It's a difficult one as he has signed some good players that, IMO, would generate a profit now. However the majority of these were in the first season with the likes of Vlaar, Guzan, Westwood, Lowton and Benteke.
Last summer we signed a lot of cheap shit so I can really only think of Bacuna who has been ok.
The problem is Lerner turned the tap off, the appointed McLeish and let him sign players for more silly money, most of which were on the way down (Hutton, CNZ, Given).
Hindsight is great but we seem to have bounced from one piss poor decision to another.