I think my summary would be, they did not invest enough and on top of that they invested in the wrong players.
If I take the same starting season, this is the ranking of net spending in the world:
https://www.transfermarkt.com/trans...&nat=&pos=&altersklasse=&w_s=&leihe=&intern=0
Apparently Madrid are not among the first 25 clubs, let's have a look at the second page...
Oh, still no luck. Not among the first 50 clubs either. So let's have a look at the third one...
Here you are, Real Madrid are in position number 63 with a total net spend of €41.65m, just slightly behind stellar clubs like Pyramids FC, Getafe or Huddersfield FC. Overall the average net spend is €8.33m per season!!!!
So yes, I basically agree that guys like Jovic and Hazard were wrong signings, but it's way easier to get it right if you get closer to clubs having a net spend of more than 50, 60 times that amount per season.
When I said in other posts that Florentino had been saving like crazy this is what I was referring to.