Conan's life lesson from losing 'The Tonight Show' - and other stuff

Speaking to Dartmouth College graduates over the weekend, O'Brien started out this way:

I've been living in Los Angeles for two years, and I've never been this cold in my life. I will pay anyone here $300 for GORE-TEX gloves. Anybody. I'm serious. I have the cash.

Then, in noting former President George H.W. Bush, a fellow honorary degree recipient:

I must point out that behind me sits a highly admired President of the United States and decorated war hero while I, a cable television talk show host, has been chosen to stand here and impart wisdom. I pray I never witness a more damning example of what is wrong with America today.

And on readjusting his priorities after the NBC fiasco.

For decades, in show business, the ultimate goal of every comedian was to host The Tonight Show. It was the Holy Grail, and like many people I thought that achieving that goal would define me as successful. But that is not true. No specific job or career goal defines me, and it should not define you. In 2000--in 2000--I told graduates to not be afraid to fail, and I still believe that. But today I tell you that whether you fear it or not, disappointment will come. The beauty is that through disappointment you can gain clarity, and with clarity comes conviction and true originality.

Here's the transcript.