"There is no such thing as a stock picker's market," investment legend Jack Bogle, founder of the Vanguard Group, told CNBC.

A "stock picker's market" is commonly defined as a situation in which an analyst or investor uses a systematic form of analysis to conclude that a particular stock will make a good investment.

Many other experts agree with Bogle, and right off such a cliche as a market urban legend.

"Every market seems to be defined as a "stock picker's market," yet for most people the lion's share of investment returns -- for good or ill -- has typically come from the asset classes they've chosen rather than the individual investments," The Wall Street Journal's Brett Arends explained. "And even if this does turn out to be a stock picker's market, what makes you think your broker is the stock picker in question?"

To be sure, Bogle is cautious about the direct of the current market.

Bogle, who advised investors to stay the course amid market volatility earlier this year, now tells market watchers that dividends are flat, the market's price-to-earnings ratio is high and returns are less than stellar, CNBC reported.

"The market is not cheap. The dividend yields are low, right around two percent; they've been that way for quite a while," he told "Power Lunch."

"If you're in the market for the long-term, you have to accept the market's return whatever it may be. And so, I look for a decade of returns that are not going to be quite as good or nearly as good as that 12 percent we've earned every year in the last 70 years," he added.

To be sure, Goldman Sachs' David Kostin sees the S&P 500 going nowhere for the rest of the year, Yahoo Finance reported.

“After an 11% plunge to start the year, US equities have rebounded by 14% and have now posted a 2% gain YTD,” Goldman’s David Kostin said in a new note to clients. “We maintain our forecast that S&P 500 will end the year at 2100, unchanged from the current level.”

For Kostin, the stock market faces three headwinds: “mediocre” GDP growth, a “mixed” earnings outlook, and high valuations.

(Newsmax wire services contributed to this report).

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