He's underachieved with the teams he's had.
He's overachieved to build those teams in the financial conditions.
Hmmm. 02/03 - 7th. Massive over-achievement.
03/04 - relative under-achievement, but we were still pretty gash from the Smith days, in fairness. We were never a top half squad back then.
04/05 - Probably the best example of over-achievement in decades.
05/06 - Underachievement on money spent on the likes of Beattie, Davies etc. The only real example of average transfer dealing.
06/07 - I'd say another over-achievement. We were denied 5th by a shocking decision on the final day.
07/08 - Carling Cup Semi, European run, 5th in the league. Over-achievement despite decent net spend in the summer.
08/09 - 5th and a cup final where we beat 1st and 2nd and 6th in the league only to lose by the odd goal to 3rd in the final? We had a good squad, but the teams we finished ahead of had a lot more at their disposal.
09/10 - Under-achievement. You'd have said we'd finish above Villa here. City and Spurs had finally got money/decent managers by this point.
10/11 - Underachievement. I think we were all guilty (including
Moyes) of over-estimating that squad. No cup run was an extra disappointment.
11/12 - Neutral. Decent enough cup run and the right league position.
Overall, I reckon he's overachieved considerably even with the teams he's had. Focusing specifically on cup success, I'd say it was a slight under-achievement, only reaching two semis and a final in his time, but not catastrophically bad. I think he's done brilliantly in the league. You could argue the over-achieving has tailed off recently, but it's got harder to knock teams out of that top 6 as they spend more and more and we spend seemingly less and less. City's takeover was like losing a league position.