We have underachieved in the sence that Mourinho got sacked and replaced by donks Grant and Scolari who had no clue. Hopefully with AVB the changing managers like socks has stopped. But in general, speaking of titles, we have done fairly well... of course no CL, that's an underachievement, but look at our unluck in the competition - it's unbelievable... the phantom goal, the weren't-meant-to-be red cards, Terry slipping on the winning penalty, several injury crysises. But only losers look for excuses, so I won't go there... in my opinion there have been unfortunate bad spells, bad decisions, but in general we have done well. Did Man City win the league in their first "sheikh-season"? Let alone back-to-back? No, they didn't, and they're richer than us.