Plenty of smart people don't have a Ph.D and plenty of not so bright ones have one (counting down 3...2...1... to the insults). In itself having one proves nothing other than you studied a narrow topic for a long time and no more about some obscure topic than anyone else in the world.
Where the value of a Ph.D comes in handy is being able to learn and understand complex scientific information and reason from the information.
Catalysts for $1B MC?, page-78
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