怀坚忍不拔之志,走与众不同之路

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  I was going to speak today about the necessity for an open-mind as you approach new opportunities, a new environment and new 1)paradigm, the need to have 2)stamina in times of difficulty and to not be afraid to take the road less travelled. But I believe most of you know this or you wouldn’t be here today in the first place.
  So I’m just going to give you a piece of 3)avuncular advice, tell my story and be boring:
  Close to thirty years ago, I was where you are today and only a few years before that, it would have seemed impossible to me that I would ever sit where you are today. You have earned this seat, through intelligence, diligence and discipline, my deepest congratulations to all of you. For all the cynicism in the world today, especially given how people perceive the practice of law, I encourage all of you to preserve your optimism, idealism and passion for what you do.
  You have proven that you have a lot to offer this world, now you need to prove you can make a difference, whether that be in the courtroom, classroom, NGO or office. Lead by example because ANYTHING IS POSSIBLE! I want to share with you some of my experience in the hopes that it encourages you to not accept barriers at any cost.
  As a teenager, I was sent to a railroad construction site deep in the mountains in Western China. Food was rationed and the workload was heavy. However, what made it more unbearable was the lack of knowledge and information. I devoured every piece of paper that had any words on it, like a hungry man. Together with a few co-workers we started a study group called “The Communist Laborer’s Night School”, with the few old text books we brought with us, and a radio we used to learn English from VOA and BBC, at the risk of imprisonment for listening to “enemy stations”.
  After 3 years of hard labor and a head injury, I was given a job in an 4)artillery factory making machine guns. I biked about 10 miles twice a week to learn English taught at the Radio Engineering School of a university in Xi’an. Most of the 200 people quit the class during the one-year study, and I was one of the dozen remaining, together with the chief engineer of my factory, who later put in a strong recommendation for me to go to college in Beijing, without having ever been to high school.


  After graduating from both college and law school in Beijing, I was sent as an exchange scholar to work at a law firm in California. Boy I remember the cultural shock I had when I first arrived in San Francisco in 1982! There I realized that my knowledge of law was utterly inadequate to deal with international 5)transactions, which I was supposed to teach back in Beijing. I decided to go through the hardship of studying for a 6)JD degree in the U.S. That started my honeydecades with Duke law, which gave me a full scholarship and a fuller education in American law.   I was once asked by a hard-struggling law student from China why I seemed so happy and content with my studies then, living mostly in the law library. I answered, if you have experienced the deprivation of knowledge for so long as I have, you would, too, view this place as the heaven of learning. I said that despite the many occasions when a few professors would vote against granting the scholarship to a “red Chinese”, or some fellow students spoke right in my face that they were“7)abhorred” by the Chinese communist system. When I was later asked of a similar question as a junior associate in the sweat shop of a Wall Street law firm, I happily told the fellow associate that Vladimir Lenin taught me to learn your skills so to dig the grave for capitalism.
  The ensuing 1987 financial crisis 8)jolted me to an opposite direction, though. I was so fascinated by the 9)intricacies of the capitalistic financing machines that I decided to study it carefully and try to transplant it to my own home country. I went back to China in the summer of 1988, after visiting most of the stock exchanges in Europe and some in Asia, in a seemingly foolhardy effort to persuade the Chinese government to establish a capital market.
  Among all the people who were 10)skeptical of our idea, was an American 11)consul in Beijing. After suspiciously questioning my intention to have gone back to China and hearing my explanation about my ambition to start the stock market there, he said, this is all BS, and tore up my application forms. This is in early 1990, when I applied to come to teach a short course at Duke law. By the end of that year, we had helped the opening of two stock exchanges, the 12)SHSE and the SZSE, which have a combined market cap of several trillion dollars today. Two years after, the unintended consequences started to show and the central government finally adopted our proposal of setting up the 13)regulatory agency and persuaded me to join it.
  Being a regulator is like being a matchmaker, when the marriage is successful, the couple would think it’s their own good fortune, will be busy enjoying themselves and very seldom grateful to you. But if anything goes wrong, then both sides blame you for it. I got just that sort of treatment, blamed all the time, for good or bad reasons. I was yanked out of the agency to run the newly established Social Security Fund in 2003, and then, 4 and half years later, the 14)Sovereign Wealth Fund. After almost 7 years serving as an investor, I’m finally relieved of my duty and allowed to retire to do what I love the most, i.e., working with young people every day, teaching and, more importantly, learning.


  Why do I want to tell you the boring story of a personal life? Because I can’t help offering you my advice, having made so many mistakes and suffered so many 15)detours. Here are the few things I learned in life in the vain hope that you would avoid them.
  1. Different views, different people, different culture and different ideology may not necessarily be a bad thing. They just teach you to be more tolerant and open minded. Vive la difference, as the French would say.
  2. Taking hardship is not necessarily a bad thing, it may pay in the long run. Of course in the long run we will all be dead, as 16)Maynard Keynes said. And that’s why we need the next suggestion.
  3. Taking the road less travelled is not necessarily a bad thing, it just makes your life much more interesting. Let’s try to live an interesting and significant life.
  4. Setting high material demands in this world today is not necessarily a good thing, as it may keep you from realizing your ideals or keeping your vision.
  I want to leave you today with the words of the great American poet, Max Ehrmann because he said it infinitely better than I can. Hope you guys can remember this as you go forth.
  Go 17)placidly amid the noise and the haste,
  and remember what peace there may be in silence.
  As far as possible without surrender
  be on good terms with all persons.
  Speak your truth quietly and clearly,
  and listen to others,
  even the dull and the ignorant;
  they too have their story.
  Avoid loud and aggressive persons;
  they are 18)vexations to the spirit.
  If you compare yourself with others,
  you may become vain or bitter;
  for always there will be greater and lesser persons than yourself.
  Enjoy your achievements as well as your plans.
  Keep interested in your own career, however humble; it is a real possession
  in the changing fortunes of time.
  Exercise caution in your business affairs;
  for the world is full of 19)trickery.
  But let this not blind you to what virtue there is; many persons strive for high ideals;
  and everywhere life is full of heroism.
  Be yourself. Especially do not feign affection.
  Neither be cynical about love;
  for in the face of all 20)aridity and disenchantment it is as 21)perennial as the grass.
  Take kindly the counsel of the years,   gracefully surrendering the things of youth.
  Nurture strength of spirit to shield you in sudden misfortune. But do not distress yourself with dark imaginings.
  Many fears are born of fatigue and loneliness.
  Beyond a wholesome discipline,
  be gentle with yourself.
  You are a child of the universe,
  no less than the trees and the stars;
  you have a right to be here.
  And whether or not it is clear to you,
  no doubt the universe is unfolding as it should.
  22)Therefore be at peace with universe,
  and whatever your labors and aspirations,
  in the noisy confusion of life keep peace with your soul. With all its sham, drudgery, and broken dreams,
  it is still a beautiful world.
  Be cheerful.
  Strive to be happy.


  今天,我原本打算谈一下当你们面对新机会、新环境以及新模式时保持开放心态的必要性,以及遇到困难时需有坚忍不拔之志,无所畏惧,走与别人不一样的路。可是,我相信你们大部分人都懂得这个道理,否则你们都不会走到今天。
  所以我只想从一个长者的角度给你们一点建议,讲讲我的故事,或许会沉闷无趣。
  大约30年前,我就身处你们现时的位置;如果再倒回几年的话,成为你们其中的一员,对我来说就像是不可能的事。你们通过自己的才智、勤奋和自律赢得了毕业典礼上的席位,我向你们致以最衷心的祝贺。面对现今横行于世的犬儒主义,尤其是人们对整个法律行业的负面看法,我鼓励你们为自己选择的事业保持乐观、理想和激情。
  各位已经证明了你们有能力为这个世界多作贡献,但是现在你们需要去证明你们可以改变世界。这些变化可以发生在法庭上、教室里,也可以发生在非政府组织或是政府部门之中。你们要以身作则,因为“一切皆有可能”!我想和你们分享一些我的经历,希望以此鼓励你们面对艰难险阻决不退缩,勇往直前。
  十多岁时,我被送到中国西部的深山里修铁路。当时食物实行配给制,而且工作强度很大。但是,更加让人难以忍受的是知识与信息的缺乏。我贪婪地阅读每一张写有字的纸,如饥似渴。我还和几位工友一起成立了一个称为“共产主义劳动夜校”的学习小组。我们用的是一些自己带来的旧课本,还有一台收音机,冒着或因收听“敌国电台”而被判刑的风险,从“美国之音”和BBC学习英语。
  经过三年繁重的劳动和一次脑部受伤,我被分配到一家兵工厂制造机关枪。我每周两次骑自行车,骑上大约十英里路去西安一所大学的无线电工程系学习英语。在这一年的学习中,两百名学员中的大部分人都没有坚持下来。而我是那留下来的十多个人中的一个,一同留下来的还有我工厂里的总工程师。他后来在我甚至连高中都没上过的情况下强烈推荐我去北京读大学。
  在北京读完本科和法学研究生后,我获得作为交换学者派去加州一家律师事务所工作的机会。天啊,我仍然记得当我在1982年第一次踏足旧金山时所感受到的文化冲击。在那里,我意识到,要处理国际贸易案件,我的法律知识实在不够用,而国际贸易法正是我准备回北京之后给学生开的课。我决定排除万难在美国读一个法学博士学位。杜克大学法学院为我提供了全额奖学金,并且让我更系统地学习美国法律,从此开启了我与杜克法学院长达数十年的甜蜜之旅。
  曾经有一个深受法学院学习压力折磨而痛苦不堪的中国学生问过我这样一个问题:“你那时几乎就是以法律图书馆为家了,为什么看上去还那么开心和满足?”我回答说,如果你像我那样,经历过知识匮乏的长久岁月,你也会把这地方看作是求知的天堂。我说,尽管很多次有几位教授反对将奖学金授予一个“来自红色中国的学生”,又或是有几位学生曾当面对我说他们憎恨中国的共产主义制度。后来当我在华尔街一个律师事务所里当初级律师的时候,也被问到类似的问题,我很开心地对那位同事说,列宁教导我要学习你们西方的先进知识,以便日后为资本主义挖坟墓。
  然而,随后1987年的金融危机却将我拉向了另外一个方向。我对这精妙的资本主义融资机器产生了巨大的兴趣,所以我决定对其认真研究,并且尝试将其移植到我自己的祖国。在调研过欧洲大部分以及亚洲小部分证券交易所后,我于1988年夏天回到中国,以近乎愚公移山的努力说服中国政府建立中国的资本市场。
  在所有质疑我们这个想法的人中,有一位是驻北京的美国领事。在满腹狐疑地质问我回国的动机,并且听完我想要在那里建立股票市场的想法后,他说,这完全是扯淡,并且撕碎了我美国签证的申请表。记得那是1990年初,我当时去申请美国签证回杜克法学院教一个短期课程。当年年底,在我们的协助下,两个证券交易所挂牌营业:上海证交所和深圳证交所。今天,这两家证券交易所交易的股票总市值达到几万亿美金。随后的两年,意想不到的后果开始呈现,中央政府最终接受了我们成立证券市场监管机构的提议,并且劝说我加入其中。   监管者的角色就好比是媒人,如果婚事成功,男女双方会认为这是他们自己的好运气,然后沉溺于爱河之中而无暇来感谢你。但一旦出现问题,双方都会指责你的不是。我就受到了那样的待遇:不管是什么样的原因,总是被骂。2003年,我被调离证监会,成为新成立的全国社会保障基金的负责人,四年半之后,又被调到主权财富基金。在近七年的投资生涯之后,我总算可以卸下身上重任,并且获准退休去干我最想干的事情——那就是每天和年轻人在一起,教书,更重要的是,学习。
  为什么我想向你们讲述我自己那无趣的人生经历?因为我犯过很多错误,走过无数弯路,所以忍不住要向你们提供一些我的建议。以下就是我的一点人生体会,希望你们能够避免我所走过的弯路。
  1. 不同的观点、不同的人、不同的文化以及不同的意识形态或许并不一定是一件坏事。这一切只是在教你更加宽容,心态更加开放。就像法国人说的那样:差别万岁。
  2. 吃苦不一定是件坏事,总有一天你会获得回报。当然凯恩斯也说过:总有一天,我们都会死。但这就是我们需要下一个建议的原因。
  3. 走与别人不一样的路不一定是件坏事,这只不过是让你的人生更加精彩。让我们尝试去过一种精彩并且有意义的生活。
  4. 在当今社会,对物质生活高度追求不一定件好事,因为这可能会令你远离梦想,视野狭隘。
  最后,我想将伟大的美国诗人马克思·埃哈曼的诗篇赠与你们,因为他讲得比我好多了。希望你们在前行的路上,能够记住这首诗。
  在嘈杂与匆忙中从容前行,
  记住安宁或许也存在于静寂之中。
  尽量不失自我地
  与所有人和睦相处。
  轻柔而清晰地表达你的真情实意,
  倾听他人,
  即使是愚者和白丁;
  他们也有自己的故事。
  远离夸夸其谈、专横挑衅者;
  他们令人伤透脑筋。
  假若和他人攀比,
  你难免会自负或自嫌;
  因为总有人比你强或者弱。
  享受自己的成就与规划吧。
  潜心于自己的事业,无论多么卑微;世事无常,命运多舛,
  那是你真正能拥有的财富。
  谨慎行事,
  因世上满是陷阱和诡计。
  但不要因此而蒙蔽了心智,看不到美德;许多人都在为崇高理想而奋斗,
  英雄行为处处可见。
  做你自己。尤其不要虚情假意。更不要对爱玩世不恭;
  即使乐枯梦萎
  爱也如芳草般终年长继。
  汲取岁月的精华,
  优雅地面对青春的流逝。
  积聚精神力量以应突如其来的忧患,不要以灰暗的臆想而自扰。
  许多恐惧源自于疲累与孤独。
  在不失原则的情况下,
  善待自己。
  你是宇宙的孩子,
  与树木群星无异;
  你有生存于世的权利。
  无论你是否明了,
  宇宙会以自有的规律演变无疑。
  因此,请与宇宙和平相处,
  无论你付出了多少辛劳与壮志,
  在喧哗混沌的生活中保持心灵的安谧。世界虽有种种伪善、苦役与残破的梦,但这仍然是个美好的世界。
  要保持开朗乐观。
  为幸福而努力。
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