Thank you very much, Eloic, for your kind words. And let me first warmly, very warmly, congratulate you, you all. Today, I want to share with you my secret sauce. I know, the CEO of the largest European asset management firm talking about cooking. But, please bear with me. Because I genuinely believe that gastronomy is the most honest metaphor I have for what lies ahead of you. And for what I have learned over the past decades. Let me start with the paradox. You have just graduated from one of the finest business schools in the world. You have spent years learning frameworks, models, best practices, recipes, if you will. And my first piece of advice to you today is be ready to store that precious cookbook. Your job starting tomorrow is to find your own signature dish. Most likely, you still don't know what it is. I will be honest with you. I certainly did not know mine at your age. I remember leaving HEC convinced I had a clear plan. I was going to join BCG. I had prepared. I was ready. And I mean and I made it all the way to the seventh round of interviews. The seventh round. And they said no. At the time it felt like a door closing and looking back it was the door opening because it forced me to ask a question I had been avoiding. What did I actually want? And I wanted to travel. And I have traveled for 5 years from New York to Hong Kong, from Stockholm to Dubai. And at the same time I learned to become a banker. That question led me somewhere I had not planned. And it led me here today in front of you managing the largest European asset manager, managing 2.4 trillion euros. >> [applause] >> So So, how do you find your signature dish? A few thoughts. First, embrace your ignorance. I know that sounds strange standing here in this room filled with brilliant students with diplomas in hands. But the leader you aspire to become is first and foremost defined by curiosity. By a genuine desire to learn during your whole life. I fell in love with Blackrock as I should say. I was fascinated by financial models and by the elegance of quantitative finance. But years later, the courses I still think about, the ones that actually shaped how I lead today, are the ones on psychosociology of the organizations, on negotiations, and on ancient civilization. That breadth matters. It gives you texture. It gives you judgment. And let me say this clearly, the professors who gave me that breadth are a pillar of what makes this school exceptional. I hope you will tell them so before leaving. The second is the following. In a world of abundant information, wisdom and responsibility become the scarcest ingredients. In the world of AI, many things will be standardized. Analytical tasks that once took days will take seconds. Before AI, and even more so with AI, the leader you will become must know how to ask the right questions. And you must help your teams, your brigade, formulate the right answers. In a world that is human powered and technology led, your most valuable asset will always be the quality of your thinking, not the speed of your execution. What will not be standardized is judgment. AI will standardize the menu. Your job is to invent the dish. That is what I should say has given you, not just recipes, a palate. The third lesson, choose your ingredients with care. In cooking, as in leadership, everything depends on what you put in the pot. And here, I want to be very direct with you about something. HEC should say builds real friendships. I know that from experience. When I think back to my years here, some of them are still the people I trust most in the world. One of them is among my favorite consultants. Another sits on one of my boards. A third is my closest friend. Those bonds are real. Cherish them, but do not make the mistake of surrounding yourself only with people who went to the same schools, read the same books, share the same instincts. That is a comfort. It is also a trap. The most resilient organization I have seen and the most creative kitchens are built on diversity. Not diversity as a box to tick, diversity as a genuine source of surprise. It took me years to build a team where the sum is greater than its parts. Building that kind of team takes time. It takes passions. It takes It is one of the great long-term investments of a career. Fourth, assembling the ingredients is only the beginning. The real work is in the transformation. A great chef does not just collect exceptional produce. He reveals what is unique in each one. That is what great leadership is. Seeing what others do not yet see in the people around them. Becoming an excellent leader of people, of men and women, of different origins and different temperaments is the skill that is most lacking in our world. It is both an art and a technique. And it will differentiate you far more than any financial model ever will. And like any great craft, you never stop learning how to cook. Before I reveal, and I promise I'll get there, the secret ingredient, let me tell you a few words about the chef I have become, about what drives me. I believe deeply that asset management is essential to the power and sovereignty of nations. Financing companies at every stage of their development, helping governments fund long-term infrastructure, leveraging on private capital, supporting the energy transition, building solutions for the challenge of aging populations. At the individual level, we accompany people from the most modest to the most wealthy in financing their life projects, their home, their retirement, their children's future. At the collective level, we transform savings into productive capital, we finance innovation, we create the conditions for societies to navigate extraordinary demographic and climate transition. In this complex and rapidly changing environment, the role of leaders trained at HEC and trained internationally as you have been is more important than ever. It consists first in giving meaning, in helping teams navigate complexity with direction and confidence. And second, in building trust with clients, with institutions, and with society. That is what drives me. That is what I come to work for. And now, last but not least, the secret ingredient. Optimism. I am an optimist. Deliberately so, not naively. The world you are entering is complex, fast-moving in ways that are genuinely difficult to predict. But there is something I regularly remind my teams. In every crisis, in every difficulty, there is an opportunity waiting to be found. You have to look for it. That is actually what defines asset management. It's not about avoiding uncertainty, it's about reading it better than others, seeing value where others see risk, seeing the future where others see only the present. And I believe the same is true of a career, of a life. The moments that have shaped me the most were not the easy ones. They were the ones where I had no choice but to find another way forward and to reinvent. So, when the next crisis come, and it will come, do not wait for it to pass. Ask what it is telling you and what it is opening up. That reflects you something you can build, and it starts now. This community, I should say, has given you something rare, a shared language of rigor and ambition, combined with a remarkable diversity of origin and experience. Use it generously. Build bridges across generations, across borders, and across industries. I will end simply. Find your signature dish. Be bold. Be curious. Surround yourself with people who are different from you and trust them. Lead with integrity. And in the moments of doubt, and there will be many, remember that doubt is not the enemy of excellence. It is often the beginning of it. Thank you to the HEC community for what it has given me and continues to give me. And thank you to you all. I wish you the very best for what comes next.