Lee Camp has arguably proved the biggest value for money acquisition of the summer for Davies, who managed to sign the goalkeeper from QPR for a nominal fee. Camp has produced several assured performances and has Davies leading the calls for him to be called up to the England squad.
Midfielders Paul Anderson (£250k) and Paul McKenna (£750k) and striker Dele Adebola (free transfer) have also made significant impacts, while Forest's biggest investments were strikers David McGoldrick (£1million) and Dexter Blackstock (£1.25million) and full-back Chris Gunter (£1.75million).
Davies insists it was money well spent on all of them, saying: "I feel we got a bargain with Camp given what we paid for him - but not only him.
"When you look at the spend and the players we brought in, when you look at Camp, at Dele Adebola - who we signed on a free - and at Paul McKenna, well really, you can go right through the side.
"I think every player we have signed has come in and earned their corn, justifying their valuations. It was money well spent with all of them."
Source: Team Talk