Master of Management Studies: Duke Kunshan University Graduation 2019

(“Pomp and Circumstance”) – Ladies and gentlemen, I
ask that you please stand. I present to you The
Fuqua School of Business Master of Management Studies: Duke Kunshan University, Class of 2019. (audience applauding) (triumphant music) Please be seated. I’m Bill Boulding and
it’s my great privilege to be Dean of Duke University’s
Fuqua School of Business. Every day in my opinion is a
great day at Duke University and at Duke Kunshan University, but today is an extra special day as we celebrate the accomplishment of these soon-to-be graduates
sitting in front of us. I very much appreciate the
journey that they’ve taken to get to this moment of celebration and I very much appreciate
that we have friends and family here with us today to
share in the celebration because you, too, were
a part of this journey and so it’s so nice to
have people with us today who were so meaningful to
the students in front of me in helping them get to
this momentous occasion, and so I’m very grateful for
the people here who can join us and I’m also grateful for the people who were a significant
part of this journey but could not join us today. Too, I’m glad to recognize
the faculty and staff, who were so meaningful in your journey, both on the Duke University campus and on the Duke Kunshan University campus because they, too, played
such an important role in getting us to this special day. And so having said all that, I want to be sure that
everyone understands that it’s the students who are
the star of the show today. They’re the ones who we are celebrating, and with that, I’d like
to introduce Denis Simon, the Vice Chancellor of
Duke Kunshan University. (audience applauding) – Well thank you Bill. I usually don’t disagree with the Dean, but I also have to say that
in addition to our graduates, there are also some other
stars in this audience and that’s the families,
friends and parents of the graduates who,
without their support, and without their love and their caring, many of you would not be here today, so maybe we can just take a moment and give some applause to
the families and parents who are here today.
(audience applauding) It’s always exciting
to come to a graduation and this one is no different. And in fact it’s a very special one. The present state of affairs between the United States and
China for example right now is going through some very difficult times and our President, Vincent Price, was here a couple of weeks ago and he described the
Duke Kunshan University as, what he said, “a beacon of light “in the midst of the turbulence
of US-China relations.” And so you are at a very special place. This is a place where two countries who are big and powerful
and important come together and will probably define and
shape the world as we know it for the next 50 to 100 years to come. And as part of that experience, you bring with you a responsibility. People who come through
Duke Kunshan University are expected to be bridge builders, people, basically, who work to unite and create constructive
engagement among the peoples of, not only the two countries, but also for people around the world. We hope that with this experience and the tools that you’ve learned, and the knowledge that you’ve garnered from your learning here on this campus and on the Duke campus, that you will play a purposeful role and a meaningful role in
helping to create a better world in the coming years. Our experience has taught us
that the bonds of friendship that you make with one another and the relationships
that you’ve established with your professors are part of a lifelong relationship that you will always have, both with Duke University and also Duke Kunshan University, and we are really thrilled to
know that you have now become long-term members of our family. We may be a young
institution at this point, but we really have a rich
alumni already out there, and we hope to continue to build upon that alumni in the future. So let me, on behalf of
Chancellor Feng Youmei and myself extend to you again our
sincere congratulations and wish you much success as you leave here in the coming years. Thank you all very much. (audience applauding) – I’d now like to ask Raunaq
Singh to step forward. He is a Student Representative
from the class of 2019 and he will make the presentation of the Excellence in Teaching award. (audience applauding) – Thank you Dean Boulding. Good evening friends, faculty, staff and of course the
spectacular class of 2019. Interacting with all of you
over the past 10 months, I realized that we come from
different walks of lives. We have different experiences and we come from different places. However, what unites us is a common goal. A common goal of educating ourselves, a common goal of being
passionate about learning stuff. The most important
facilitators of this goal are the teachers, who impart wisdom not only inside the classroom, but outside of it as well. The Excellence in Teaching Award is awarded to a faculty member, based on quality of teaching, approachability and availability,
continuous improvement, degree of challenge created for students, and use of innovation in
teaching a core course. And while we all agree that
we’ve had the privilege of having many such teachers in our class and being taught by them, someone who stands out is
one of my personal favorites. He, amongst other things, taught us three most important things that will go on throughout
with us in our entire life. The three things were: to
treat people with respect, to always tell the truth, and importantly, to hold
dear our core beliefs, especially when we are in
difficult circumstances. What was even more remarkable
was, that he told us to save all our tears
only for the final exams. (audience laughing) Without further ado, I
would now like to present, on behalf of MMS: DKU, 2019, the Excellence in Teaching
award to Professor Hao Xue. (audience applauding) – Thank you. Unfortunately Professor Xue could not be here today and I will accept the award on his behalf. (audience applauding) I am honored to receive the award on behalf of Professor Hao Xue. Professor Hao shared the following: “Congratulations graduates,
thank you so much “for your acknowledgement. “It is a great honor. “Teaching at DKU was an
enjoyable experience. “From the very first day I was
impressed by your brightness, “your eagerness to learn “and your level of engagement. “Your commitment and hard work “also motivated me to work hard “so that I would not let you down. “You were enthusiastic
over the entire two weeks “which is quite something given
how intense the course was “and the fact that lectures
often ran over time. “Thank you for being patient
when lectures ran over. “I enjoyed interacting with you “both inside and outside the classroom. “One of my most memorable moments “was chatting with you during
class breaks and over lunch, “although the food in the cafeteria “has some room for improvement. (audience laughing) “It was great to be part
of your learning process “and more importantly
to get to know you more. “I felt so connected to you
by the end of the second week, “that I wished the course could
go on for a few extra days. “You know, so that you
could have more questions “to answer on the final exam. (audience laughing) “This was my first year at Duke “and the award means a lot to me. “I suggest that we all
thank the two FOB sessions “because I had the chance to
experiment with teaching there “before I could improve it at DKU. “I would also like to thank
Ann and Di for their help “and dedicated work
that made the transition “from Durham to DKU seamless. “Allow me to finish by
thanking each MMS:DKU student “for making teaching so enjoyable “and for making me feel so welcome. “It was my privilege to be your professor. “I wish you best of luck in
your future career, thank you.” (audience applauding) – In the spirit of giving
and continuous improvement, I’d like to welcome to the stage those individuals whose work this year will help DKU to continue to grow. Please welcome the Class
Gift Committee members, Cheng Mingzhu and Yingtao Zhu. (audience applauding) – On behalf of the class of 2019, we would like to present this check to DKU Executive Vice
Chancellor Denis Simon to show our support for
Duke Kunshan University. This gift will help
support funding priorities of the university and MMS Program to pave the way forward
for future students. – And this was a great year. We raised the total amount RMB 5,112, with a participation rate of 100% (audience applauding) Class of 2019 did a really good job. Thank you for your support
and participation, thank you. (audience applauding) (camera clicking) (audience applauding) – I would now like to
introduce the student speaker, someone who has exemplified
our core values, and represents our class proudly. What he represents even more proudly is the great state of Texas. My dear friend, Luke Walker.
(audience laughing) (audience applauding) (audience laughing) – Hello, it isn’t working. Well thanks Raunaq for that
all too kind introduction. Unfortunately I don’t get to
talk about Texas much today, but I guess this will do. And quite honestly there
are a lot of reasons why we’re here today. There are a lot of people to thank, and I think it’s worthwhile to
go through and mention a few. First is Dean Boulding, thank you so much for traveling half way around the world from Durham to Kunshan
to be with us here today. It means a lot, and it’s been an honor to learn under your graceful leadership, one that’s inclusive, one that defines itself as
a culture of excellence, really, really happy to be a part of it. Next is Executive Vice
Chancellor Denis Simon, thank you so much for being here today. As you mentioned, DKU is
a cutting edge university and it’s on the cusp of
a new era of education. One that is a light in the darkness of US-China relations if you will. It’s been a lot of fun learning here for the last five months and we’re lucky to have you at the helm. Next is our commencement
speaker, Mr. Jeffrey Li. Thank you so much for
being with us here today. You are the embodiment of what it means to be a Fuqua graduate, to carry on the torch of excellence. It’s motivating and it’s
inspiring for all of us here to continue doing the same once
we step out of these halls. And also a million thank yous
to the faculty and the staff who made this year possible. Ten months ago we came in
like a deer in the headlights. We had no idea what was going on and all of this is
possible because of you, so thank you, thank you so,
so much, a million thank yous. And lastly, yeah, yeah.
(audience applauding) And lastly to all of the
families that are here, both those are in Kunshan and those who are not in Kunshan, your love and support is constant and it is reliable. We would not be where
we are today without you so thank you, thank
you, thank you so much. (audience applauding) And now to the class of 2019. You did it, yeah, yeah, yeah.
(audience applauding) Yeah, yeah, yeah. You did it, congratulations. Yeah, a jam-packed 10 month course split between two continents. You have all the reason to be
extremely proud of yourself. As I was sitting there
listening to Raunaq, I only had one question, why are you so excellent? (audience laughing) You know, 10 months ago we
arrived in Durham, last July, from different corners of the globe. We had a strong desire to learn and together, an unwillful ignorance of how quickly time would pass us by. Over the course of six months
while we were in Durham, we took classes in accounting, statistics, business communications,
strategy, marketing, finance, economics, management and organizations, made great memories at Piyush’s apartment. We watched Zion Williamson,
(audience laughing) and the Duke men’s basketball team play historic ball in Cameron. We even got to sing karaoke with our accounting professor, Youfei. We wrapped up our time in Durham, and made our way across
the world to Kunshan, some of us returning home, others coming to visit. Again, we took classes in decision making, operations, accounting,
business communications, and again, finance. (audience laughing) We made great memories
at formal in Shanghai, at the class barbecue a few weeks ago, and again, in Piyush’s apartment. (audience laughing) And I always think, by the way class, are you with me? You know it.
(audience laughing) One of the best memories. And so in the classroom, we learned a lot. Because of our time there, we can dive deep into
free cashflow analysis. (audience laughing) We can run Monte Carlo simulations and conduct a five forces analysis. Well actually, maybe we
can’t do those things, but at least we know what they are now. (audience laughing) So we’re starting summer right, yeah. And as much as we
learned in the classroom, we learned from one another. Because of the relationships
we formed here, we are better listeners, we are better leaders, we are better people. And so the question is, what
have we equipped ourselves for over the last 10 months? As Executive Vice
Chancellor Simon mentioned, our world is made up of
remarkably complex problems. We have things like wealth inequality, noted through food insecurities and access to education and healthcare. There are environmental
issues we need to deal with. Things like ocean
conservation and pollution, social issues like the gender pay gap and humanitarian crises around the world. Coupled with this is an era defined by increasing isolation, where
leaders are not so interested in working with one another. And so in all of this, I would argue that over
the last 10 months, we’ve equipped ourselves
to be problem solvers. In other words, we’ve equipped
ourselves to be good stewards of the fortune we’ve
built up for ourselves here at DKU and at Fuqua. Fortunately I think all
of us feel that way, which is why I’m so
hopeful about the future. Our class and classes like it will redefine the metrics of success. We’re not so concerned with
making as much money as we can, and we’re more concerned
with leaving the world a little bit better than we found it. So to the class of 2019, I hope you haven’t lost
your strong desire to learn, your love for learning, and I hope you’ve gained
a greater appreciation for life’s most fleeting resource, time. And go get ’em, those problems
I mentioned, go get ’em. And always fight the good fight. It’ll always be worth it. The future will certainly
have its challenges, but I say to the future that
you have not met us yet. And remember, if you are ever
in the great state of Texas, (audience laughing) my home, the most beautiful
place on the planet, (audience laughing) you always have a place to stay, thanks. (audience applauding) – Thank you so much Luke
for your deeply insightful and moving remarks,
they’re really terrific. It now is my great privilege to introduce our commencement speaker and when we choose a
speaker for graduation, it’s a very, very high bar that that person has to pass over. First of all, we want someone who will be seen as a role model, as someone of accomplishment, someone you can look up
to and say, “Wow, some day “I’d like to have success
like that individual.” So when we look at our
graduation speaker, Jeffrey Li is one of the most important leaders in one of the most important
companies in China. He is the Managing Partner
of Tencent Investment and General Manager of Mergers
& Acquisitions for Tencent. His responsibilities include investments across a wide variety of sectors, from education to healthcare and he leads the Tencent
global investment activity in interactive entertainment focusing on gaming companies in China and across the world. Before joining Tencent,
Jeffrey was very successful in his roles at Bertelsmann
Asia Investment, Google and Nokia. And so he certainly checks the box in terms of someone of accomplishment. But accomplishment means very little if it’s not accompanied by great wisdom, and here I can personally
vouch for the wisdom that Jeffrey has acquired
throughout his career. He serves on our East Asia
Regional Advisory Board and I’ve personally
benefited from his wisdom over many years in terms of his role with the East Asia Advisory Board. He is someone who is deeply respected, who often is sought after as an expert in terms of market activity
in China, around the world, in the tech sector, in every sector, because he is someone who
has had to make himself aware of the emerging trends
across every industry sector. So he’s someone who has
accumulated a great deal of wisdom, but again, the wisdom means very little if we can’t meet the standard
that Luke talked about, which is to be someone of high quality, high values and real purpose. And here, it is an
extraordinary thing to see just how humble Jeffrey is, given his level of accomplishment. He’s someone who is humble, he’s someone who is generous, and in fact I’d like to mention that thank you for your class gift to DKU, Jeffrey will match that class gift and that’s something that he is doing, simply because he is a very,
very generous individual, generous in every sense of the word because he gives his time to countless students who seek his advise, he gives his counsel and so he’s someone who is
very, very generous in sharing all the gifts that he has to offer. And so he’s someone
who exhibits the values that we would hope to see in any person in the Fuqua community. The last thing is, that
we hope to have someone who’s from the Fuqua community so that you can see that
from this community, great leaders emerge and I’m very happy to say that Jeffrey is, at least we are proud that
Jeffrey is a Fuqua graduate. And so without further
ado, I give you Jeffrey Li. (audience applauding) – Thank you very much for Dean
Boulding’s kind introduction and thank you to Chancellor
Simon, all the guests, all the faculty and most important of all, thank you very much class
2019 for having here. I know there’s like a great moment for you and congratulations for your great work in the past year, thank you. (audience applauding) I actually heard a lot about
you guys during this afternoon and Luke’s comments actually
remind me many familiar names when I was at Fuqua, that
was about 15 years ago, especially accounting,
corporate finance class. I still remember vividly
about what happened my year. And to be very honest when
Dean Boulding first reached me and invited me as a commence
speaker, I was quite nervous. I’m still quite nervous today. (audience laughing) Not only because I know
there’s like a great commitment and great expectation from
the students and family but also last year actually
was a very struggling year, tough year for my company, for myself. I will talk a little bit
later about why is that. But today, after coming here, especially hearing all Luke’s comments, I finally realized
probably the real reason of Dean Boulding to invite me here is that to give you a very real demo
that even you did really poorly at your corporate finance
and accounting class, you can still find a very good
job at the investment field. (audience laughing) So I remember last year, DKU invite Tom Zhu as
a commencement speaker and Tom was a very,
very great entrepreneur, but he has very special talents. He was a dropout from university, he was a serious entrepreneur, he worked for Tesla as a
General Manager in China. So my path actually was
very different from him. I am actually a kind of the good boy in term like the traditional definition in the Chinese education system. So I grow up here, I went
to Beida for college, and after graduation,
I think very similarly with many of you are sitting here, I had no idea about what I’m
going to do as my first job, so I went to Proctor &
Gamble as my first job. I worked there four years,
three years in sales and one year in marketing. And the great learning
from Proctor & Gamble is that I realize I’m not the
person for sales and marketing so I went Fuqua for the change. I went to Fuqua in summer of 2002. Probably you can still remember, that’s about only one year
after the September 11 attack and also that’s in the middle
of the internet bubble, so many of my peer and other was like no internship, no final offer, but we actually spent
lots of time together so I made many lifetime
good friends over there. That’s actually a very special gift for my life learning experience, but luckily I finally found new job so when Nokia after graduation, I spent one year in UK and come back two years in China and then I went to Google. I have done several different
product development, corporate development job in both firms and then in 2008, right
before Google exited China, that’s nothing to do with me,
(audience laughing) and I moved again, I moved
to the investment field and helped the German
conglomerate Bertelsmann to set up the funding in China. Another two years later, I
start my journey with Tencent. So currently, I’m serving as the Managing Partner
of Tencent Investment. The team was set up in 2008 and I was the number
fifth member of that team. Currently, we already have over 60 professional
investment professionals and we deploy about $10
billion US each year in the past several years with
a portfolio company over 700. This is very exciting experience
in the past several years when you have such a great change in term like the work that we
have done in the past, but to be honest, the most
exciting part actually from my working experience
is that I have the chance to know many of the very
exceptional entrepreneurs, CEOs, early on and also observe their
growth during the process. So I know today the graduation ceremony probably that’s also beginning of the class 2019, your career path, so I guess is that many
of you are expecting me to talk about how to be successful in your long-term journey. I probably will fail you because I really want to set myself free from that expectation and I also want to set all the class from that expectation, from
your parents, from your couples and most importantly from yourself about what’s actually to be success. On the other hand, I
really want to talk about the other world, which is failure. If I may, my first advice to you is that at this age of your career, you should definitely get
out of your comfort zone and try something different. Take some risk and probably
try the experience of failure. Since failure is actually
inevitable in your lifetime so if that going to happen, so let it happen early and let it happen fast. People all love to talk
about the successful stories because that’s enlightening,
that’s inspirational and that’s very unique. But on the other side, when
you talk about failure, that’s all about future
stories, that all like the sad, and that’s all about how
you hide from things away, but actually that’s how life goes and how people grow out of that. So as an investor, I often ask about the failure experience
of the entrepreneurs and that’s actually a great demo of the learning capability of the people and also it’s like the self-reflection. So here I actually want to share with you about a very painful, sad
experience about myself. So as I mentioned early
in my career I realized sales, marketing was not for me and I’m quite a logical pupil, I like the intellectual challenge in a small team environment, so it seems like consulting
is a very nice field for me so I start preparing for the case study, I start to improve my English, I start to set up other connections. So during the two years at Fuqua, I interview almost every office of every consulting firms
in the United States, Deloitte, Atlantic, McKinsey,
New York, BCG, Boston, Monitor, Chicago, and I all failed. I still remember very
vividly before the graduation I interview with McKinsey
for about 11 or 12 rounds with four of their global office and finally end up with China partner with like, I had no chemistry at all. The moment I step into office
that I know I’m doomed. (audience laughing) Even after joining Nokia the year after, I interview many firms
in their London office, then after come back to Beijing I interview with many of
them in their Beijing office. So that’s almost a journey of four years. I failed them all. So I didn’t remember why I was
so upset about consulting and what actually drives me. Keep trying, keep trying and keep trying. After all these years, 15
years working experience, so I have to say my current path, especially my experience
with Nokia and Google gave me a tremendous exposure
to the early innovation of China mobile internet which by far the most
innovative global trend. That’s a great, great experience and also, I also get
almost a paid gap year when I work for Nokia UK, I traveled around UK, went
to lots of intriguing places, many of UK residents have never been, even they have lived there for years. But most of all, what I remember is what I learned from this process. The first thing I learned
is that how to prepare. How to prepare for interview, how to prepare for the test, how to prepare and many
times you can overprepare for the small chance, small opportunities you have in your life because back in 2002 and 2004, even to get a job interview is extremely, extremely difficult. The second thing I learned,
actually how to motivate myself and to take a very proactive
attitude in that process, and last thing, is that how
to make peace with myself when the bad news come. So having said that, I still have to admit the process actually that’s
really, really painful so even here now, I
still hate McKinsey a lot (audience laughing)
so I’m become a very picky client with them, when I do a project with them now. (audience laughing) So if you look at my daily job, so the essence about investment actually is about risk taking. So when we look at a venture fund, if you have never failed in your projects, along your fund, normally
that’s high likely you are not taking enough risk, and same for individual growth. So early stage as you in
your beginning of your career the most important thing is that the biggest risk you are going to take is actually to let the risk go away. To missing a big trend
actually is more important or more dangerous than making very, very small, many small mistakes. So don’t get stuck in the
prototype or expectation from others, from yourself
as kind of a successful model or successful individual, but go ahead and try to
do something different. So if you look at yourself and imagine what you will be in term like the 10 years from now I hope that that’s not
like a so clear picture because that’s actually the
space you can grow into. So if you know exactly what
you will be like along the way, you’re about to make some change and take proactive approach. Otherwise, you will either get bored, or along the way, you will be abandoned from this huge, huge wave. And the very difference
of your age versus my age is the diversity of opportunities. The people talking about,
even people talking about stabilized social status and also how hard to startups again, but I still observe many
of the great startups in the past several years. For example, I observe DiDi
grow up from a 14-people company into a 55 billion market cap giant in only 4-1/2 years. I still remember the first
time I met Cheng Wei, he’s much more or less
presentable than most of you (audience laughing)
in that process. So the choice you have today actually is very different from
what I have at that time to work for certain company, are you going to choose a
job in finance or accounting? No, that’s very different. So what we are choosing actually, that’s what kind of people you want to be and what kind of lifestyle
you are going to take. So you probably can go to corporate and you probably can go to a small firm, you probably can start up
your own small business and also you can build a huge business by the support of the venture capitalist. So there are lots of choices actually, we have never can dream of
back 10 years, 15 years ago, but now actually, you all have the choice. But facing all this choice, the advice from me is that keep focused. Only focusing makes you work excellent. So people always talk about
Tencent as a gaming company and how successful we
are in this gaming space. But most of you, most of the people don’t know how much dedication from the senior management
in gaming itself, so I want to share you
some very interesting facts is that both our Chief Strategy Officer who used to be the Managing Director of Goldman Sachs in New York and our Gaming VP are
both hardcore gamers. They play literally every
game along the year. I don’t know how they made it. I just don’t have that much time. And our General Counsel and our President are actually the top 30
players in Clash Royale. I guess many of you play that game. We end up buying that company and doing the DiDi process, the CEO of Supercell was really, really
surprised by their ranking so he just went to their backend office to check whether they have some fraud actions during their play. It’s like a great experience when you see the business result actually combined with the
dedication of the people, like the personal dedication,
personal commitment of this little time-spending activities. So my personal, I don’t
play that much game, but I invest like almost
20 game companies a year in the past 10 years. Even I don’t play that much game, but I know inside out about
like a gaming company operation and I know very clear about
the top gaming companies versus like a normal gaming company. So I have seen so many
talented startups failed in the process of
diversification and losing focus. So one of my key responsibility when managing the investments
business of Tencent is that try to define the
scope of our business. And in other words I
actually, to decide what to do and more importantly, what not to do. So I can ensure you that many
opportunities seem attractive but only the people with a
deep understanding of that area actually get the final, final value. At the same time, actually focus is also a foundation of the teamwork. So why Team Fuqua is so powerful? Because there’s all these
people know something that you don’t know and the best way to
leverage such complementary, constructive relationship is that you can do your things
first really, really well because the focused people only work with other focused people. The last thing I may
want to share with you is a little bit different, is that I hope you could be sincere, not only to the people around you, but also to yourself. It is not about the
opportunity we choose or not. So as an investor, I have seen the people speaking untruthfully in
front of me every day. I never blame them because there are like huge,
tremendous responsibility for companies to yield, to respond for their company to inspire their people, for actual execution. And many times you have
to paint lots of pictures for their friends, for their partners, even for a family members
to get their support, so it’s definitely not easy. But many times, the question is that whether they can be sincere to themself. So when they let along, whether they can really, really know what’s actually happening and whether they have a real
answer to the real questions. So life is a process of reflection, so we need to take the risk and reach out of your comfort zone. Very often you feel it’s uncomfortable and when you focus and
deepen your knowledge, you realize that actually
how much less you know and how much more you need to know, so it’s nature for people to
hide from those challenges and to try to cover
those feeling of nervous, the feeling of pressure with
optimize the imaginations. So that’s the nature of human being, but is that going to work? Probably in the short term, but not in the long run. So I do know some people, I do know some very high quality
CEO startup entrepreneurs. They can analyze themself and also their company just like like a third-party person about the team, about the strategy, about the competition, good or bad, and very often that’s followed by very concrete goal and also execution plan. Many of these question actually
have no yes or no answers and take them years to test and to prove. What I’m asking you now actually is not about that, because that’s just too
hard for many of us, but what I want you to know is that no matter how hard it is, it’s always alternative, you
can be sincere to yourself. And I know that process, I
can guarantee you that process actually that’s quite painful. That’s normally pretty
long and also lonely. And many times that’s filled with a sense of fear, doubt and weakness, but I can also ensure you that you don’t have to afraid of that because many people actually
have the same feeling, have the same experience and once you go through that experience, actually you become real
confident and strong. So 15 years ago, the commencement speaker on my graduation ceremony was Bill Gross. I’m not sure that whether
you are familiar with him, he’s like the king of the bond, but that’s changed quite a lot. I still remember his remark
as, “You will have to work “harder, longer, with lower pay,” and you know how hard the year was. I do hope that I can give you
a simple sentence like that and you can remember for years, but I just couldn’t because the world is total changed. The world actually is more complicated like the 10 years ago than 15 years ago and I can ensure you that it’s
going to be more complicated with all the different
dynamics happening around us and on the other side of the ocean. Even though we have seen that
there’s a trillion dollar market cap company come out in US and through in China with a drive of information technology, but also we already can see
that the US and China dispute will make this global market segregation even more complicated. And even though we have seen
lots of advanced technology, people talking about like
AI, about like robotic, how much they can change our world, how much they can reshape
our labor environment and how many work will be
replaced by those new technologies but are we really ready for the future? Kind of creative dream
and new world, new society and new labor force? And also, same time even the bioscience could significantly extend our lifecycle, everyone can live for
100 years, 150 years, but we are also facing the more challenging environment issues about the limited resource on Earth. So I have to tell you that the world, the people, the environment around us actually become more complicated, but it’s very important
for you to be brave, to be brutally optimistic
about the future, and to be sincere to yourself, actually that’s the only
way you can fight through all these complicated
situations in the future, in your world, in your career and most important, in your life. So I have to say that the Fuqua year, actually that’s like a very
meaningful experience in my year and I do glad that you made
the same decision as I do and I also hope that the experience, what had you learned here as a skillset and as also the friends
you made here also help you and accompany with you in the coming years and do wish you all have
a very successful career in the future. Thank
you, thank you very much. (audience applauding) – So Jeffrey, I too, remember
your graduation speaker. It was the most depressing
graduation speech I’ve ever heard in my life.
(audience laughing) In contrast, your talk was full of humor, full of wisdom, full of
honesty and authenticity. I am so sorry about McKinsey. (audience laughing) But I don’t think you’d trade that at all for the experiences that you’ve had, where you’ve lived an incredible life of both success and significance and I’m so grateful that you spent the time to talk
to the soon-to-be graduates. You exemplify what we consider to be our highest level of leadership which is to be a leader of consequence. And so I told Jeffrey that
I might give him a gift depending on the quality of his speech. (audience laughing)
Could you please come forward and take this gift? (audience applauding) (speaker drowned out by clapping) And now, we will transition to the recognition of the graduates and so I’d like to ask Dr. Shuyi Wang to please step forward. (audience applauding) – At this time, we would
like to acknowledge a number of today’s graduates. First, for each graduating class, we recognize the top 10% of the class for their academic achievement. These students are
designated as Fuqua Scholars and are noted in your program. I will read the names of
Fuqua Scholars alphabetically and I will ask that as I read each name, that person stands in his or her place. I will also ask the audience to wait until I have read all the names before indicating their
support and congratulations. The Master of Management
Studies: Duke Kunshan University Class of 2019 Fuqua Scholars are Alafate Abulaiti, Li Xiaolin, Li Zeren, Lu Cong, Kristen Callie Sampietro, Xu Jiayi, Yin Shihua. Please join me in congratulating
the Fuqua Scholars on their outstanding achievement. (audience applauding) Thank you. Second, the students
in the graduating class nominate and select a student for the Distinguished Service Award based on the contribution of service to the Fuqua and DKU community. I would like to ask
Luke Walker to stand up. Luke Walker was elected
the Class President when the program started at Fuqua. Over the last 10 months, Luke initiated and organized different
events and projects to bring the class together and help shape the MMS:DKU
Class of 2019 experience. Thank you Luke for your
service and contribution. (audience applauding) This award is also noted in your program. Please join me in congratulating Luke for his outstanding service. (audience applauding) Thank you. Now it’s time
to individually recognize each of our graduates. Today we want each of our
graduates to come forward to be recognized and
congratulated by Dean Boulding, DKU Executive Vice Chancellor Denis Simon and our commencement speaker, Jeffrey Li. Would you please stand and step forward to congratulate our students? At this time, I would like to ask Ann Li, Associate Director of the
MMS: Duke Kunshan Program to come forward and read the names of our graduating students. She will be joined by Alistar Erickson-Ludwig,
Assistant Director of the Master of Quantitative
Management Program at Fuqua and Di Lu, Senior Specialist of the MMS: Duke Kunshan Program. (audience applauding) – Tenggeer. (audience applauding) Piyush Agarwal. (audience applauding) Cheng Mingzhu. (audience applauding) (audience laughing) Zhu Yingtao. (audience applauding) Raunaq Singh. (audience applauding) Luke Walker. (audience applauding) Alafate Abulaiti. (audience applauding) Bai Yang. (audience applauding) Ye Seul Bang. (audience applauding) Chen Jiayi. (audience applauding) Chen Yanjin. (audience applauding) Chen Liang-yu (audience applauding) Chen Yun Hsiang. (audience applauding) Chin ChihYu. (audience applauding) Feng Huiyan. (audience applauding) Vivien En-hui Fergusson. (audience applauding) James Foster. (audience applauding) Fu Jinyi. (audience applauding) – Guo Xingchen. (audience applauding) Hu Yandong. (audience applauding) Hu Junru. (audience applauding) Huang Cheng Kai. (audience applauding) Huang Linhan. (audience applauding) Ji Yaxin. (audience applauding) Jiang Bingjie. (audience applauding) Li Duan. (audience applauding) Li Xiaolin. (audience applauding) Li Zeren. (audience applauding) Liu Xuanzi. (audience applauding) Lu Cong. (audience applauding) Luo Xiaowo. (audience applauding) Meng Chengchao. (audience applauding) Ning Jing. (audience applauding) Qiu Keyun. (audience applauding) Kristen Callie Sampietro. (audience applauding) Sheng Ke. (audience applauding) – Tu Zhijie. (audience applauding) Wang Daiqi. (audience applauding) Wang Xueran. (audience applauding) Wen Lufei. (audience applauding) Xu Di. (audience applauding) Xu Ke. (audience applauding) Xu Jiayi. (audience applauding) Yin Shihua. (audience applauding) Yu Shang Peng. (audience applauding) Yu Miao. (audience applauding) Zhan Huihong. (audience applauding) Zhang Jie. (audience applauding) Zhang Siqi. (audience applauding) Zhong Xiaonan. (audience applauding) Zhou Qi. (audience applauding) Zhou Ziwei. (audience applauding) Zhu Jingyuan. (audience applauding) Zhang Zhilin. (audience applauding) – Could I ask that all
the students please rise. Ladies and gentlemen, please
join me in congratulating the graduates of the
MMS:DKU Class of 2019. (audience applauding) So I’d like the students
to remain standing just for a few minutes while
I speak to you directly. Before I do so, again, many, many thanks to those of you who could join us today. Thanks to the people who supported you who could not be with us. Thanks to the faculty and staff. Many, many thanks to our
wonderful graduation speaker, but let me take a few minutes to give you my final words. So the first thing is I want to thank you. So Luke gave you a kind of small task which was leave the
world a little bit better (audience laughing) than when you got there. And I want to thank you
because in some sense, that is what leadership is all about. It’s making sure that
when you leave a place, that you leave it in better
shape than when you arrived, and I’m very, very
grateful that your class took that responsibility very seriously, and that yes, you did
leave the MMS:DKU program in better shape than when you arrived, that you took very seriously
your responsibility to make sure that those
people who follow you would have something even more spectacular than what you’ve experienced. So I’m very, very grateful that you took that
responsibility so seriously. Having thanked you, I’d like
to make some requests of you. And it’s not to ask for more money. That will surely come later.
(audience laughing) But the first thing is that right now, I’m sure that all of
you are thinking about the reality that all of you will move to different places in the world shortly after graduation ends, and so you’re going to be
really focused on soaking up every last minute of being
with your classmates, but please don’t forget those
people who got you here. Please show appreciation to the people who made this day possible, and so thank those
people who got you here, thank them often, thank them deeply, and make sure that you don’t forget that. The second thing is that you are in a very interesting position. You’ve lived in two places
during your program. You’ve lived at Duke
and you’ve lived at DKU, and my request of you is to stay connected to both of those places. It’s really important as you think about your own experience, what it means to have
people give back to you and how your experience was changed because people came back, like Jeffrey, to share their experiences with you and to enrich the program
that you could experience. So please stay connected. I know you take very
seriously the responsibility of making the program better
for the people that follow you, but please continue to
embrace that responsibility as you’ve now transitioned into alumnihood and there are both rights
and responsibilities that come with being an alumni of Duke University and
Duke Kunshan University. The third thing is I’m
going to contradict myself a little bit here, but please don’t forget about each other. And you probably are
thinking to yourselves, well that’s silly, of course we won’t forget about each other,
we love each other, we’ve gone through an incredible
bonding experience together over this past year. You’ve lived in different
countries, different continents and you’ve had to deal with
finance and accounting. But here’s the reality of life, which is, once you leave this place and you distribute back to
the four corners of the world, life will come at you fast and you’ll have your hands full with whatever is kind
of present in your lives and it will be very, very easy to forget the people who are standing
by your side right now. It takes work to sustain relationships. If you work on sustaining
these relationships, these relationships will
have meaning for you over the course of your entire life, but please make sure you put in that work and don’t let these bonds dissipate that you’ve worked so hard to create. And the last request is much like what both Luke asks of you and what Executive Vice
Chancellor Simon also mentioned, which is you’re in a unique position. You’re in a position where
you have bridged two worlds, and this is a responsibility
then at a moment in time when those two worlds have
a hard time finding bridges to connect in positive ways. You are our hope. You are our future in making
sure the two great countries and countries beyond the US and China represented in your community continue to connect in positive ways. And so what I wish for all of you is that you live up to
what you’ve experienced during your program which is
to continue to be that bridge, to continue to be the
source of optimism and hope as we look forward. And finally, just like
our graduation speaker, what I wish for all of you is a life of both success and significance and above all, to be consequential. Thank you very much. (audience applauding) – May I ask everyone
please to remain seated and this concludes the
graduation ceremony. We all welcome you outside, there will be a reception and a dinner, and you’re all cordially
invited to attend. And now we will begin the proceedings where our faculty will first depart, then our students, and then
our guests in the audience. So again, thank you all
very much for coming and on behalf of
Chancellor Feng and myself, I want to congratulate again, the Class of 2019 MMS
Program, congratulations. (audience applauding) (triumphant music) (audience applauding)

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