This night just enough snow fell to give Beijing a pretty icing. But also it was enough to delay my early morning flight to Shanghai for 4 hours. I already thought so, when I was walking over the white side streets to Dongzhimen train station leaving home. Landing in Shanghai in the afternoon only, it felt good to be in a relatively mild weather. I went strait to the Tongji University campus where I was the chairman of the Defense Committee of the EMBA today. The first student I unfortunately missed due to the delay. But the other two were interesting discussions and a real defense in the meaning of a Disputation. I remember well how this programme, of which I am the Academic Director on the side of Tongji University was started from scratch two years ago and it was a real joy now to see students taking the last step before their graduation. In March then, there will be the Graduation Ceremony, or as it is called in the US, the Commencement. I like that term because it marks not just the end of studies but more so the beginning of the next step. Congratulations to all of you who passed.