> none of them show [how uncertainty etc.] reduce the present value of future cash flows. They don't reduce the value of future cash flows, but they reduce the

> none of them show [how uncertainty etc.] reduce the present value of future cash flows. They don't reduce the value of future cash flows, but they reduce the certainly of future cash flows that are discounted to present value. Additionally it's widely demonstrated that people will accept lower returns for lower risk/volatility. That's why T-bill have the lowest return, then bonds, then equities.