Interesting topic and thoughts. I think what Wazza was getting at is as follows....
While it is possible to beat indices consistently over time, it is not possible for the market participants as a whole to beat the averages over time because they are the average. Most people do not like to be labelled average.
I'm reminded of the infamous study where the majority of drivers (something like 80% I recall) rate their ability as above average, which is quite the oxymoron.
