What is Talon worth?, page-158

I'm not sure you have a position

Guaranteeing versus being very very comfortable about something are very different positions.

1. I can guarantee you that the Voice increases uncertainty
   • This is an objective fact
2. Any corporate finance textbook / journal will tell you that uncertainty = risk = increased discount rate = reduction in valuation

I can't help you understand 2, but hopefully you are able to learn it post fact from the movement of the market

• If voice passes, uncertainty will increase
• If voice fails, uncertainty will be removed

If you are are not sure what uncertainty means, refer to the below.
I am guessing you were also guaranteeing or being very very very comfortable that the Heritage Act wouldn't result in the below? Well it has, and this sought of uncertainty commands a risk premium in the eyes of the market

https://www.abc.net.au/news/2023-07-23/cultural-heritage-act-takes-effect/102625444