Political satirist Stephen Colbert delivered the commencement address at Wake Forest University Monday morning to more than 1,900 students and their families.

He's best-known for his show "The Colbert Report" on Comedy Central. He's also the future CBS Late Show host, replacing David Letterman, whose final show airs Wednesday.  

The university awarded Colbert a degree during the ceremony.  

“I want to thank them for giving me an honorary doctorate of humanities. I'm a huge fan of humans,” says Colbert.

And he used the occasion to poke a little fun at Wake Forest University President Nathan Hatch.

“I thank the administration for this honor, and I especially want to thank university president Nathan O. Hatch," says Colbert. "He's known to you as Nate Dog, Nat-ee-o, the Hatchet, Hatch Adams, Sen. Orrin Hatch Angel Dust - and I only made a couple of those up.”

Colbert advised students to be independent thinkers and that they need a "well-calibrated B.S. detector" to be able to tell the difference between hype and substance. 

“And if there is one thing you need even more is your own set of standards,” he adds. "People my age will sometimes say to you 'hey, that work you did? that thing you said? that cause you championed? it's not good.' But having your own standards allows you to weather moments like that. Having your own standards allows you to perceive success where others may see failure."

“Of course for you grads, the future is a dark chasm of dark uncertainty. But don't worry. You don't have to face the future for, like, two hours. First brunch. Then yawning uncertainty."

Colbert says part of graduation is to say goodbye to the people they've become and embrace the people they're going to be. For Colbert, he says it will be hosting an hour-long show every night.

He will officially begin his role as the CBS Late Show host in September.

*Follow Keri Brown on Twitter @kerib_news

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