It has been almost twenty years since I last sat in this auditorium and listened to a speaker telling us not to do anything stupid. But most of us, including myself, ignored the advice. This time around, the roles have been reversed. I am now the one standing here with the task of giving out words of wisdom. I am honored to be here today.
This invitation gave me a moment to reflect upon how UConn has influenced my career since the very first day I stepped foot on this campus. The professors who taught and advised me along with the many great individuals I have encountered here at UConn have helped me to become who I am today.
Over the next couple of minutes, I would like to share with you my experiences as an academic turned chief executive, and offer my opinion on the characteristics necessary to succeed in any of the fields you may find yourself in.
The first piece of advice I would like to offer you is that life is unpredictable.
My decision to attend UConn was out of sheer coincidence. I used to work in the semiconductor industry in Taiwan, but my wife wanted to pursue her academic career, so we found our way to Storrs.
Initially, my family and I had a difficult time adjusting to the sudden change in scenery. Before we came to Storrs we lived in Taipei, a bustling metropolitan city. The plain but friendly New England country side was unlike anything we had ever encountered. But after six years, with the help of numerous great Professors and friends, I successfully completed my Ph.D.
Upon graduation, I returned to Taiwan and my career quickly flourished. I spent many years as a Professor but eventually left to pursue a career in the financial world.
I am deeply connected to UConn and view it as my second home, a place where many extraordinary things happened for me. With that being said, four years ago, I asked my son to enroll in UConn for his bachelor’s degree. Although he was at first reluctant and shocked by all the cows, trees, and more cows here in Storrs – like his father, he quickly embraced the new environment.
I believe God led me to Storrs for a reason. I am grateful for everything that has happened to me and my family during my time in Storrs. This is proof that sometimes life is unpredictable—and if you are willing to embrace your new environment and the challenges that it brings—then fantastic things will happen.
In your life, you will always have the opportunity to make your own decisions. I offer my life experience as proof. I started my academic research in Mathematics at UConn, but ended up graduating from the Business School with a doctorate in Finance. I joined academia after graduation, but am now a successful executive. Life is not a race, but a journey to be chosen and savored each step of the way.
The second piece of advice I would like to offer you deals with the characteristics you should possess upon entering the business world.
Traditionally, MBA programs have taught students that the core principal of business is to maximize corporate value for shareholders.
However, in the real world, this dogma has been corrupted into maximizing stock prices for corporate managers, instead of maximizing corporate value for shareholders. This distortion of values is especially evident in the financial industry. Having witnessed three major financial crises in my lifetime, I am convinced that the unethical measures taken by top executives to pursue their personal wealth were contributing factors to the crises. Therefore, I strongly believe in taking ethical actions to maximize firm value.
What other lessons can we learn from these crises? I believe most of you are still dreaming of joining big name firms on Wall Street in hopes of a life filled with riches. But sometimes we are blinded by these dreams and do not take time out of our lives for self-reflection.
After we succeed, we easily become arrogant and fail to appreciate the efforts of our team members. Do not be conceited, but be self-confident and humble. Humility is the one and only trait that all great leaders have. Pursue your goals with this in mind.
Lastly, but most importantly, do not set your goals based on what others deem important, but set them based on what you, as an individual, believe to be important. Instead of concerning yourself with the compensation offered by companies or stocks, you should focus on creating your exclusive value by tackling every obstacle that you may encounter in your career.
Lastly, I would like to convey my sincere gratitude to a person who has made a profound influence both on my academic life and my business career.
Gene Sellers, my mentor and teacher when I was at student at UConn, is the man I am deeply indebted to and will always remember with fondness. He provides students not only with academic knowledge, but with ethical knowledge as well. He is a great man who is always generous and amiable to students, but treats himself with stern discipline.
Being a doctoral candidate, I spent much of time conversing with him during my studies. One day, I think it was the summer of 1989, he and I walked through campus discussing my future.
He asked me what I would like to do if I became successful after leaving school. I told him I would like to do many things. But most importantly, I would give back financially to the school to fund future talents. As such, by taking this great moment and regarding UConn as not only my alma mater, but as my second hometown, I would like to make my regular donation to my beloved school. Hopefully, it will allow talented individuals to discover their own true value and change the world.
Finally, as a parent attending my son’s commencement ceremony later this evening, I am deeply touched and extremely grateful for all that this institution has done for my family. As a father, I am very proud of him and would like to thank UConn for its part in making my son who he is today.
One day, when I have a grandson or granddaughter, I would hope that he or she might one day step foot on this campus as a student.
Best of luck, every one of you, and congratulations my fellow UConn graduates!
University of Connecticut
Storrs, CT
April 28, 2011
About the Speaker
Gwo-Duan “David” Jou ’89, ’92 Ph.D.
Founder and Chairman, Bigrock Asset Management Company
Dr. Gwo-Duan “David” Jou is the Founder and Chairman of Bigrock Asset Management Company. The company focuses on direct investments, providing consulting services to major life insurers in Taiwan and property development. Prior to Bigrock, Dr. Jou served as Chairman and Chief Executive Officer of Hontai Life Insurance Company, Ltd. in Taipei, Taiwan from 2005 to 2010 where he successfully turned the company around during his first year of service. Under his leadership, Hontai Life enjoyed a buoyant asset growth with CAGR over 20% and a decline in funding costs from 5.1% to 3.9%. Dr. Jou has over 20 years of experience in the Taiwan life insurance industry and plays active roles in regulatory entities, including Chairman of the Taiwan Insurance Institute, Commissioner of the National Pension Fund and Commissioner of the Financial Institution Reform at the Republic of China. He is also on the boards of TaiKang Life China, Taiwan Life Insurance Company, and is Chief Advisor in the Greater China Market for the Zurich Financial Group as well as the Chief Advisor for the Taiwan Insurance Market at Credit Suisse. In 2004, he served as Chairman of the Insurance Anti-Fraud Institute and as Director of Taiwan Life Insurance Company and the Bank of Overseas Chinese. During Dr. Jou’s term as Chairman of the Taiwan Insurance Institute, he successfully conducted the first ever case of liquidating a local insurance company: Kuo Hua Property and Casualty Insurance Company. Dr. Jou earned a Master of Science in Mathematics from the University of Connecticut College of Liberal Arts and Sciences in 1989 and a Ph.D. in Business Administration from the University of Connecticut School of Business in 1992. Dr. Jou and his wife, Frances ’90 MS, are International Alumni Ambassadors for the UConn Alumni Association and live in Taipei, Taiwan. Their son, Geoffrey, is graduating at this year’s Commencement from the University of Connecticut School of Business with a degree in Finance.
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