The team broke the British transfer record twice, first spending £116 million on Wirtz and then £134 million on Isak.
Liverpool also signed other players, including Hugo Ekitike and Jeremie Frimpong, to reshape their squad into one of the top teams in the Premier League.
At the IMG x RedBird Summit, Hughes spoke alongside CEO Billy Hogan about Liverpool's transfer policy.
"When making transfers, it's essential to separate yourself from the expected transfer fee," Hughes said.
"The key is identifying the right player for the team and the coach, and we pay a fair market value based on the player's age and the team's needs," he added.
