Herb Greenberg has a great column on the last of a dying breed: the stock-picker (a group that includes yours truly). I admit that the machines are much faster than we are, but we humans still have many advantages, namely the irrationality of our fellow humans.
In other words, the average stock has beaten the index by a good margin.
Will this divergence continue? It's hard to say. I think one factor that will help is the persistence of low inflation, if not deflation.
When the pricing environment is so hostile to price increases, this may place a greater premium on companies that are more efficient or they offer something unique. The more diversity their is in rewards, the more opportunities there is for stock-pickers to find above-average profit opportunities.