Liszt regarded the issue with calm objectivity, freeing himself from the unrealistic fantasies about dragons and came to believe that the so-called information about the Formless Dragon was likely not a rewarding discovery.
According to his previous deductions:
First, the Smoke Mission was doing science outreach— but this made no sense at all; as a 'golden finger', it shouldn't be this boring.
Second, there might be a Formless Dragon nearby that could be captured—if this were true, it would definitely be explosive news; however, Liszt had no power to capture a dragon. Those nations possessing dragons often captured them as youngsters since adult dragons were too difficult to handle. But even a young dragon would be too much for all the knights of Coral Island to overcome.
Third, a Formless Dragon had traveled thousands of miles to deliver equipment—Liszt didn't believe his dragon fate was that good yet.