This weekend's Financial Times magazine takes an in depth look at how Watford have survived in the Premier League and, this season so far, are punching above their weight.
A key element is buying low and selling high. Since their promotion to the Premier League they have, on average, acquired and sold more players than any other side in the top flight. But how does one ensure that one buys potential rather than dross? Assessing a player's potential is not that easy. A typical scout is a former footballer getting little more than petrol money with perhaps a small bonus for a successful signing.
Watford have invested in their scouting network, with 12 senior scouts travelling the world, backed up by junior scouts and consultants. That's still far fewer than the fifty full timers employed by Manchester United, but it's still a lot for a club of their size. Moreover, their reports go straight to the ruling trio rather than through other layers of management.
They are prepared to take quick but calculated risks. Their wage bill is the fifth lowest in the division, reflecting their reliance on foreign players who, if they are from South America, demand smaller starting wages than British players. Some of them may need work permits, but they can acquire the right to play in the UK by being loaned out to sister club Udinese or European clubs (how this will work after Brexit is not discussed).
No club in the Pozzo family stable has been relegated for twenty years (they sold their Spanish club Granada for a reported €37m in 2016). Udinese is just a small town club, but its interdependence with Watford and the accompanying trading strategy seems to be working.
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