Previously Shepherd had indicated that there is plenty of money available to strengthen the squad, but Lee Bowyer is the only player to arrive this summer.
However Shepherd claims that the club has targets in mind and not unreasonably points out that we have spent heavily in recent times.
"We have identified the next group of world class players and emerging youngsters we want to sign but as always we will bide our time," he told The Journal.
"I think people forget that we have brought in three leading English players during the last six months, which is more than many clubs.
"We bought Jonathan Woodgate and Darren Ambrose as well as pinching Lee Bowyer on a free transfer. It's not as if we've been standing still."
Can’t help but agree with Freddy on this one, after all the last two seasons have seen the likes of Craig Bellamy, Laurent Robert, Jermaine Jenas, Hugo Viana and Titus Bramble signed in multi-million deals as well as the recent signings.
We don’t want to do a Leeds United or a Sunderland do we?