Of course it's all just verbal nonsense and sloganeering, but if one were to try to pretend it actually meant something, it would have to mean that there are times when stock-picking skill matters more than others. Contrasted, presumably, with times when skill doesn't count and an indexing investor would do as well as a stock-picking expert. I don't think there is a name for those other times, because of course it's just a verbal trick, in support of a persuasion technique I will call "oblique contradiction." (I wonder if salespeople have a name for it?)
If you are trying to convince someone of A, and they firmly believe B, it is not persuasive to say:
"B is wrong. You are stupid."
It is much better to say "My goodness, what a smart, well-informed person you are, I don't meet many like you, a pleasure to be able to discuss this with you and I hope to learn from your insights. A few years back, you know, when things were normal, I might have agreed with you. Back in that golden age, when the stock market was predictable and youths respected their elders and Congress was full of statesmen, not politicians. But we are in an unprecedented era, one like never before, a turbulent and tumultuous era where some stocks are going up and others are going down, and right now we are in a stock-picker's market."
And a few years ago they would say "right now we are in a stock-picker's market" and a few years from now they will say "right now we are in a stock-picker's market."
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.