"Yes, we have signed a lot of players. We have spent £110m and recouped £70m. If a club like Liverpool cannot invest £8m or £9m a year in the future it is difficult to understand, because some clubs have done more than that.
"Sometimes you make the right signing, sometimes you don't. I think the arrivals of Harry Kewell and Steve Finnan last summer were good for the club and they can improve even more next season.
"As for not introducing players from the youth academy, do people think I'm stupid? I'm not going to send out a team which is not good enough to represent Liverpool."