So the squad assembled by Moyes wasn't good enough to win a cup?
For me the biggest disappointment will always be Wigan.
That aside, the latter half of Moyes' time here, when we were consistent in the league, saw us get to a final, and two semis in the last 5 years that he was here.
That's not bad.
If we'd been better/braver/luckier/whatever along with the Wigan debacle we could have come away with 1/2 trophies in that period.
So we were close and better management by Moyes "could" have got us over the line at least once.
But as @Shogun
says in the later stages we've come up against teams who would expect to beat us.
I know we finished above Liverpool in 11/12 but they had better individuals.
Then there's in game luck such as can you plan for Lescott being out jumped by Shaun Wright-Phillips or Distin playing in Suarez.
But overall as @Simon Paul
says the overall management of the team has been on the decline.
We've not been in a financially supported situation where we should be winning things for a number of years.
We've been a decent team over the past decade or so but the spending gap to the teams that should win things is such that we're in the same boat as most other teams where we might win something.
There are loads of teams over the years who think that that they should be winning things but how often does it happen.
Newcastle are the obvious example but Villa have hardly been trophy laden in the past 20 years and for lots of them they spent good money.
Both of those certainly spent more than we have.
We obviously don't help ourselves by not taking the early LC rounds too seriously. But then on the other hand did Swansea, for example take their early rounds seriously? I don't know. I remember Wigan nearly went out to lower league opposition in the 3rd round when they won the Cup.
So there is always going to be that but of luck.
But the flip side of the luck of the draw argument is that as said, the tough draws are against teams that expect to win things.
And they expect to win things as they've invested heavily in their squads.
They also expect to finish in the top 4 and maybe even win the league.
Therefore until we can expect to be one of the top, top teams by virtue of what we're putting into the squad then we're always going to be hoping that it's our year and then hoping that we don't balls it up.