Reflecting on the devastating fallout of coming out publicly in the late 1990s, DeGeneres told the Tulane graduates that losing everything turned out to be the most transformative experience of her life. After her show was cancelled and she spent years without work, she eventually got the call to host the Oscars and then launched her own talk show. But it was the period of loss that taught her the most. She discovered that being true to yourself — even when it costs you everything — is the only path to genuine happiness and fulfillment. The audience, many of whom had rebuilt their lives after Katrina, resonated deeply with the message that loss can become a foundation for something greater.