Subject: Re: Amateur audio forensics
Now, going back to the photo, my belief is that is the bullet itself and not some kind of lingering visual effect from the bullet passing. His hand is already in the air moving toward his ear. As he was speaking, his hand was clearly on the podium, holding the edge of it. His hand is already in motion when the second shot arrived.

The timing is very consistent with the photo showing the second bullet. The flinch and hand motion to his ear is consistent with the first bullet hitting his ear.

--Peter

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Makes sense, nice sleuthing..