People who know what they're talking about...
Almost always talk like they know what they're talking about. That's why it pays to invest more time than you might imagine on the vocabulary, history and concepts of your industry.
Insider language, terms of art, the ability to use technical concepts... it matters.
On the other hand, sounding like you're smart doesn't mean you are.
Necessary but not sufficient.
My favorite marketing guru Seth Godin says it best.
Admitting to ignorance is a fundamental way to acquire knowledge. On the other hand, the presumption of possessing superlative knowledge exposes one's ignorance. Filtering one from the other matters.
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