If that £20m or so he spent in the summer is viewed as an investment, then it looks a good one.
I'd say all the players bought except Bennett, Bowery and El Ahmadi will have seen increases in their value. Only 3 weeks ago I was seeing comparisons with Benteke and Drogba, Lowton has looked decent as has Vlaar and Westwood. If those players were to be sold now Lerner would receive more than the original £20m regardless, so I don't buy the cautious approach to transfer spend - where we've hemorrhaged money in previous years is due to paying over the odds for players we'd never see a decent return on and putting them on high wages. We even recouped all of the original transfer spends on Downing, Young and Milner and then some.
Providing we can get the right player in on decent wages then the initial outlay shouldn't be an issue - after all, the man's just sold something for $1 billion, liquidity is not a problem.