What you know vs Who you know

The majority of people believe that "who you know" is more important than "what you know."

This is not accurate.

I believe that "who you know" is important especially at the beginning of one's career, but at one point, "what you know" becomes more important.

In other words, there comes a time when you have enough achievements under your belt to attract the attention of other people. That's the point where you can slow down your networking efforts, and just let people seek you out (assuming you've become really good at what you do).