth prospects of the company are not being properly appreciated by the market. An insightful investor might notice these are all different ways of saying the same thing: the stock is far outside the range of reasonable valuations and EPS growth expectations. When 2023 rolled around, investors who had been hiding their assets in stable cash-flowing industries like pipelines and REITs during the 2022 bear market began to sell those companies and reinvest in growth, picking up shares of companies like Meta Platforms, Inc. ( META ), Alphabet Inc. ( GOOG , GOOGL ), and Amazon.com, Inc. ( AMZN ), which had cratered the year prior. Data by YCharts You can see this trade-off begin in late 2022, where Enbridge Inc. ( ENB ) roughly peaked, while this group of tech stocks roughly bottomed. From that point forward, Enbridge lost value until the bottom in 2023. This was rightly where the discount buyer started to enter the stock, including myself, while Enbridge's dividend yield was above 9%. Roughly two years later, the stock had appreciated considerably, and I sold my position, publishing the article below. Enbridge: “Quintuple Vortex” Exemplified In this article, I detailed why the company was not of the highest quality, using five different warning signs, which together make for an uglier picture than some investors might care to admit. Around the same time, I had switched my model of investing from reasonable quality at reasonable prices to extreme quality at whatever prices I could justify. Since the publication of the article, investors have done exceptionally well in the short term (the article was published in Ju...
Wolterk/iStock Editorial via Getty Images Investor enthusiasm for AI infrastructure stocks sent SK Hynix ( HXSCL ) shares sharply higher on Wednesday, with the stock gaining as much as 11% and lifting the company’s valuation beyond the $1T mark. The South Korean chipmaker has been one of the biggest beneficiaries of the AI spending boom, with its shares up roughly 231% this year as demand for high...
Wolterk/iStock Editorial via Getty Images Investor enthusiasm for AI infrastructure stocks sent SK Hynix ( HXSCL ) shares sharply higher on Wednesday, with the stock gaining as much as 11% and lifting the company’s valuation beyond the $1T mark. The South Korean chipmaker has been one of the biggest beneficiaries of the AI spending boom, with its shares up roughly 231% this year as demand for high-bandwidth memory chips continues to surge. Those chips are widely used in AI accelerators and data-center hardware. SK Hynix has become a critical supplier to Nvidia ( NVDA ), strengthening its role at the heart of the global AI infrastructure buildout. The rally also boosted momentum across the broader semiconductor sector. Samsung Electronics ( SSNLF ) climbed more than 6% on Wednesday. In the U.S., Micron Technology ( MU ) has also joined the AI-fueled surge. Micron ( MU ) shares soared 19% and hit $1T in market cap on Tuesday after UBS raised its price target on the memory maker to a new Wall Street high, citing continued strength in the market. More on SK Hynix DRAM doubles since launch; here are the top holdings Datadog, Sk hynix in focus as Wedbush adds to AI 30 list Dividend scorecard for SK Hynix Financial information for SK Hynix
Atlantagreg/iStock via Getty Images A Dallas REIT Rated Outperform at BMO It was an exceptionally hot spring day this Monday when I noticed something while out in the city: people are out shopping, and the lines have been long at certain retailers, so I thought it would be a great time to follow up on a retail REIT that I've covered several times now, NETSTREIT ( NTST ). In its Q1 earnings results...
Atlantagreg/iStock via Getty Images A Dallas REIT Rated Outperform at BMO It was an exceptionally hot spring day this Monday when I noticed something while out in the city: people are out shopping, and the lines have been long at certain retailers, so I thought it would be a great time to follow up on a retail REIT that I've covered several times now, NETSTREIT ( NTST ). In its Q1 earnings results reported in late April, the company's results were in line with estimates, and recent headlines showed that BMO Capital gave the stock an "outperform" rating, while the stock happens to be up nearly +11% since my buy rating this past March and also up since my bullish view in Sept. 2025 and up +25% since I suggested holding on to it in May 2025. Some factors that drove my prior confidence included its net-lease business model, high occupancy rate, FFO growth, and portfolio growth. In fact, its profile describes this Dallas-based REIT as focused on acquiring single-tenant net lease retail properties nationwide and already having a $2B market cap. Updated Thesis Reaffirms Bullish View Again For my updated thesis since Q1 results came out, I am actually reaffirming my prior buy rating and consider this stock a reasonable dividend income idea as well as a modest capital growth idea, supported by both macro and company-specific growth drivers, an impressive earnings profile, low balance sheet risk, competitive position among peers, and technical trends confirming market bullishness on this stock. NTST - rating worksheet (author) A Proven, Steady Revenue Trend Boosts The Growth Picture I gave the stock a modest buy rating after considering the latest consumer confidence data, this REIT's exposure to Sunbelt states, positive investment growth, and proven 5-year revenue growth. I think key macroeconomic factors that could impact this niche would be consumer confidence, but also regional population/migration patterns, as they can drive demand at this REIT's retail tenants, which is...
Winning successive La Liga titles is just the start for this new-look Barcelona side, says sporting director Deco. Barca beat Real Madrid earlier this month to win the Spanish top flight with three games to spare and retain the title. With a new generation of La Masia academy graduates - including the likes of Lamine Yamal, Pau Cubarsi and Fermin Lopez - now integral to their team, Deco says it is...
Winning successive La Liga titles is just the start for this new-look Barcelona side, says sporting director Deco. Barca beat Real Madrid earlier this month to win the Spanish top flight with three games to spare and retain the title. With a new generation of La Masia academy graduates - including the likes of Lamine Yamal, Pau Cubarsi and Fermin Lopez - now integral to their team, Deco says it is "the beginning of the history of this team". "It is true that we won two La Ligas but these players want to win more, they believe that they can win more," Deco told BBC Sport. "That's why it's important because if the players believe they can acheive more important things, you see they still want to do something important. "I believe that this team for me is the beginning of the era, the beginning of the history of this team because they are so young and still want to win something important." In the process of guiding Barcelona to their second successive title, Hansi Flick has built a team which means they will not have to "go to the market for four to five players", said Deco. They went on an 11-game winning run to coast to the title, although they exited the Champions League in the quarter-finals.