The reason Moyes replaced Fergie is the same reason we've signed Obertan, Owen, Young, Valencia, Bebe, Fellaini, Smalling, Buttner. When it comes to the footballing side of things the club hierarchy are only prepared to do the bare minimum and hope for the best.
I think this is a tad unfair. You cant lump all these signings together.
Obertan, Bebe, Smalling and Buttner are/were young signings which we made because we thought they had a lot of potential. When you are competing against far richer clubs you need to find an edge and ours has been to buy young players we thought would go on to become top quality, before they became prohibitively expensive. Not dissimilar to what we did with Ronaldo. Unfortunately this strategy is always going to mean you get some duds, not everyone will progress as hoped. For the strategy to work you just need to hit more than you miss, or make sure when you do hit you hit spectacularly. Even within this category there are differences, obviously the whole Bebe thing was surreal and nobody knows what happened there but you have to give SAF the benefit of the doubt and assume he believed he was going to justify that price.
I think these are the ones people should be looking at when it comes to assessing the United strategy in the transfer market. There is a reason we have been doing it this way, whether we should rethink this is another debate entirely, of course there is an argument for implementing a new "galactico" policy of sorts, the question is whether we can afford to go that route and also, of course, whether people want to, there is plenty to be said on both sides of those questions.
I would however agree that you can make a convincing case that Moyes is the managerial equivalent of these signings above, that he is a manager with potential that could be developed in-house, rather than buying the finished article. Obviously you can make the case the other way as well, the comparison is imperfect because one is a manager who has been around for many years and the others are young players with most of their careers ahead of them (or they did when they signed anyway).
For me, the remaining signings in that list are different:
Valencia was fantastic for us for his first couple of seasons, it is easy to be revisionist now. Yes it was a bit of a comedown after Ronaldo but I think SAF was vindicated on the basis of his early form for us.
I never wanted either Young or Owen. Young just wasnt a step up on what we had, at a time we should have been strengthening our first XI, rather than our squad, he was a squad player. For me he is the example that best supports your point. Owen was another squad player, more defensible in some ways because it was cheap and we lost little by doing it, less in others because his injury record always suggested he would struggle to make an impact even as a sub. But it was hardly indicative of our transfer strategy. I would compare it more to the Larsson episode than anything, it was just an opportunistic, short term deal.
And then there is Fellaini. The jury is still out on that one, clearly the majority are pretty underwhelmed with it, but again I dont think it shows a lack of ambition from the club, he spent a lot of money to bring him here. This one was just about supporting the new manager and he was someone Moyes wanted.