Not so long ago, the start of each summer transfer window was greeted with trepidation by Europe's biggest clubs. The sun's return would be accompanied by the opening of an enormous chequebook as Real Madrid scoured their rivals for the latest Galactico to add to their collection.
It did not matter if the unwilling sellers were AC Milan or Juventus, Manchester United or Liverpool; nobody was safe from the Merengues' cash-laden talons. Not even arch-rivals Barcelona could resist, famously losing star Portuguese playmaker Luis Figo to the capital and greeting his next visit to Camp Nou by tossing a pig's head at their former favourite.
Twenty years on from the start of Perez's first term in office in 2000, the wily old impresario cuts as formidable a figure as ever in the Spanish capital. But while money for new talent continues to flow, the targets have changed.
The likes of Ronaldo (both Brazilian and Portuguese), David Beckham and Roberto Carlos are no longer the club's transfer priority. Now, from Spain to Brazil and across the globe, potential Galactiquitos, or Baby Galacticos, are being watched with interest and snapped up with ever-increasing frequency.
The policy is not entirely novel. As long ago as 1996 Madrid swooped for teenage Argentine brothers Esteban and Nicolas Cambiasso, while Perez himself veered from his strict Galactico policy from 2005 onwards to sign promising Under-23 talents such as Sergio Ramos, Gonzalo Higuain, Fernando Gago and Robinho, among others.
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It was not until the summer of 2013, however, that a real shift in the president's thinking could truly be seen.
Madrid's failure to sign then-Santos sensation Neymar rankled as an unforgivable oversight for a club that has always prided itself, from Di Stefano and Puskas in the 1950s to Cristiano Ronaldo almost six decades later, on harvesting football's finest. Barcelona proved more thorough in their scouting, slicker in negotiations and perhaps more willing to accommodate the extravagant requests made from all parties involved in that notorious deal.
“We spoke, we saw what the transfer was coming to and we realised that it would have damaged our ecosystem,” Perez told Punta Pelota of the failed talks in 2013. Nevertheless, the president sent two envoys to Brazil at the 11th hour in a fruitless attempt to change the current Paris Saint-Germain man's mind.
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The Merengues' transfer activity following their abortive attempt to sign Neymar shows eloquently Perez's determination never to be caught out again. Alongside Gareth Bale arrived 21-year-old trio Casemiro, Isco and Dani Carvajal, while two years later Marco Asensio signed from Mallorca at the tender age of 19.
The last few seasons have seen Madrid focus almost exclusively on young talent. As well as Brazilian pair Vinicius Junior and Rodrygo, both 18 when they moved, the likes of Martin Odegaard (16), Takefusa Kubo (18), Brahim Diaz (19), Andriy Lunin (19), Eder Militao (20) and Federico Valverde (18) have all joined the ranks at Santiago Bernabeu as the club combs the globe for the next big star.
The latest potential jewel in the Blanco crown arrived in January in the shape of Reinier, Vinicius' former Flamengo team-mate who signed terms barely minutes after blowing out the candles on his 18th birthday cake.
Understandably, one of the biggest challenges teenage hopefuls from South America and elsewhere face is that of adapting to a new culture thousands of miles from home. "It is difficult, it goes from player to player, from person to person. Some will be able to adapt faster, others will not," Rodrygo told Goal of his arrival after being named atop the NxGn 2020 list of the world's best teenage footballers that included two other Madrid players - Reinier and Kubo - in the top 10.
"I think that when Vini arrived, he told me he was a little alone, because in the pre-season Marcelo and Casemiro weren't there yet. He, then, was the only Brazilian. The beginning then turned out to be a little difficult. When I arrived, there were the five Brazilians here: me, Casemiro, Marcelo, Vinicius and Militao, so that helped me a lot."
Rodrygo and Vinicius have both enjoyed exciting starts to life at Madrid, and with Reinier joining them, there is a growing hope that the Blancos can develop a Brazilian forward line that would, albeit belatedly, make up for failing to secure Neymar.
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"We have this dream of making history here at Real Madrid and also in the national team," Rodrygo added. "We have a very good partnership, we met from Brazil, but because he is from Rio and I am from Sao Paulo, there was a certain distance and we just talked on the internet and via WhatsApp.
"Today we are together every day, our friendship strengthens more and more. We have a lot of things in common and we have dreams that we hope to realise up front."
On Reinier he added: "I think they are wanting to set up a trio here or a Brazilian quartet up front. Let's see."
Ironically, as Reinier himself admitted upon signing, one of the biggest draws for the Galactiquitos are the blockbuster signings that preceded them.
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“When I was very little I used to watch the Madrid Galactico games with my father,” the teenager told Marca. “I loved Madrid. And of course since then I have always loved them.” Even if many of the latest generation were barely able to walk when Zidane, Ronaldo and Co. were strutting their stuff, thanks to their parents, elder siblings and YouTube the Galactico legend remains intact, providing an unbeatable sales pitch for Madrid's staff once a player has been identified and approached.
Such a policy, of course, is by its very nature far from foolproof. The example of Valverde - who was snapped up from Penarol at just 16 (although he stayed in Uruguay a further two years) and broke into the first team last season as almost the finished article - or Asensio - the author of a goal in the Champions League final in his debut season - are very much the exceptions to the rule.
More typical is the case of Odegaard, a full Norway international at 16 but who is only now, after almost four years farmed out on loan in Netherlands and Spain, considered as having a chance of breaking into the senior squad. Patience is vital for any youngster hoping for their big break.
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“For young players, and for me right now, it is crucial to have game time. At Madrid I think it's difficult to obtain,” Odegaard, who is currently enjoying an impressive campaign with Real Sociedad, signalled to TV2 in December. “There are a lot of great players there and competition is huge. It was obvious that the best thing I could do was ask for another loan.
“My goal is still to play with Real Madrid. That's why I signed with them. For me, that is the place to be, I feel like I have improved in these last two years, I'm a better player, stronger and more mature.”
Time will only tell whether Odegaard, and indeed, Rodrygo, Vinicius, Reinier and the rest of Madrid's young stable of prospects, will make the grade. Nothing can be taken for granted at one of the world's strongest clubs, with proven internationals in almost every position.
Behind the scenes, meanwhile, you can be certain that teams of scouts are leaving no stone unturned in the hope of finding the next big thing ready to make his impression on the Bernabeu. The names may change season by season, with some becoming Blanco legends and others moving on elsewhere, but the Baby Galacticos, Perez's pet project for world domination not for one year but a whole decade, are here to stay.