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I'd have to guess a majority of people know what they are talking about, or they don't.
Pretending to know something just makes you a liar.
Yeah, sure, but I get the impression that these people are rarely referred to as such. Then again, maybe that’s just my impression.
Just today I had a meeting with a whole delegation of management consultants: three highly paid people, and they all kept throwing out one buzzword after another. When I asked for clarification or rather for detail, however, it quickly became clear that not a single one of them had even a basic understanding of what they were talking about.