Thursday’s AGM, as predictably as a Champions League collapse at the Emirates Stadium, saw Ivan Gazidis answer questions about the club’s transfer policy.

Even less surprisingly, the chief executive defended the work of the club. And he was right to. Arsenal are the fourth richest club in the Premier League, so we can’t be expected to win the league by spending the most money; we have to be smarter with our resources than the three clubs with more money in order to outdo them.

Hence the Gunners have invested and focused heavily on improving the academy and the youth teams over recent months. When Arsenal do spend on senior members, we do it well. If our judgement is so good on bringing players in, maybe our judgement is also good on the players we pass on?

Since Podolski was signed back in 2012, Arsenal have signed 11 first-team players. Every single one is still a part of the squad. Going further back, Arsenal have parted with transfer fees for 23 players since the start of 2010, 17 of whom are still on the books at the club (Wellington Silva and Carl Jenkinson are out on loan). That small level of squad turnover is incredibly impressive, and goes to show that the right judgements have indeed been made. Making those right calls is crucial, as we don’t have money to waste.

After all the players that have been brought to Arsenal, and with our current squad, it’s pretty clear that we can only improve incrementally. To do so costs a lot of money, but it also narrows down the pool of players from which we can pluck our next star. Quite clearly, it isn’t simple at all. As Ivan Gazidis explained, Arsenal have been doing a mighty fine job in the transfer market regardless of the noise around – not within – the club.

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Usually found watching or talking about English or German football. Interested in tactics (but often despairing a lack of them). Favourite players: Bergkamp, Arteta, Özil