Lagarde's address begins at 43:52 in the video.
GOOD AFTERNOON TO ALL OF YOU.
AND THANK YOU, DANIEL. I'VE BEEN SPEAKING AFTER PRESIDENTS, PRIME MINISTERS, DIGNITARIES OF ALL SORTS, AND EVEN CELEBRITIES AT TIMES, BUT TO SPEAK AFTER SOMEBODY WHO HAS BEEN A JEOPARDY CONTESTANT, THAT – NEVER. SO YES. [APPLAUDING, AUDIENCE LAUGHTER AND APPLAUSE]
TO PRESIDENT CHODOSH, TO TRUSTEES, TO FACULTY MEMBERS AND TO THE ADMINISTRATION – THANK YOU FOR INVITING ME TODAY AND MAKING SUCH A SUNNY DAY, FOR THE POOR WASHINGTON-BASED NORMAN NATIONAL THAT I AM.
TO THE CLASS OF 2018, CONGRATULATIONS TO ALL OF YOU.
BUT AS PRESIDENT CHODOSH SAID , IT'S NOT A JOURNEY THAT YOU'VE ACCOMPLISHED BY YOURSELF. SO I THINK WE SHOULD ALTOGETHER THANK YOUR PARENTS, YOUR ENTIRE FAMILY, YOUR TEACHERS, YOUR PROFESSORS – CONGRATULATIONS TO ALL OF YOU. YOU SACRIFICE. YOU SUPPORT. YOUR ENCOURAGEMENT AND YOUR LOVE, MORE THAN ANYTHING ELSE, HAVE BEEN INVALUABLE AND MADE THIS DAY ACTUALLY POSSIBLE.
AND IF I MAY, BECAUSE MINE IS NOT IN THIS WORLD ANYMORE, BUT I CAN'T HELP THINKING OF HER ON THE DAY BEFORE MOTHER'S DAY, I WOULD LIKE US TO TAKE JUST A MOMENT TO CELEBRATE ALL OUR MOTHERS AND GIVE THEM A BIG, BIG ROUND OF APPLAUSE. [APPLAUDING, AUDIENCE CHEERS AND APPLAUSE]
NOW THERE'S ANOTHER GROUP THAT I WOULD LIKE TO ACKNOWLEDGE HERE. YOU'VE BEEN MENTIONED BY THE PRESIDENT. IT'S YOUR VERY OWN NATIONAL CHAMPION WOMEN'S VOLLEYBALL TEAM, THE ATHENAS. CONGRATULATIONS, GIRLS. [APPLAUSE]
AND AS A DAUGHTER OF CLASSICS TEACHER, I WAS REALLY INTRIGUED TO LEARN OF YOUR TEAM NAME. AND I WAS EVEN MORE INTRIGUED AND FASCINATED WHEN I READ THAT IN ORDER TO MOTIVATE THE TEAM, YOUR COACH DEVELOPED AN ATHENA-INSPIRED JOURNEY AND THAT HE USED ACTUALLY THE ANALOGY OF THE THREE PILLARS THAT HOLD THE PARTHENON – THERE ARE A FEW MORE THAN THREE, ACTUALLY, BUT THREE ARE CRITICAL FOR THE BALANCE – OF FOCUS, PASSION AND RESILIENCE. NOW, WHEN I WAS ON THE FRENCH NATIONAL SYNCHRONIZED TEAM, I WISH I HAD A COACH WHO WAS AS SMART AS YOURS. WELL DONE.
BUT WHEN I READ ABOUT THIS PLAN, I ALSO THOUGHT OF ANOTHER FAMOUS JOURNEY INSPIRED BY ATHENA, THE ODYSSEY. IN HOMER'S EPIC POEM, ODYSSEUS – ALSO CALLED ULYSSES IN MY COUNTRY – GUIDED BY THE GODDESS OF WISDOM, ATHENA, SPENDS TEN YEARS TRYING GET BACK HOME. TEN YEARS OF HURDLES AND OBSTACLES ALONG THE WAY. AND THAT WAS ONLY TO FOLLOW THE TEN PREVIOUS YEARS THAT HE HAD SPENT TOGETHER WITH HIS MATES, TO TAKE OVER THE CITY OF TROIE, THE TROJAN WAS AS YOU PROBABLY REMEMBER.
SO I THOUGHT TEN DAYS. TEN DAYS ONCE. TEN DAYS TWICE. TEN DAYS MUST A BE SEQUENCE OF SIGNIFICANCE. SO LET US TRY TO USE THAT SEQUENCE OF TEN YEARS. AND I'M GOING TO TAKE YOU BACKWARD FOR TEN YEARS AND FORWARD FOR TEN YEARS, USING THAT SAME IDEA THAT HOMER HAD.
SO LET US TAKE A LOOK BACK AT THE IMPACT THAT THE 2008 FINANCIAL CRISIS HAD ON THE STUDENTS WHO SAT IN YOUR CHAIRS EXACTLY TEN YEARS AGO. AND ONCE WE'VE DONE THAT, I WOULD LIKE TO TAKE YOU INTO 2028 TO FIND OUT WHAT TODAY'S MIDDLE SCHOOLERS DO AND FACE WHEN THEY GRADUATE FROM COLLEGE, AND WHAT IS MORE IMPORTANT FOR YOU NOW, WHAT YOU WOULD HAVE DONE TO MAKE THEIR JOURNEY A SUCCESSFUL ONE.
SO BACK TEN YEARS AGO, IN MAY 2008, WHAT WAS HAPPENING IN THE WORLD? THE GLOBAL ECONOMY WAS IN TATTERS. BEAR STEARNS JUST FOLDED AND LEHMAN BROTHERS WAS ABOUT TO GO UNDER. AS FRENCH FINANCE MINISTER, I WAS IN CONSTANT CONTACT WITH MY COLLEAGUES AROUND EUROPE AND THE UNITED STATES. AND THERE WAS A VERY REAL SENSE IN THOSE DAYS THE ENTIRE FINANCIAL SYSTEM WOULD COLLAPSE. THE GLOBAL ECONOMY TURNED NEGATIVE, INTERNATIONAL TRADE CAME TO A HALT, UNEMPLOYMENT SKY ROCKETED AND PEOPLE LOST THEIR HOMES.
DURING THIS TURMOIL, THE INSTITUTION THAT I NOW LEAD – THE INTERNATIONAL MONETARY FUND – SPRUNG INTO ACTION. THE IMF DEPLOYED ITS FIREPOWER AND SUPPORTED ITS MEMBER COUNTRIES, COMMITTING HUNDREDS OF BILLIONS OF DOLLARS TO HELP SECURE THE GLOBAL FINANCIAL SYSTEM, TO MAKE SURE THAT PEOPLE WOULD NOT LOSE THEIR DEPOSITS IN THE BANK AND KICK START THE GLOBAL ECONOMY.
THROUGH INTERNATIONAL CORPORATION, WE AVOIDED A GLOBAL MELTDOWN. BUT THE CONSEQUENCES OF THE RECESSION WERE FELT BY HUNDREDS OF MILLIONS ALL OVER THE WORLD, INCLUDING HERE IN CALIFORNIA.
NOW, IN THE MEANTIME, WHAT WAS HAPPENING IN MAY 2008 AT CLAREMONT? THE CLASS OF 2008 PREPARED TO GRADUATE. THEY WERE SEATED JUST RIGHT THERE. BUT THEY WERE FACING A MAJOR CRISIS IN THE JOB MARKET. RESEARCH SHOWS THE STUDENTS WHO GRADUATED IN THE UNITED STATES IN 2008 FACED HIGHER RATES OF UNEMPLOYMENT AND LOWER SALARIES THAN THEIR PEERS EITHER BEFORE THEM OR AFTER THEM. BY 2013, THE AVERAGE COLLEGE GRADUATE WHO FINISHED SCHOOL DURING THE RECESSION EARNED NO LESS THAN 36 PERCENT LESS THAN PEERS WHO GRADUATED A FEW YEARS LATER.
TO PUT IT IN HOMER'S TERMS, THE CLASS OF 2008, POSSIBLY DISTRACTED BY THE SIRENS OF THE FINANCIAL MARKETS, NEARLY AVOIDED A SHIPWRECK.
NOW MANY OF YOU HAVE STUDIED ECONOMICS AND THE CONSEQUENCES OF THE GREAT RECESSION. HOW DO I KNOW THAT? WELL, I LOOKED AT YOUR THESIS TOPICS AND ONE OF YOU WROTE ABOUT [unintelligible] IN THE U.S AND THE U. K. ANOTHER WROTE ABOUT THE LARGE INFRASTUCTURE GAPS REMAINING IN ADVANCED ECONOMIES.
NOW, ONE OF THE MOST IMPRESSIVE TOPICS I SAW WAS COVERED BY – I'M GOING TO NAME YOU ACTUALLY – TIM DE SILVA. [CHEERS AND APPLAUSE] ALL RIGHT. TIM, WHERE ARE YOU? OKAY. THANK YOU. CAN I…I'M GOING TO ASK PERMISSION, CAN I READ THE TITLE OF YOUR THESIS? THANK YOU. OKAY. BUCKLE UP. "ARE VOLATILITY EXPECTATIONS IN DIFFERENT COUNTRIES INTERDEPENDENT? A DATA-DRIVEN SOLUTION TO STRUCTURAL VAR IDENTIFICATION FOR IMPLIED EQUITY VOLATILITY INDICES." YES. [APPLAUSE]
I HAVE TO SAY, QUITE A RELEVANT TOPIC AS WELL, AND I UNDERSTAND AN AWARD-WINNING ONE, TOO. CONGRATULATIONS. [APPLAUSE] NOW THIS IS THE KIND OF WORK ANYONE WHO HAS BEEN TRACKING THE RECENT UPS AND DOWNS OF THE MARKETS MIGHT WANT TO READ.
NOW LIKE ODYSSEUS, THE CLASS OF 2008 TURNED ADVERSITY INTO ADVANTAGE. HOMER TELLS US THAT ODYSSESUS USED THE NARROW ESCAPE BETWEEN THE CYCLOPS TO CONVINCE HIS CREW MEMBERS THEY COULD SURVIVE ANY FUTURE TEST ON THEIR JOURNEY. AND WHEN SOON AFTER, POSIEDON SENT A TEMPEST ON THEM, ODYSSEUS' MEN REMAINED CONFIDENT BECAUSE THEY KNEW THEY COULD FIND A WAY THROUGH.
IN THE MIDST OF THE ECONOMIC STORM, THE CLASS OF 2008 ALSO FOUND NEW PATH THEY MIGHT NOT HAVE IMAGINED DURING THE YEARS IN COLLEGE. IN FACT, A FEW CLAREMONT STUDENTS WHO LOST THEIR FINANCE JOB IN NEW YORK MOVED BACK TO SILICON VALLEY AND DEVELOPED STARTUPS THAT TURNED INTO SUCCESSFUL BUSINESSES. OTHERS EMBARKED IN CAREERS IN LAW, PUBLIC SERVICE, IN EDUCATION. AND THESE YOUNG MEN AND WOMEN WERE PART OF REBUILDING THE AMERICAN ECONOMY. THE INTERNATIONAL STUDENTS WHO WENT BACK HOME TO THEIR COUNTRIES ALSO PARTICIPATED IN REBUILD UP OF THE ECONOMY.
AND THE IMF, IN THE MEANTIME, WAS ALSO IN THE BUSINESS OF REBUILDING THE GLOBAL ECONOMY. AND WE ALL COOPERATED WITH THE SAME OBJECTIVE – RESCUE THE SYSTEM. MAKE IT WORK AGAIN.
NOW, THAT SYSTEM WAS SEVERELY TESTED IN 2008. AND THAT SYSTEM WAS RESCUED AND IMPROVED, THANKS TO INTERNATIONAL CORPORATION TO LEAD US TALKING TO EACH OTHER, TO ALL OF US ACTUALLY CLOSING RANKS AND WORKING TOGETHER. AND THAT WAS BECAUSE WE HAD THE BELIEF THAT WE WOULD BE STRONGER TOGETHER THAN BY GOING SOLO.
A LOT WAS DONE OVER THAT PAST DECADE. A GREAT DEPRESSION WAS PREVENTED, MORE RESILIENT ECONOMIES AND SAFER FINANCIAL SYSTEMS WERE BUILT.
AND BECAUSE OF THIS WORK, YOU – THE CLASS OF 2018 – YOU HAVE MORE FREEDOM TO CHART YOUR OWN COURSE. TO GRADUATE AT THIS MOMENT, IN THIS TIME OF PROSPERITY AND TECHNOLOGICAL REVOLUTION, IS AN EXTRAORDINARY GIFT. BUT IT DOES COME WITH STRINGS ATTACHED.
LET ME QUOTE A MODERN-DAY WRITER OF EPIC STORIES, J. K. ROWLING. I QUOTE. "YOU HAVE A MORAL RESPONSIBILITY WHEN YOU'VE BEEN GIVEN FAR MORE THAN YOU NEED, [YOU HAVE THE MORAL RESPONSIBILITY] TO DO WISE THINGS WITH IT AND GIVE INTELLIGENTLY."
NOW THIS IS YOUR CHALLENGE. WHAT KIND OF COUNTRY, WHAT KIND OF WORLD WILL YOU HELP BUILD? WHAT VALUES WILL YOU RESPECT? WHAT WILL DRIVE YOUR LIFE AND THE LIFE OF OTHERS?
TEN YEARS FROM NOW, 2028, WHEN THAT CLASS STANDS HERE TO PREPARE FOR GRADUATION, WHAT WILL YOU HAVE DONE TO HELP THEM?
RIGHT NOW THE CLASS OF 2028 IS ABOUT 12 YEARS OF AGE. THEY'RE NOT ABOUT TO LOOK FOR A JOB YET. BUT TRY TO THINK OF THE GLOBAL ECONOMY THAT THEY WILL FIND WHEN THEY FINISH COLLEGE.
IN THOSE DAYS, 2028, YOU MIGHT JUST WALK INTO A MEETING AND SIT NEXT TO SOMEONE WHO LOOKS JUST LIKE YOU. WHO CRACKS JOKES AND THEN OFFERS TO HELP YOU WITH A PROJECT. AN HOUR LATER, THAT SAME SOMEONE, WHO IS EFFECTIVELY A ROBOT, WILL GET OUT OF THE ROOM TO RECHARGE HIS SOLAR BATTERIES.
WHEN YOU BUY A CUP OF COFFEE, A QUICK RETINAL SCAN MAY AUTOMATICALLY DEDUCT MONEY FROM YOUR BANK ACCOUNT – OR MAYBE YOUR CRYPTO-CURRENCY ACCOUNT. CASH MAY SEEM QUAINT.
HERE AT CLAREMONT, THINK OF THE EXPERIENCE FUTURE STUDENTS WILL HAVE. THE ATHENAEUM COULD BECOME A DIGITAL SPEAKERS' FORUM WHERE PLAYWRIGHTS AND POETS INTERACT WITH STUDENTS THROUGH A HOLOGRAM. YOUR PROFESSORS WILL BE AVAILABLE AROUND THE CLOCK. OFFICE HOURS MAY ONLY HAPPEN TWICE A WEEK, BUT THROUGH ARTIFICIAL INTELLIGENCE YOU COULD SOON DEBATE ARISTOLE WITH YOUR PHILOSOPHY TEACHER ANY TIME DAY OR NIGHT.
SOMETHING WILL NOT CHANGE, OF COURSE. I GUESS IT WILL STILL BE IMPOSSIBLE TO GET INTO ECON 50. [LAUGHTER] NOW, YOU THINK THEY COULD HAVE MADE AN EXCEPTION FOR THE HEAD OF THE IMF – NO.
SO YES, OUR LIVES WILL BE MORE EFFICIENT, BUT THERE WILL BE A COST. BECAUSE WE MIGHT INCREASINGLY BE MUCH MORE CONNECTED OR TOTALLY DISCONNECTED FROM EACH OTHER. WHILE AT THE SAME TIME WE WILL BE SEEKING JOBS AND TRYING TO LEARN NEW SKILLS, BECAUSE OUR SET OF SKILLS, SO RELEVANT TODAY, WILL HAVE BEEN OUT OF DATE.
THE FOURTH INDUSTRIAL REVOLUTION MAY WELL HAVE MORPHED TO FIFTH INDUSTRIAL REVOLUTION THAT WILL OWE MUCH TO SERVICES AND DATA. HOW THIS ALL HAPPENS, WHO BENEFITS FROM THESE CHANGES AND WHO LEFT BEHIND IS A STORY THAT YOU WILL HELP WRITE.
YOU ARRIVE ON THE SCENE IN AN INFLECTION POINT. THE DECISION YOU HELP MAKE THROUGH CAREERS IN GOVERNMENT, IN FINANCE, THE TECH SECTOR OR ACADEMIA WILL CHANGE THE COURSE OF THIS NARRATIVE.
WILL THE TECHNOLOGY COMPANY BE REGULATED LIKE PUBLIC UTILITIES?
WILL THEY BE EXPECTED TO RESPECT YOUR PRIVACY, TO SEEK YOUR CONSENT BEFORE THEY SHARE YOUR DATA?
WHAT WILL HAPPEN TO THOSE WHOSE JOB WILL HAVE BEEN AUTOMATED?
WILL EXCESSIVE INEQUALITY CONTINUE TO FRACTURE OUR SOCIETY?
SHALL WE CONTROL OUR CARBON EMISSION AND FIND A WAY TO TACKLE CLIMATE CHANGE?
WILL WE INVEST IN OUR HUMAN CAPITAL MUCH MORE SO THAN IN TANGIBLE ASSETS?
THESE QUESTIONS CANNOT WAIT FOR THE CLASS OF 2028. WE NEED YOUR HELP IN FINDING ANSWERS NOW.
AS OF NOW, YOU BECOME THE WRITERS OF YOUR OWN EPIC POEM. AND THE TRUTH IS THAT EVERY STUDENT, EVERY CLASS FACES A UNIQUE SET OF CHALLENGES, AND HISTORY JUDGES WHETHER THEY MEET THE MOMENT.
FOR ME, ONE OF MY CHALLENGES HAS BEEN GENDER EMPOWERMENT, AND I WILL SAY A FEW WORDS ABOUT THAT.
I FINISHED HIGH SCHOOL IN FRANCE IN 1973 AND I WAS LUCKY TO GET A SCHOLARSHIP FROM THE AMERICAN FIELD SERVICE AND CAME TO THE UNITED STATES OF AMERICA IN 1973. I WORKED ON THE HILL, AS SOME OF YOU WILL DO NEXT YEAR. LATER IN FRANCE, I WENT TO VARIOUS SCHOOLS, INCLUDING LAW SCHOOLS, AND WHEN I APPLIED TO GET A JOB IN THE LARGEST AND THE BEST LAW SCHOOL IN PARIS, I WAS WELCOME. AND WHEN I ASKED IF I HAD A FUTURE AS A PARTNER, I WAS TOLD NO. AND WHEN I ASKED WHY, THEY LOOKED AT ME WITH A SMILE AND THEY SAID, BECAUSE YOU'RE A WOMAN.
SO FROM THAT MOMENT ON, I KNEW THAT THERE WAS SOMETHING WRONG. AND THAT WE ALL HAD TO DO SOMETHING TO CATCH UP AND TO MAKE SURE THAT THOSE GAPS OR THOSE STUPID RESPONSES WOULD NOT HAPPEN ANYMORE.
MY GENERATION, AND PROBABLY YOUR PARENT'S GENERATIONS, CONFRONTED UNEQUAL PAY FOR EQUAL WORK AND GENDER DISCRIMINATIONS THAT WOULD PREVENT WOMEN FROM FINDING JOBS AND RISING TO THE TOP. AND THE REALITY IS THAT WE HAVE NOT YET ADDRESSED THE ISSUES AND WE HAVE NOT FIXED THOSE PROBLEMS. PROGRESS HAS BEEN MADE AROUND THE WORLD BUT CERTAINLY NOT ENOUGH.
TODAY WOMEN IN THE UNITED STATES STILL MAKE 80 CENTS FOR EVERY DOLLAR A MAN MAKES. THE PERCENTAGE OF WOMEN IN THE WORK FORCE IN THE U.S. HAS STAGNATED. IT IS EXACTLY IN THE SAME LEVEL AS IT WAS THE 80S. IN THE MEANTIME, OTHER COUNTRIES HAVE PROGRESSED A BIT MORE, ACTUALLY.
AND LESS THAN SEVEN PERCENT OF FORTUNE CEOS ARE WOMEN. ACTUALLY, THERE WAS A RECENT REPORT THAT FOUND OUT THAT THERE WERE MORE CEOS CALLED JAMES THAN THERE WERE FEMALE CEOS. FANCY BEING CALLED JAMES.
AND AROUND THE WORLD, THERE'S MILLIONS OF WOMEN WHO ARE PREVENTED TO CHOOSE WHAT THEY WANT TO DO IN LIFE. MANY WOMEN WHO SIMPLY CANNOT OPEN A BANK ACCOUNT, CANNOT HAVE TITLE TO PROPERTY AND FOR SOME OF THEM, CANNOT EVEN LEAVE THE COUNTRY WHERE THEY LIVE WITHOUT PERMISSION OF THEIR GUARDIAN.
JOB IS NOT FINISHED.
AND I'M COMMITTED, WHEREVER I AM, INCLUDING AS HEAD OF THE I.M.F., TO MAKE SURE THAT THESE PROBLEMS ARE ADDRESSED.
AND I'M RE-ENERGIZED. I'M RE-ENERGIZED BECAUSE I SAW WHO WERE THE SUMMA CUM LAUDE TODAY. YES, LOTS OF WOMEN. [APPLAUSE]
SO TO ALL OF YOU, THE WOMEN AND THE MEN, WHO ARE GRADUATING NOW, I COUNT ON YOU TO ADDRESS THOSE ISSUES, TO UNDERSTAND THE CHALLENGES YOUR GENERATION FACES AND HOW MUCH WORK YOU HAVE TO PREPARE FOR THE GENERATION OF 2028. YOU HAVE THAT RESPONSIBILITY. NOT JUST THE GIRLS, BUT THE BOYS, AND YOU HAVE TO DO THAT TOGETHER.
AND MY HOPE IS THAT WHEN THE CLAREMONT MCKENNA COMMENCEMENT SPEAKER ADDRESSES THE CLASS OF 2028, HE OR SHE WILL BE ABLE TO SAY WITH CONFIDENCE: THANKS TO THE CLASS OF 2018 THE WORLD IS A BETTER PLACE, ONE WHERE THERE ARE BETTER CHOICES THAN JUST BETWEEN CHARYBDIS AND SCYLLA.
NOW I STARTED WITH ATHENA, THE GODDESS OF WISDOM, SO LET ME END WITH HER.
AT THE CONCLUSION OF HOMER'S STORY, WHEN ODYSSEUS FINALLY COMES HOME, HE DISCOVERS THAT NOT EVERYTHING IS SO WELL. HIS ISLAND – I DON'T KNOW HOW YOU PRONOUNCE IT, ITHACA – IS CONSUMED BY CONFLICT. HIS WIFE, PENELOPE, WHO DOES THE TAPESTRY DURING THE DAY AND UNDOES IT DURING THE NIGHT IN ORDER TO RESIST THOSE WHO HARASS HER, THOSE SUITORS. AND HIS SON, TELEMACHUS, IS NOT WELL EITHER.
SO ULYSSES/ODYSSEUS FOUND HIS WAY HOME BUT ONLY TO CONFRONT NEW QUESTIONS, NEW HURDLES AND DIFFICULTIES. AND THERE HE IS, BURDENED, DIRTY, TIRED, EXHAUSTED. HE'S LOST MANY, MANY POUNDS IN THE PROCESS.
SO YOU WOULD THINK THAT HE WOULD BE DEJECTED. BUT HE'S NOT.
HE'S ACTUALLY DETERMINED. AND WHY IS HE DETERMINED? BECAUSE ON THE WAY HE RECEIVES HELP AND LOVE. ATHENA – HER, AGAIN – COMES TO HIM IN DISGUISE AND GIVES HIM THE ENCOURAGEMENT HE NEEDS TO FACE THAT NEW CHALLENGE. AND HE ALSO ENCOUNTERS HIS WET NURSE, EURYCLEIA, WHO RECOGNIZES HIM, EMBRACES HIM AND GIVES HIM ALL THE LOVE HE NEEDS.
AND HE'S DETERMINED TO FACE YET AGAIN THOSE OBSTACLES AND HURDLES.
SO YOU, TOO, WILL FACE SETBACKS AND UNANSWERED QUESTIONS IN YOUR LIFE AND IN YOUR CAREER. BUT REMEMBER, THAT YOU ALWAYS HAVE A GODDESS OF WISDOM IN YOUR CORNER. AND IT IS YOUR EDUCATION. IT IS YOUR EXPERIENCE. IT IS THE INCREDIBLE LESSONS THAT YOU HAVE LEARNED RIGHT HERE AT CLAREMONT MCKENNA.
AND THERE WILL ALWAYS BE SOMEONE ALONG THE WAY, MAYBE SOMEONE THAT YOU DON'T EXPECT, TO GIVE YOU THAT LOVE WITHOUT WHICH THERE IS NO CONFIDENCE. THE CONFIDENCE YOU WILL NEED ALONG THE WAY TO FACE THOSE OBSTACLES AND THOSE DIFFICULTIES.
SO JUST WATCH OUT. THAT WISDOM, THAT LOVE, THAT CONFIDENCE – YOU WILL FIND THEM ALONG THE WAY.
TO THE CLASS OF 2018, MY CONGRATULATIONS AND GOOD LUCK ON THAT JOURNEY. [APPLAUSE]
Speech from https://www.youtube.com/watch?v=a550JO0KTxk.