A multitude of distinct physical processes and molecular mechanisms have been introduced in the past in an effort to understand the unusual dielectric loss spectrum of water with its pronounced peak at roughly 20 GHz. Our computer simulations including ab initio molecular dynamics provide no evidence for a major impact of cage dynamics or local-diffusive motion on the lineshape below 200 GHz. We also show that the collective motion of hundreds of water molecules and/or their significant diffusive displacements are not required. Instead, the dielectric relaxation of water up to about 200 GHz can be quantitatively described in terms of two unimodal and smoothly decaying spectral contributions.