Paul Salyer, CFA and portfolio manager is making a presentation to a prospective client. Paul says that as a new portfolio manager, he made an average annual rate of return of 50 percent in the last two years at his previous firm and that based on this, he can guarantee a 50 percent return to the client. Which of the following statements is in accordance with the Standard Ⅲ(D), Performance Presentation?( )
There is no evidence that he's lying about his past performance. He is in violation for implying that he can guarantee performance, for using short-term performance, and for imputing the manager's past performance to future performance.