They don't have to do a reverse proffer.

Absolutely.

They literally don't have to say anything, right? They literally don't have to say anything.

But the fact that they're even disclosing the existence of the investigation tells me that they're willing to at least have some level of conversation.

Because if they don't want to have any conversation and all they're looking to do is to charge the client and plow ahead...

They're not going to disclose the existence of the investigation.

They're simply going to get an indictment.

And I want to know, you know, given your experience, what do people most often underestimate about how serious a federal investigation can become before an indictment is ever filed?

Greetings everyone and to those of you on the internet.

Life in 1 AD.

Now the Bible teaches timeless universal truths, but it was originally written to a specific people with their own culture and customs.

And although our cultures and customs today are different from Bible times, we can still understand the meaning of the text.

But many passages would have more impact to that audience because the text spoke in terms common to their everyday life.

And some passages have more meaning and impact to us if we understand the perspective of the audience that heard and experienced Jesus firsthand.

And so what is it about these preliminary examinations that can be why do they become so pivotal potentially, you know, in in the early stages of a case?

They're super important because from a defense perspective, they give us the ability to do several different things.

One opportunity that we have is to sort of conduct an ongoing search for discovery.

And a lot of judges and prosecutors are sensitive to that and they're on the lookout for it.

So depending on the judge and the specific prosecutor, we may or may not have a lot of leeway to get into asking questions that would help us uncover areas of investigation and avenues that we could potentially go.

But one thing that it enables us to do is to conduct some discovery.

Another thing that it allows us to do is to challenge the evidence that the prosecution is bringing.

What's the reasoning there? What's that situation about?

Remember the Barber twins posters? Yeah, you got the

Barber twins.

I'm trying to think of some other ones.

You got Sean and Herman Moore with the fans, where it's got, like, the slogan is, like, leave you cheering for Moore.

Like, I would love to get back to those days.

No school does it anymore.

Everybody just puts all the seniors on, and we're no different.

Absolutely.

Good evening.

Thanks for having me on, Luke, and you know this very well because you're a big part of our broadcast on the Virginia Sports Radio Network.

We do about 80 broadcasts a year in the school season, and tonight is broadcast number one, our first Coach's Corner radio show of the season from a very special place.

I'm actually standing in Scott Stadium right now, just outside the Virginia locker room, and our good friends at the Dairy Market, where we will host every show after this one during football season, they are presenting tonight's broadcast, and it is from the football locker room, where we've got a big partner event.

We've got a white tablecloth.

We've got candles in the lockers.

We've got a bar.

Absolutely.

Just in your DNA, you know when you're going out, and it's like, "Mm, not anymore."

Right, and, and you may not, you may not be aware of the change or, or you may live in an area that you're, you're not as plugged in electronically and you're, and you're not, you know, you're maybe old school and, you know, the internet and, and those kinds of things are not, you know, first and foremost on your mind, so you, you miss these changes.

Um, and, and, and you know, the, the DNR and the prosecutors, um, oftentimes are, are not really interested in what the excuse is.

Um, I've, I've run into...

I've seen a shift in the, in the last few years where, you know, even going back five years it seemed like prosecutors and DNR officials were a little more forgiving and, and what I'm starting to see now is a lot less tolerance of people just being human and making a mistake.

Okay.

Well, the deer gets back to Michigan, person takes it to a taxidermist.

It's really a trophy.

And what about other than bucks? Are there limits to them?

yeah other other um so there's some date changes uh there are too too many to really get into in very great detail but it's really important that people before they get into the field and start hunting that they double check the dates that they're hunting and what they are hunting for and i'll just give you a quick example um There was some talk about merging the early antlerless hunt with what's called the liberty hunt, which is primarily for disabled people.

The liberty hunt is, that is, Um, and, and also there was a youth hunt and they wanted, there was some talk about combining the youth hunt, the Liberty hunt and the early antlerless hunt all on the same weekend.

And it actually came out when I was first doing some research on the rules and regs for this coming fall, it actually came out from the state that all three of those hunts were going to coincide with one another on one weekend.

Well, then the last time that I checked in preparation for my summer planning in September in particular, I learned that the early antlerless hunt was no longer scheduled for the same weekend as those two other hunts.

And The point of that is that the rule makers, seemingly on a whim, change the dates.

And if people are not aware of those date changes, it can really lead to a disastrous outcome through no fault of their own, because the DNR doesn't really care about what you knew.

there deer

But what is the day in, in the life for, for both folks in the public who see you folks flying over the fire, and the wildland firefighters on the ground looking up? W- you know, from, from your morning briefing to end of shift, what, what does that look like?

Um, yeah.

Hey, I'll, I'll, I'll jump in at first, I guess, 'cause I'm literally living the, the day in that life right now.

I'm sitting in, uh, in Medford, Oregon, staffing a, a lead, a lead plane, lead ASM platform.

And, uh, you know, wake up, 6:00 something, go get my PT in, 'cause I think you'll see, uh, you know, all of us are, are-- we were the, the boots on the ground not long ago, and there's a lot of routines that, that we still can't shake.

So morning PT is definitely one of them.

Um, and, and you'll hear, I think, a trend throughout the process here, and it is a, a, a very independent position, right? Um, yeah, there's a flight crew.

The air attack side here is very similar, but it's probably gonna be a little bit different for, uh, other places as well.

But was there, was there a few lacunae out there? Was there kind of gaps that, you know, things weren't as watertight as they should have been? And, and why was that maybe?

Yeah.

There's a few interesting points on this.

So one thing is that f- for a long time, and until very recently, it was, it was actually quite difficult for the central bank to hold an individual responsible for something that went wrong in a firm.

Just struc- structurally, that was difficult because of the way essentially the disciplinary processes under the, the Central Bank Acts are set up.

And also then there wasn't a large body of sort of rule-- There wasn't a rule book essentially that applied to individuals.

So the structure wasn't there, and the content wasn't there necessarily.

W- Would, do you mind explaining that? How does the central bank work s- in that, in that sort of, that, that arrangement between the state and between private banks, et cetera?

Underreaction or overreaction, do you think?

So I actually think it's an underreaction, and I've spent most of my career looking for good opportunities in the software space specifically.

I've covered all of tech, but software has always been a great business over and over again, right? And I think now, so it took me a while to come to the realization that these auto coding tools, maybe they can't do it today, but if you give them five years, 10 years, they're going to be able to replicate all of, you know, most of enterprise software, really.

So, you know, that that I think puts a long, you know, 10, 10, 15 years out right there, you start to look at a terminal value for the business.

as a possibility right where that was never the case before so that's kind of how i do software there are some exceptions i think and particularly in the next five years i mean we're talking about you know still that that narrative is you know can build and be dangerous but there are companies like service now that i think are doing stuff you know like managing ai agents that you know would be a significant revenue offset to anything they lose over time so that's my that's my take on software and ai

How are you thinking about all of this?

Well, we definitely have chipflation.

Prices have definitely increased substantially, right? There's no doubt about that.

What are judges primarily evaluating when deciding whether someone should be released or held? So what they're

evaluating, that's kind of a I chuckle because there's what they should be evaluating and then there's actually what they do evaluate.

And so the law is really clear, whether it's in federal court or in state court, as to what they should be evaluating.

There are very specific items by statute that the judge is supposed to take a look at.

Some examples of that are the strength of the case against the client, the history and characteristics of the client.

So things like, are they employed? What kind of roots do they have in the community? Do they have a criminal history? Are they a long-term resident in the community? What is the nature of the charge? Is it allegedly a violent crime? Those are the kinds of things that a court is supposed to look at.

A lot of times, though, what drives bond decisions can be in a high profile serious case.

So how can remaining in custody affect a person's ability to participate even in their own defense?

Now, if I'm wrong and somebody does pop, I think that's just phenomenal news for Virginia basketball.

That would be a bonus because you've got this core four that you expect to take a big leap to.

So think about the Sam Lewis's, the Johan Grunlow's, Chance Mallory.

These are guys who were around last year, but everything was new to them.

So.

Johan Grunewald, he's coming from a different country, and he's adjusting to college life.

He's adjusting to life in America.

Are you going to be, I don't know, a few feet away from Dan Hurley being a maniac potentially? All of these things come into play for you specifically as well.

Now, if I'm wrong and somebody does pop, I think that's just phenomenal news for Virginia basketball.

That would be a bonus because you've got this core four that you expect to take a big leap to.

So think about the Sam Lewis's, the Johan Grunlow's, Chance Mallory.

These are guys who were around last year, but everything was new to them.

Johan Grunewald, he's coming from a different country, and he's adjusting to college life.

He's adjusting to life in America.

He's adjusting to the differences in physicality and speed of the American game compared to a more deliberate-paced European game.

Are you going to be, I don't know, a few feet away from Dan Hurley being a maniac potentially? All of these things come into play for you specifically as well.

So at that point, how much of the case is actually built versus, you know, still developing?

So it really depends, again, on whether or not it's the arrest is the result of a long term investigation or is it the result of something that is alleged to just have happened.

So, you know, I've had plenty of cases where law enforcement has been in the background for months, even trying to build the case.

And oftentimes if they make an arrest, the last sort of thing that they're trying to do is to get that statement or get what they would consider to be a confession.

If it's a situation where they're responding to something that just happened, a lot of the case might still be in the process of being investigated.

And oftentimes they will basically allow that person to sit for hours and hours and hours as they as law enforcement is out there doing their investigating.

And this applies particularly in the state of Michigan and state level cases.

From a defense standpoint, what becomes most important to evaluate immediately?

So, OK, so when someone receives that grand jury subpoena, what decisions become important, you know, right off the bat?

I think the first decision is not to panic.

That's decision number one.

And to realize that there is a strategy on how to deal with every grand jury subpoena that's issued.

That strategy must involve contacting someone who's got a lot of experience in handling federal grand jury matters.

And it's important to note that, you know, when someone gets a subpoena, they're not charged yet.

And so you're looking, that person needs to be looking for someone who's got experience in helping somebody navigate a pre-charge situation because the ultimate goal is to avoid charges being filed.

How does that actually play out in a grand jury investigation?

So could you elaborate on this?

Yeah, so one of the considerations, not just in the automotive space actually, but across the remote connected asset space and software defined vehicle space, is this idea of vendor lock-in through the SIM.

So in the mobile space, and adopted actually in earlier generations of cars as well as a standard called SGP02, Now, this was partially successful in the industry.

Some people have had good success as great centralized managed connectivity providers had great success.

Some operators have, others haven't.

But the goal there is to remove from, again, taking the view of an OEM here, is when you're procuring connectivity, you're looking at a life of a car over 5, 10, 15 years.

You're not looking at it like you would your mobile phone, which is a year or two years at max.

not at

Well, good afternoon, everyone, and greetings to you on the webcast or whenever you happen to be viewing this.

Gospel, gospel everywhere.

When I came into the Church of God, I read the Bible cover to cover, and I imagine that many of us did that when we were new, and some still read it through every year.

Anyway, I found the book of Leviticus to be kind of hard to understand, especially the chapters on the sacrifices.

And apparently I'm not alone in this opinion.

Quote, "For many believers, Leviticus feels distant and difficult, filled with sacrifices, feasts, and laws that seem far removed from modern Christian life." Well, they're maybe not so distant and difficult for us.

John, what do you think? Do you have a favorite among the group?

I do.

I actually, from a stock perspective, I like all of these.

I like Amazon.

We own Amazon in our strategy.

The two earnings I'm really focused on are Alphabet, Google, and Microsoft.

both of those i think are are really well positioned both as you know in terms of growth uh as well as multiple expansion because i don't think people are really giving their cloud businesses enough enough credit uh for microsoft we're talking about azure which is about a third of revenue now you know growing probably in the upper 30s again you know maybe even 40 percent uh you know this drives microsoft's growth that you know probably So we have about 17%.

Yeah I mean what do you think here John when you talk about the capex spend how much is too much and what are your expectations.

I know it's been beaten down you remember what mark benioff from salesforce was saying look i've seen saspocalypse before and uh sort of playing it down

yeah so i i think there are going to be opportunities if you're a relatively short-term trader because evaluations are from you know a historical perspective uh so far down from from you know their historical averages and so i do think there's probably some opportunities but if you're a long-term investor i think enterprise software is really tough now and you have to be very careful because you know when i get confused in software i'm trying to figure out what's going on i go back to what the developers are saying what's the developer community doing and the developer community i've never seen the more agitated and excited about the coding agent that i've you know in my career and and it's because of these coding agents that have gotten so much better just in the last few months that you can now develop software applications uh you know uh very very rapidly automatically and so it kind of begs the question that maybe the complexity of code, which has been such a barrier to entry for years, has now kind of faded.

If you look through to the future, you can see these modes declining.

And maybe we have a situation where enterprises develop their own software on the margin more.

And so anyway, that's the basis, I think, for the bear case on enterprise software long term based on AI.

And I do think there's some credence there.

John, what names do you like the best that you think are the most competitive, maybe with a moat, maybe your favorites?

Right, so Scott mentioned ServiceNow.

Explain that.

First of all, ChatGPT 6 is coming out soon.

Just the first things we're hearing about it, tough to say, but it looks like it's going to be a stepwise improvement again.

So if you look at that, if you look at the number of users and a lot of users who use ChatGPT don't use Google Search anymore, Now, Gemini definitely throws a wild card into this, but overall, search is such a big part of Google's business, and it's still growing double digits, that anything on the margin that clips it, I think would really hurt the stock.

Now, to be clear, I don't think that's likely.

I think that Google's probably a pretty good place to park your money as a stock.

benefiting from AI.

Tell me more why Microsoft, if you were going to buy a stock, that would be it.

What did you think of that on top of everything else that's been going on?

So it's very, it's fascinating to watch because Google's approach to this is a vertical approach.

That is everything from the model all the way down to the tensor processing unit, the TPU, which is kind of an alternative to Nvidia's GPU.

But I think at the end of the day, it's a platform game.

So I think that Google's activity here in the GPU world is probably, I think they're gonna carve themselves out a niche, but I don't think it's a real threat to Nvidia, which I think a lot of people have made that made that representation.

Certainly, it's something to watch for NVIDIA investors as well.

But at the end of the day, I think there's a long tail of applications that advantage NVIDIA's CUDA development environment.

You know, when you think about this, John Freeman, as the big picture, you know... what are the advantages are all these ai names going to make it through is this mag 7 just you know because you did hear dan ives talk about it's nvidia's world and everybody else is sort of just playing in it or something we're living in it do you like all the ai names john i i think you have

What are you going to be listening for and where do you think NVIDIA is headed?

Thank you so much for having me, Nicole.

It's amazing.

So everybody I talk to, everybody knows that everybody knows that the big question here is, is this a bubble? And so more so than the numbers and maybe even the guidance, I think people are going to be interested in hearing some of the more substantive commentary around, for example, the $3 to $4 trillion spend by 2030.

If there's an update on that or a midpoint number in 2028 that Jensen Huang is willing to give, something like that I think would be very comforting and very supportive.

I mean, generally speaking, I don't think this is a bubble because Frankly speaking, what we're talking about here at the end of the day is the automation of thinking, which is the most open-ended opportunity if you're a long-term investor than you can conceive of.

But at the same time, there's going to be very jagged corrections because people are going to get ahead of themselves.

But are we in an AI bubble now? And if we do sell off, do you just stand and hold steady and keep all your mag seven? I mean, what do you say?