Whilst virtually every other major European club has been handing out cash like it is going out of fashion, Real Madrid have been uncharacteristically quiet in one of the most lucrative transfer windows in history.
Triggering former striker Alvaro Morata's buy back clause has been Los Blancos' only piece of business this summer - a far cry from the usual Galacticos signings that are basically a tradition under Florentino Perez's reign.
Speaking today, the Real Madrid president attempted to explain just why the La Liga giants have steered clear of any big money moves. His reason? It is apparently "impossible" to improve on the players currently available to Zinedine Zidane.
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"It's a season full of challenges. We have already claimed the European Super Cup and won the first two [league] games. We have a spectacular squad, impossible to improve."
Those familiar with Perez will be suspicious of his claim. This, after all, is the man who has effectively made it his mission to sign at least one of the world's top players each and every year, no matter the consequences.
And, coming after a summer in which Madrid were linked to the great and the good of world football's current talent pool, it hasn't escaped our notice either. To put it bluntly, Perez is telling porkies.
Here are just seven high profile examples taken from this summer which would suggest the headline-making president has changed his story now the window is about to slam shut...
1) Paul Pogba
Real Madrid are used to being the ones to break the world transfer record but had to watch Manchester United take that honour with the £89 million signing of Paul Pogba this summer.
That doesn't mean Los Blancos weren't interested, though. In fact, for weeks, reports noted that the club were toe-to-toe with United for the Frenchman's signature.
Not the type of thing you'd do if you actually believed it wasn't possible to improve an 'impossibly good' squad.
2) Gabriel Jesus
Never one to be put off by a price tag, Madrid were amongst those fighting to sign the Brazilian wonderkid before Manchester City secured his services.
They reportedly even had a pre-contract agreement in place.
3) David Alaba
When you're willing to spend €65 million on a player, it's probably safe to say you're trying to address an issue in your current squad.
Surely Mr. Perez would have liked to see Alaba in Madrid colours over Marcelo.
4) Robert Lewandowski
Another Bayern Munich star, another summer of Madrid being linked to a true Galactico signing.
The question is whether you believe Perez's claims about not needing to improve the squad, or the countless reports of Real trying to put in place a private agreement with Bayern over the Polish striker's sale.
5) Andre Gomes
This one is pretty hard to deny. Upon signing for Madrid's fierce rivals Barcelona, Gomes even openly admitted he had chosen between the two giants of Spanish football.
Sounds a lot like Real were pretty serious about adding the 22-year-old to their squad before Barca stepped in.
You can't blame Perez for trying to justify a suspicious lack of transfer activity this summer, and you have to admire his bravado to claim he hasn't really been trying to add to the squad all along.
Nevertheless, there is quite a lot of 'evidence' putting holes in his deadline day story.
Maybe it is Zidane putting his foot down. Maybe it is the fact Premier League clubs now have all the money. Or maybe Madrid have lost a little of their charm.
When it all adds up, though, it certainly didn't look like Perez thought it was "impossible" to improve his squad when the summer began.
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