Jonathan Rosenberg: The Ubiquity of Information

Uploaded by Google on 24.04.2009

>>UNIDENTIFIED SPEAKER: --Afternoon and welcome to the Marian Miner Cook Athenaeum.
It is always a pleasure to have an alum speak at the Athenaeum, and at that, a repeat guest.
Jonathan Rosenberg, Class of 1983, is both. He oversees the teams that manage Google's
innovative product portfolio and go-to- market strategies.
He directs the teams with his special focus on delivering exceptional user experience,
continuous innovation and a highly relevant, accountable and untraditional marketing.
Prior to joining Google in 2002,
[microphone noise] Mr.--ooh--
>>UNIDENTIFIED SPEAKER: That was me! Sorry!
[everyone laughs]
Mr. Rosenberg was founding member of @Home's product group and served as Senior Vice President
of online products and services after the merger of Excite and @Home.
Prior to that, Mr. Rosenberg managed the eWorld product line for Apple Computer.
Earlier, he was Director of product marketing for Knight Ridder Information Services,
where he directed the development of one of the first commercially deployed online relevance
ranking engines. Mr. Rosenberg graduated from CMC with a degree
in economics, with honors and Phi Beta Kappa. He has an MBA from the University of Chicago.
The Robert Day School of Economics and Finance is sponsoring today's talk.
Please join me in welcoming back Jonathan Rosenberg to the Ath.
[audience applauds]
>>JONATHAN ROSENBERG: Thank you! I'm particularly pleased; I have my son, Josh
in the audience. Josh, you can wave.
[laughter] His mother looks just like him. You could
mistake her for a student. I was going to say that, but she's not here
and I'm not going to get the credit for it.
[laughter] So in January, a group of CMC students--some
of them are here--visited the Google campus. And they were really uncomfortably overdressed
in suits and ties, right? You remember that? But worst yet, they were painfully glum about
the world's prospects, as well as their own. I thought about this, and I realized that
the students' mood should really come as no surprise.
They all go to a school whose motto is--anyone? Did you graduate from this school? Do you
remember the motto?
[voice off microphone; unintelligible] No, Matthew!
Crescit Cum Commercio Civitas. What does it mean?
[voice off microphone; unintelligible]
We're going to give credit for that one. Civilization prospers with commerce.
And just as you guys all approach graduation, commerce plummets, QED civilization does not
prosper. You might as well all hang out at Beckett
Hall with a beer and bemoan to your buddies, "Lilliput is doom; the ropes are too big;
Gulliver is too big; we're all going to die!" And--you know--the data confirms your bias.
The dow is down 50%, we've got job losses of 2.5 million in 2008.
You should all be concerned about the future prosperity of all civilizations.
And to add a spark to this depressingly combustible situation, as the guy watching the world searches,
I assure you, I have my finger on the pulse of many people.
And the apocalypse in fact may well be upon many of us.
Search volume on unemployment benefits increased five times from over last year.
Major bummer! It sucks to be alive! No wonder the students who visited me were
all glum! Remember? So I asked the students, what did General
Electric, Fairchild--which later spawned National Semiconductor and Intel--Apple, Oracle, and
Amgen. What do all these companies have in common,
do you remember? They were sprung out of recessions, right?
GE in 1876; Fairchild in 1957. And during my own career, I watched Apple,
Oracle and Amgen all correctly navigate the 1982 recession and emerge much stronger.
We also talked about great innovations that were born during the Great Depression, right?
What did the Great Depression give us? The DC-3, the commercial workhorse of aviation
for many years in 1935. We did--the beer can!
I said the beer can--Matt (S/L Pikings') personal favorite, that kept things cold in 1935!
And Xerography, otherwise known as copying--which actually was invented in 1938 by a man who
was laid off from Bell Labs, and got tired of copying patents and patent
applications at the Patent Office by hand. So this means that we shouldn't let this recession--no
matter how severe it is--convince us that we can't achieve great things.
In fact, bad economic times are actually fertile grounds for innovation.
There's an old adage--I believe it's attributed to Samuel Johnson--"Nothing focuses the mind
like a hanging at dawn," or a mid-term at dawn.
But no one is getting hung in the morning. There's no gallows being erected at your commencement
ceremony. But I think we can use the recession to focus
our minds, and I'm optimistic that if we all do that, we'll actually come out okay.
So I'm an optimist. Why am I an optimist? Well, because I am one of those guys from
Silicon Valley and we drink the Kool-Aid of technological optimism.
And my optimism was further inspired when I heard President Obama's inauguration speech.
You see, I actually voted for Mr. Obama, so I wanted to listen to his speech.
And for those of you who voted for the other guy--news flash--Obama won,
[laughter] so you should listen to his speech--you should have listened to his speech as well.
As an American, I asked myself, "What are--?" So Obama actually asserted in his speech that
we'll face this challenging moment with what he called, "new instruments and old values."
Values that have been the quiet force of progress throughout history, and which must once again,
define our character. So as an American, I asked myself, "What are
those new instruments that he was referring to? What can I do for my country?"
So I think--and this is not to go back to Professor Snortum's class--an example of Maslow's
observation, that when you have a hammer, everything looks like a nail.
To me, I think he was referring to the internet. The internet is the most powerful and comprehensive
information tool ever developed--and you guys know all of that.
But I think we sometimes forget how early we are in the nascent stage of its growth.
So today, what I want to do is share four observations on the future of the internet,
and also the promises that these four trends portend.
And I also want to offer some advice on what I would do if I were like you guys in light
of these trends. So for the record, I really do wish I were
you and I wish I could trade places with each of you. It's true.
Observation number one: All the world's information will be accessible from the palm of every
citizen. Today we have 1.4 billion people connected
to the internet. That's a quarter of the world's population
and we're adding people at 200 million a year--hundreds of millions a year.
200 million new people are coming online every year.
Look at the number of servers. Back in 1983--when I was here--the commercial
internet consisted of just 400 servers worldwide. Now, 26 years later, it's got over 600 million.
What are--you see these statistics--but like what are these servers doing?
They're storing information and they're letting people access it.
So we've got all this information exploding, people can access it from everywhere.
In many parts of the world, how are they accessing it? They're accessing it on their mobile phones.
More than 3 billion people have mobile phones. But what's more interesting is that we're
going to see more internet enabled mobile phones sold and activated in 2009, than personal
computers. Think about that--more phones than personal
computers. Does anyone remember what Apple's tagline
was for the Mac when it first launched 25 years ago? You guys were there with me.
"The computer for the rest of us," right? Well today, the "computer for the rest of
us" is a phone. In just my professional lifetime, we've overcome
all of the issues that basically precluded computers and mobile devices from delivering
on the promise of ubiquitous information. The marketing people used to call it--in 1980--"winki
wink--" we thought it was very clever--what I need to know, when I need to know it.
But you couldn't get it because you needed the information to get online.
And you needed massive processing power to index it.
And then you needed to connect by a broadband pipe,
and then you needed to layer on a browser on top of this, and you had to solve all the
copyright issues. Finally, we got all of that stuff solved and
everybody could get the world's information on a PC.
More recently, we've tackled battery life, fast wireless access, more readable screens
and usable input mechanisms, and we can all get all of the world's knowledge
on our palms, on a phone. To truly appreciate this whole secular shift
of information, go back thousands of years. The Library of Alexandria, built in 323 BC;
it was built for an educated public. That actually meant very, very few people,
because the skills of literacy were withheld from most of the population.
The first universities came about around the 4th Century AD.
You would think that would have been a big step forward for everyone.
But in the Middle Ages, professors lectured in darkened classrooms so that students couldn't
copy and steal the notes. Jerry, you could have won "Most Handsome Professor"
award in the Middle Ages. [laughter]
The first formal encyclopedias didn't appear until the 16th Century, and truly public libraries
didn't come about until the 19th Century. Then the internet shows up, right?
And from the most remote village on Earth, down a long a dirt road in Bombay, a kid can
have access to all of the information in the world's libraries.
So in other words, information has completed a transition.
And the transition--which is very important if you're an economics student--is from scarce
and expensive to ubiquitous and free. When it does this, we're going to see what
I call, "the true democratization of information." Everyone who wants to be online will be online,
and they will be able to access everything. Any change in the means of production has
profound implications for the relative value that you can add in your career.
And I'll talk on that--I'll speak about that at the end.
So here's all this information. Well, what sort of information are people accessing?
Brings up observation number Two: Publish. Everyone can publish, so everyone will. It's
that simple. One think I've learned in the internet industry
is that people have a lot to say. There are 900,000 blogs posted every day,
most of them have an audience of exactly one. In the U. S., 40% of internet users upload
video on a regular basis, and the number is going up fast.
Globally, we have 15 hours of YouTube being uploaded every minute.
This is equivalent to 86,000 full length movies every week.
I mean, you guys--you guys could just get out in the world and watch YouTube videos
every day for the rest of your lives, if nobody uploaded another thing, and your
parents would be very proud, right? Publishing used to be constrained by physical
limitations. You had to have a printing press and a way
of distributing a newspaper or a magazine, or you had to have a transmitter or something
to publish to critical mass. We had freedom of the press, for anyone who
could afford one. But today, most publishing is done by users.
How many of you use Twitter or Facebook? Right, like all of you.
How many of you upload videos to YouTube? How many of you make entries on Wikipedia?
You guys are all publishers, right? When everyone can publish, free speech becomes
no longer just a right granted by law, but one imbued by technology.
Here's a remarkable example: January 15, the US Air jet lands on the Hudson River in New
York. A man by the name of Janis Krums happens to
be on an adjacent ferry, and he snaps a picture of it.
So what does he do? He could have sold it to the highest bidder.
But instead--that's a process that could take maybe days or a week or so--instead, he posts
it online and he sends a tweet with a link. The photo was available to the world within
seconds--instantly--for free. The era of information being more powerful
when it is hoarded, has passed. If you have something important, insightful
or interesting to say, say it. You will be better off and so will everyone
else. Unless it's like some of those programs that
you're putting up now, but some people watch them.
In the early days of the web, every document had at the bottom, what?
What was at the bottom of every document 10 years ago?
There's no lawyers in the room! "Copyright 1997, do not redistribute," right? Under penalty
of whatever. Now, what do the same documents have at the
bottom? "Copyright 2009, click here to share with all your friends."
Sharing--not guarding information--has become the golden standard of the web.
Of course, a lot of what people say online is not important, insightful or interesting.
It's sort of one of these good news, bad news things, right?
The good news is, anyone can publish. So what's the bad news?
The bad news is, just about anybody does, right?
Have you ever logged on to a stock message board?
"Stock's going to go up tomorrow." "No, the stock's going to go down tomorrow,
you idiot!" "No, it's going to go up tomorrow, you idiots,
idiots, idiot," right? I have this vision of like two guys in their
30s, and they live in their parents' homes in the basement,
and they're like sitting on the other side of cable modems, hiding behind the anonymity
of the internet, firing salvos of mindless drivel at each other.
Well I didn't spend my career making cable modems ubiquitous, information easy to find
and publish, so that we would have to let these losers ruin our internet.
It's a serious problem. The clamor of junk threatens to drown out the voices of quality.
And there's an obvious place where these voices are struggling. It's called the newspaper
industry. The internet's completely disrupted their
business model. It used to be classified ads subsidize the
rest of the paper--no more. Telling example: Last year, in May, a newspaper
in Myrtle Beach announced it would no longer show classified ads.
So I thought about like, "What does this mean?" It means the cost of the paper and print exceeds
the amount of money they get from printing it.
They took the classified ads out. I wrote an e-mail to friends and I called
that, "The day print died." If newspapers don't make money from classified
ads, they're in terminal decline. And we're seeing this.
Last month, the Rocky Mountain News in Denver--a 150 year old paper--closed its doors.
Well this is a problem--this is important because newspapers have historically been
the backbone of quality, original reporting. If you actually read something good online--if
it's an article, a blog post, or just about anything else--
chances are, it originated somewhere along the line with an old-fashioned reporter.
I spent an afternoon last weekend with Bob Woodward, from the Washington Post.
And I can tell you, the world is a better place when we have investigative journalists,
like Bob. To turn this around, the whole field of news
needs to change. The experience of consuming the news on the
web today is broken, because it doesn't take full advantage of the power of technology.
When I go to the New York Times, it should know what I'm interested in and what I've
done since my last visit. If I read a story on Obama's budget, 6 hours
ago, the next time I go back, why isn't it just showing me the updates that the reporter
has filed since then, and the most interesting responses from informed
readers and bloggers or other sources? If Thomas Friedman posted something, I want
to read it. I always read Thomas Friedman, it should tell
me that on the front page. Reporters should pay attention to the Wikipedia
model. They actually get many things right; there's
a name and a unique URL for each significant subject--
the Super Bowl, the economic stimulus package, Claremont McKenna College--and they all have
links in them--links matter. And in particular, in reporting, links to
original sources matter. Most original sources are actually on the
web--if you mention a law, or you mention the budget, or government spending--
Why aren't there links to all these original sources? That should be the job of the reporter.
And then every edit and draft and link matters. Journalism is the first draft of history and
it should be much more than slapping a bit of customization on an AP or a UPI feed.
Browsing newspapers needs to be rewarding and serendipitous online, like it is offline.
And the way to fix that is technology. The same thing is true of other experts.
The web only gets better if we get more information from scientists, doctors, scholars, engineers,
professors, architects--everyone can benefit from their work.
The question is, "How?" That leads to my third observation: When data
is abundant, intelligence will win. When you put the power to publish and consume
content into the hands of more people and more places, what does it mean?
It means that everyone starts conversations with facts.
With facts, negotiations are no longer about who yells louder, right? I'm very good at
that. But they become about who has the stronger
data. The data becomes an equalizer that enables better decisions and more civil discourse.
Let me give you a couple of examples: The Suri Tribe in the Amazon used Google Earth
to identify, for government officials, where illegal logging was occurring at the
boundaries of their territory. They stopped the logging.
Let me give you another example: Senator Clinton claimed during the 2008 campaign, she came
under fire on the tarmac in Bosnia--you remember that?
Well, YouTube videos of her lovely greeting ceremony on the tarmac quickly refuted that
claim. Information transparency helps people decide
who is right and who is wrong, and determine who is telling the truth.
When politicians talk, we should have like a little lever on our chat boards, and people
should be able to vote, and it should be clear from the online community
whether or not they're telling the truth. And if they're lying, it should go like,
[makes an alarm sound] nope she didn't do that.
Information and the truth is like an oyster. It has its greatest value when fresh.
And soon the truth and updates will be nearly instant.
Value of data is even more transformational when you think about businesses, than it is
for politics. Coal fueled the Industrial Revolution; data
is fueling business today. One of the largely unheralded byproducts of
the whole internet generation is how the power of sophisticated, analytical tools are now
available to the smallest businesses. Let's say you have a blog or a website, right?
How many people go, and what do they do, and where do they come from,
and what time of day do they come in, what pages do they visit, how often do they actually
buy something? A few years ago, an analytics package for
that would cost thousands of dollars. Today, it's free and it's better.
Data leads to intelligence and the intelligent business or blogger will be the successful
business, regardless of its size. This is why President Obama has promised to
do our business in the light of day, and why that's important.
Because transparency empowers the populous and demands accountability as its immediate
offspring. Finally, observation number four: The vast
majority of computing will occur in the cloud. If you don't know the technical jargon of
Silicon Valley, the "cloud" is where all of your content is--the computer resources that
you can access by the web. Raise your hand if you use a web-based e-mail
system--aha! I'm sort of cheating because you guys all use gmail, but keep them up!
How many of you store your photos online--someplace like Picasa or Flickr? You--my wife's hand
should be up! How many of you access your calendar on both
your phone and your PC? Ooh, way to go! Hon, you're the future, along with the rest of
these people, right? Within the next decade, people everywhere
will use their computers completely differently. All their files, all their correspondence,
all their contacts, all their pictures, all their videos will be stored and backed up
in the network cloud. Access to this data and content will be seamless
and more importantly, it will be device agnostic. It's nice that we can keep all our stuff in
the cloud, because that means you don't lose everything when you like drop your PC, or
lose your phone, or spill coffee on it. But the real potential of the cloud is not
in taking the stuff that used to live on your PC and putting it online,
but it's the things that we can do that previously would have been impossible.
For example, computer mediated transactions; computers mediate virtually every commercial
transaction; they record it, they collect data, they allow
you to process it. Why does that matter? Monitoring is what makes
for better contracts. If you shipped grain in the Mediterranean
in 8000 BC, before there was written language, how did they make sure that you consummated
the contract correctly? You didn't pay attention at the British Museum
when your parents took you around there when you were a kid?
Okay, clay tokens--they were called bollae--and basically what you did was you matched the
number of tokens to the grain loaded on the ship,
you sealed the tokens in a hollow clay envelope, you stuck a stamp on it, you baked the clay
in a kiln, you sent it with the shipment. At the other end, the other guy broke open
the envelope, counted the number of tokens to the quantity of grain in the ship,
and he knew if he got what he was supposed to, or if they ship's captain stole any grain.
We've come a long way since then, but the results are the same.
Better monitoring means better contracts. Cash registers showed up in 1883. Have you
ever thought about why they had a bell? Or why they actually then evolved so that
there was tape that recorded all of the transactions? Same thing was true in the 90s, with semi
trucks and vehicular monitoring. Same thing was true when rental video first
came out; it was too expensive for the Blockbusters to buy the movies from the studios,
but the computer systems in between allowed the studios to just give them to the Blockbusters
for free, and only get paid when people rented them.
Online ads is the same thing. Since Google got started, advertisers have only had to
pay if the user clicks. And ultimately, they could only pay if there's
a conversion. You can think of Amazon and lots and lots of other examples.
But think about the contracts that could be enforced better today, through computer mediated
transactions in the cloud. How many times a day do you interact with
a computer? A mobile device in your car or at the bank?
Every time you make a purchase at a store or on a laptop--let me give you an example:
Would you accept a 30% discount when you rented a car, if you knew the car rental agency could
record whether or not you exceeded the posted limit?
Maybe, maybe not, but it's your choice. You could be better off having that choice.
So convergence isn't something that's happening at the device level--that was the vision we
all had in the 90s--and it was wrong. Devices are proliferating in all sorts of
directions and everything is converging in the cloud.
In the near future, the cloud is where all of your stuff--not to mention civilization's
knowledge--will live, and it will change the way we do business.
So what does this mean for you in practical terms?
These trends that I gave you are going to form the context of your career.
A whole lot has changed since I graduated in 1983--we didn't have cordless phones,
remember--we didn't even have--never mind cell phones--[voice off microphone; unintelligible]--
Yeah, I had a computer and you know what? It had two floppy drives and you had to boot
off the floppy drives, and then I went to business school and I worked
all summer to buy a 10-megabyte Everex hard drive,
and I had to like flip the dip switches to stick it in the computer
and I had to then borrow from my father to buy the Diablo Daisy wheel print--clackity
clack--printer that I took to business school with me.
I mean, it sounds like a long time ago. But the context for my career at that point
was very different from yours today. What did I do? I had a simple observation
and insight that information was power. There was a revolution in internal information
systems in the 80's, so I went to a company that was working on software for many computers.
Then it became clear that PCs and external information were going to become ubiquitous,
and so I went to Dialog. The problem was, they lived in a proprietary
world of closed standards and expensive information, and it was very difficult for users to get
at the information. So I went to Apple, where we made a user interface
that made getting information easier. It was called eWorld, and then I went to @Home,
where we built the infrastructure for fast access, and finally to Google,
which really takes advantage of pretty much leveraging all of the above.
But many of the aspects of how I approached my career are just as true today as they were
then. I've given you advice before--some of my original
rules from past visits--which I will review very quickly.
Jonathan 101: Don't go into a profession that only scales with the number of hours that
you put into it. You want to do things that have leverage.
Don't be a dentist, don't be a consultant, don't be a lawyer--unless it's contingency-based--don't
be a massage professional. A prostitute is also a yucky career choice!
[laughter] Careers are like surfing--I gave you a whole
lecture on that-- it's not enough to be great at what you do,
you have to catch one great wave and that only happens in growing industries.
If you haven't heard my talk on that, you can ask. I can go do a whole sermon.
But it's why I focused on technology. And know the value of a solid liberal arts
[laughter] Learn to learn. There's too much accumulated
knowledge today, to learn everything in college. Newton used to say he stood on the shoulders
of giants. Well the giants are too tall. You can't learn everything anymore, so just
learn to learn. You'll use that for the rest of your life.
So what would I do differently today if I were you, preparing for a career in this future
with ubiquitous information? Four things: Be open, we're in the midst of
a period of innovation and it's driven largely by openness.
Our Chief Economist, Hal Varian, calls it "combinatorial innovation."
There's this availability of different component parts and innovators can combine them--or
recombine them--to create fabulous new inventions. If you think about it, this is what drove
history's great periods of innovation. In the 1800s, it was interchangeable parts
that drove the Industrial Revolution. In 1900, it was the gasoline engine and improvements
in manufacturing. And then in the 1960s, it was integrated circuits.
But today, the components of innovation are found in cloud computing.
It's got abundant APIs, it's got open source software, everything is low cost, it's all
pay-as-you-go. The components are available to anyone who
can get online. They're bits, protocols and languages.
And note that it costs next to nothing to grow the next great website or software application,
or to build online maps, models or mashups. Or if you create the world's next great TV
show or movie, you can distribute it quickly to the entire world.
With software, there's no inventory problems, no issues shipping and distributing around
the world, working in parallel, and no big time to manufacture issues.
In this model--which we call "combinatorial innovation--" individual components have to
be compatible with the rest of the system, they have to be complimentors.
So these new technologies don't exist in a vacuum.
Companies have to focus on their collaborators as much as their competitors.
In this environment, open systems win. Advice number two: Assume a supercomputer.
How does that change the way you think or your career when you assume that storage,
bandwidth and processing are all basically free?
When Google started, Larry and Sergey couldn't actually do the work that they needed the
search engine to do, because the processing power that they needed
to do it wasn't there. But they just said, "Oh well, in a few years,
it will be." Chad Hurley, when he started YouTube, had
similar observations. We didn't have enough cell phones that had
video on them--the bandwidth to actually do videos wasn't there.
The client's software was required to download them and he saw,
"No, you'll be able to do this in a browser; we'll be able to do this in an open way, and
these cell phones will be out there." And now, we've got 15 hours of video being
uploaded a minute on YouTube. There's no limit to the ability of these technical
tools that are going to be at your disposal. If the technology doesn't exist today, it
will very soon. Do a simple Moore's Law thought exercise;
if processing power doubles in 18 months, in five years, it increases by a factor of
10; in ten years, 100; in 15 years, 1000. Your kids--which hopefully you won't have
in 15 years, maybe make it 20--10,000. Imagine what that means in the power of your
hand. Advice number three: Become a data samurai!
Why? The sexy job in the next ten years is going to be statisticians.
Why? Because once we all have access to free and ubiquitous data, what is the scarce factor?
The scarce factor now becomes the ability to understand that data and to extract value
from it. The democratization of data that I talked
about means, those who can analyze it when. And think about the Robert Day School--it's
exactly the type of program a samurai of data would take.
The courses are meant to prepare, in many ways, a student to be something like a quant
jock on Wall Street, but you would take the same courses to be
called a "data samurai." If I taught it, it would be called "Data Mining
for Fun and Profit."
And you would take Statistics, Data Visualizations, Communication, Machine Learning and Scripting.
That's what Google, Yahoo, EBay and Amazon all need, but more importantly, it's what
all the companies, who live in the ecosystem of advertising and
publishing online, will need. My own new line, data is the sword of the
21st Century. Those who wield it well, the samurai.
[makes sound like a swinging sword]
Remember that!
[laughter] Fourth observation: Think big and solve the
biggest problems. So you've got a supercomputer, you've got
data, you're a samurai and you know how to use it,
you have open systems through which you can harness the power of the crowd, so why solve
a small problem when you can solve a large one?
Shortly after we started running ads on Google, some people came up with the idea that ads
on Google search results could be copied, and this set of engineers could run those
same ads on other web pages. And they said, "You know--there's hundreds
of millions of web pages--hundreds of millions of searches a day, but there's billions of
web pages, we should go after like all of those."
And today, AdSense is a very large, successful part of our business.
Even if you don't get the outcome that you expect, if you aim to solve the biggest problem,
there's a good chance you'll solve small ones along the way.
Take Christopher Columbus--he was stuck waiting for eight years for Queen Isabella to drive
the Moors out of Southern Spain, before he could get funding for his big, big vision.
His big vision was--?"
[voice off microphone; unintelligible]
Find India, right? What did he find? America! Who would call
him a failure for having found that--not found the route to India?
When I graduated from business school in 1985, Ronald Reagan said, "We live in a time ‘lit
by lightning,'" and that's what set the tone for the era in which my career evolved.
Today, you guys have come of age in an even more remarkable time.
Facing amazing challenges and armed with these instruments that President Obama believes
you need to surmount them. So I want to conclude by offering my final
career advice for all of you today: Don't worry about the recession.
Don't sit on the sidelines, crying in your beer, singing Mike and the Mechanics', "Every
generation blames the one before." You can spend your life a critic of those
who ruined your shot at making Crescit Cum Commercio Civitas,
or you can remember the words of the President who best embodied the spirit that we need
today. His name was Teddy Roosevelt and he said,
"It is not the critic that counts, nor the man who points out how the strong man stumbles,
or where the doer of deeds could have done them better.
For the credit belongs to the man or woman in the arena, whose face is marred by dust
and sweat and blood, who strives mightily, only to err and come up short again. His place
or her place shall never be with those cold and timid souls, who will know neither victory
nor defeat." Now if you're not a fan of Presidents and
Teddy Roosevelt, maybe you're partial to Pink Floyd, who sang,
"If you should go skating on the thin ice of modern life, don't be surprised if a crack
in the ice appears under your feet." So students, don't be Roosevelt's "timid soul."
Jump through that crack in the ice. Come on in, I can assure you the water is
[laughter] Thank you!
[audience applauds]