Stanford GSB Commencement Ceremony 2025 Summary
Key Concepts:
- Fan of Outcomes: A range of future possibilities based on uncertain assumptions.
- Dharma: Fulfilling one's personal duty without focusing on rewards.
- Force Multipliers: People who challenge your thinking and make you better.
- Practical Idealism: Combining big dreams with tangible, actionable steps.
- Data vs. Intuition: The need to balance data analysis with experience-based intuition.
Welcome and Introductions
The ceremony begins with a welcome to graduates, faculty, staff, honored guests, families, and friends. The GSB faculty and staff are recognized for their pivotal role in the students' experience. Families and friends are acknowledged for their support and love. This year marks the 100th anniversary of the Stanford Graduate School of Business.
GSB's History and Pioneers
The speaker shares stories of early GSB graduates, including:
- Charles Overfelt and Melvin Sanguinetti (MBA 1927): The first MBA class, with Charles opening a general store and Melvin leading his family's farming business.
- Elizabeth Walls Breed (Class of 1931): Led the GSB library and later worked at Arthur Anderson.
- Ping Kyong (Class of 1931): An economist at the New York Fed who later ran a restaurant.
- Ben Eastman (MBA 1935): An Olympic medalist who developed a fruit orchard and served as agriculture commissioner.
The GSB has always attracted pioneers who create new knowledge, industries, and business models. The success of GSB students is driven by work ethic, resilience, leadership, and the ability to navigate change and uncertainty.
The Class of 2025
The class of 2025 made a profound decision to put their careers on hold and pursue an MBA. They came from 55 countries with experience in government, technology, education, and investment management. They committed to learning from each other and stepping into the zone of discomfort. They are entering a world with new challenges, including the acceleration of artificial intelligence and political shifts.
Key Concepts from Finance
The interim dean shares key concepts from his financial modeling class:
- Value is about what we will do: Decisions we make going forward.
- Uncertainty: The main challenge in making decisions.
- Fan of Outcomes: A conceptual representation of the range of future possibilities.
- No right answer: Only understanding and getting comfortable with the range of possibilities.
- Navigate the fan: Not by predicting the future, but by preparing for it.
- Influence the outcome: Through skills, frameworks, and insights.
- Reoptimize and pivot: The ability to react as new information arrives.
The future is yours to model, with inputs and assumptions that you can and cannot control.
Introduction of Commencement Speakers
Asha Merti and Rishi Sunak, both members of the class of 2006, are introduced as commencement speakers. Asha has invested in early-stage consumer-focused British companies and leads the Office of Asha Merti and Rishi Sunak. Rishi served as Chancellor of the Exchequer and Prime Minister of the UK.
Asha Merti and Rishi Sunak's Speech
Asha and Rishi share three lessons they've learned:
- The False Comfort of Data Alone (Rishi):
- Data and analysis are crucial, but intuition is also important.
- Example: Rishi used his understanding of data to question the need for a national lockdown during the Omicron wave in 2021.
- As a leader, the only decisions that reach your desk are the difficult 50/50 ones.
- Learn to listen to your intuition with as much respect and rigor as you do the analysis.
- The Relationship Between Big Idealistic Dreams and Small Practical Steps (Asha):
- Idealism is inspiring, but it needs to be grounded in reality.
- The path to achieving something transformational is rooted in tangible steps.
- Example: Asha founded Lessons at 10 and the Richmond Project to improve numeracy skills and financial literacy.
- Being practical is a power move and a running partner to idealism.
- The Importance of Worrying Far Less About the Outcome (Asha and Rishi):
- Dharma: Fulfilling one's personal duty without focusing on rewards.
- Successes and failures are part of leadership.
- Example: Rishi's failure to become Prime Minister in 2022 led to more time with his family, but he later became Prime Minister due to his sense of duty.
- Dharma provides resilience and clarity to overcome challenges.
Call to Action
Surround yourselves with people who challenge your thinking and stay open to what they say. Find your force multipliers. Take care of your relationships and the differences between you. The world needs global leaders like the ones being honed at the GSB.
Doctoral Class of 2025 Hooding Ceremony
The GSB doctoral class of 2025 is recognized for their accomplishments in transforming their fields of knowledge. Diane Lei reads their names and their dissertation advisor hoods them.
Master of Arts and Business Research Recognition
The recipients of the Master of Arts and Business Research are recognized for completing the coursework and research requirements.
MSX Program Graduates
The MSX program graduates are presented, having completed a year-long course of academic study to prepare for senior leadership positions. The Robert Joss Scholars (top 10% of the class) are announced. Dewas Neil Ponyi is awarded the George GC Parker Prize for being at the top of the MSX class.
MBA Class of 2025 Presentation
The MBA students are presented as having engaged in a transformational experience, acquired solid foundations in general management, and built lasting relationships. The R.J. Miller Scholars (top 10% of the class) are announced. The recipients of the Certificate in Public Management and Social Innovation program are also recognized.
Awards and Recognition
- Ernest C. Arbuckle Award: Noel Telju
- Alexander A. Robichek Student Achievement Award in Finance: Isabella Heg
- Henry Ford II Scholar: Ian McCrae
Conclusion
The ceremony concludes with a final round of applause for the GSB class of 2025. Guests are invited to a reception at the Knight Management Center.
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