Donovan Jones, CFA, works at Grae Investments (GI), which invests in both liquid and illiquid assets. The illiquid assets are priced by an independent valuation firm. Jones markets the performance of the GI product without a benchmark and switches valuation firms due to the new firm's reputation for higher valuations. According to the CFA Institute Standards of Professional Conduct, Jones has most likely violated the Standard relating to misrepresentation by: