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A firm does not disclose the valuation hierarchy that they are employing to value an asset, but the firm is properly following GIPS valuation principles. If the valuation of the asset cannot be determined through objective and observable pricing for similar investments in active markets, which of the following should be the "next source" of a valuation estimate, in accordance with CFA Institute GIPS recommendations? A. Market-based input other than quoted pricing that is observable for the asset. B. Subjective, unobservable inputs. C. Quoted pricing for similar and/or identical assets in markets that are not active. |