Agree...the universities are full of PhDs that teach theory and couldn't run a business to save their life...and the vast majority are left.
I deal with engineers all the time, some are great at the job and some are not and never will be.
I also deal with guys that work in the field with no degree, again, some are great at the job, some never will be.
Degrees don't make anyone "smarter", it simply prepares one better for a specific task.