I really don't think he does, well insofar that he has fallen hook line and sinker for Pardew's fallacy that qualifying for the EL or giving the cup(s) a good go automatically leads to lower league table positions. I would argue that a good manager would be able to handle a team being in multiple competitions. Yes, this may require a bit more squad depth, but then higher league positions as you say help generate more income and being a better side would allow us to attract a higher calibre of player (with possibly more upside still), so it all evens out. Where it would make a huge difference to Ashley is in the exposure SD would get if we were even remotely close to our potential, and the difference in the value of the club should he decide to sell up at some stage.