For me it's about identifying either young(ish)players who are surplus to requirements in the league above or those who are already top players at their clubs in this league. Look at what they are worth like. Look at their likely potential. Look at how much promotion would bring in. If you buy a player who is doing well already in this league who is likely to improve and have a re-sale value, then paying more than he's worth (within reason) is the sensible. It's an investment.
I think this is exactly the right strategy and to a certain extent it's one we've been following for the last couple of seasons.
When spending £100-£300K on players like Baxter, Cuvelier, Murphy, Scougall, McNulty, McGahey we have made an investment.
The value of those players isn't likely to plummet, so there's no risk of that money being totally wasted.
Some may be worth slightly less (e.g. Cuvelier) but the majority will be now worth more than we paid for them (i.e. the rest).
What the club seems currently unwilling (or possibly unable) to do is adopt the same policy but with players who are maybe in the £750K to £1.5M bracket.
It could be that we simply can't persuade players in that bracket to drop down to our level.
(Although that's not what we've been told regarding Brayford and the three transfer targets on Monday)
When people talk about "throwing money at it" it implies we would be throwing money away.
On the contrary, if we throw money at the right sort of targets we would benefit from in improved team now and a probable profit on that investment further down the line.