It is his opinion. Just like some folk think we'll still win trophies with this philosophy.
In fact had it not been for Graham's defensive cornerstones Wenger wouldn't have had much of the early success he gained. He might not even still be here were it not for Graham's philosophies....
Anybollocks, I agree with his assertion that Graham's squad under-achieved. That squad should have won more titles and trophies than they did.