Mumbo jumbo, abstract information; bullshit. Usually spoken by professors or kiss-ass graduate students.
Root word can also be modified to create a verb (i.e., "Shmergeny").
Can replace the traditional, "Blah blah blah," or, "yadda yadda yadda."
Girl 1: "Did you take notes in philosophy?"
Girl 2: "I tried, but it was a bunch of shmergen."
Modified version: "The teacher's lecture was all shmergeny."