VirtualBox VM 5.1.10 r112026 linux.amd64 (Nov 21 2016 17:51:03) release log 00:00:00.266159 Log opened 2016-12-02T12:03:01.698264000Z 00:00:00.266160 Build Type: release 00:00:00.266162 OS Product: Linux 00:00:00.266163 OS Release: 4.4.0-51-generic 00:00:00.266163 OS Version: #72-Ubuntu SMP Thu Nov 24 18:29:54 UTC 2016 00:00:00.266178 DMI Product Name: System Product Name 00:00:00.266182 DMI Product Version: System Version 00:00:00.266213 Host RAM: 15934MB (15.5GB) total, 11342MB (11.0GB) available 00:00:00.266216 Executable: /usr/lib/virtualbox/VirtualBox 00:00:00.266217 Process ID: 917 00:00:00.266217 Package type: LINUX_64BITS_UBUNTU_16_04 00:00:00.277987 Installed Extension Packs: 00:00:00.278000 Oracle VM VirtualBox Extension Pack (Version: 5.1.10 r112026; VRDE Module: VBoxVRDP) 00:00:00.278377 Console: Machine state changed to 'Starting' 00:00:00.278469 Qt version: 5.5.1 00:00:00.281427 SUP: Loaded VMMR0.r0 (/usr/lib/virtualbox/VMMR0.r0) at 0xffffffffc078a020 - ModuleInit at ffffffffc07b3940 and ModuleTerm at ffffffffc07b3e30 00:00:00.281446 SUP: VMMR0EntryEx located at ffffffffc07b7510 and VMMR0EntryFast at ffffffffc07b6b80 00:00:00.281686 GUI: UIMediumEnumerator: Medium-enumeration finished! 00:00:00.281756 X Server details: vendor: The X.Org Foundation, release: 11804000, protocol version: 11.0, display string: :0 00:00:00.281761 Using XKB for keycode to scan code conversion 00:00:00.283852 Guest OS type: 'WindowsXP' 00:00:00.285684 fHMForced=true - 64-bit guest 00:00:00.286922 GUI: UIDesktopWidgetWatchdog::sltHandleHostScreenAvailableGeometryCalculated: Screen 0 work area is actually resized to: 0x1 x 1920x1198 00:00:00.289964 File system of '/home/dengta/VM/TL13/Snapshots' (snapshots) is ext4 00:00:00.289991 File system of '/home/dengta/VM/TL13/C1.vdi' is ext4 00:00:00.291765 File system of '/home/dengta/VM/TL13/D1.vdi' is ext4 00:00:00.292905 File system of '/2T/smb/d/ISO/TeXLive2016.iso' (DVD) is ext4 00:00:00.301342 VBoxHGCMSvcLoad: ptable = 00007fc1b0000910 00:00:00.301353 VBoxHGCMSvcLoad: ptable->cbSize = 96, ptable->u32Version = 0x00050001 00:00:00.301367 Shared clipboard service loaded 00:00:00.301369 Shared clipboard mode: Bidirectional 00:00:00.301378 svcHostCall: fn = 1, cParms = 1, pparms = -1023433632 00:00:00.301380 svcCall: VBOX_SHARED_CLIPBOARD_HOST_FN_SET_MODE 00:00:00.301382 svcHostCall: rc = VINF_SUCCESS 00:00:00.301414 svcHostCall: fn = 2, cParms = 1, pparms = -1023431952 00:00:00.301417 svcCall: VBOX_SHARED_CLIPBOARD_HOST_FN_SET_HEADLESS, u32Headless=0 00:00:00.301418 svcHostCall: rc = VINF_SUCCESS 00:00:00.301778 Drag and drop service loaded 00:00:00.301782 Drag and drop mode: Off 00:00:00.302692 Guest Control service loaded 00:00:00.303940 ************************* CFGM dump ************************* 00:00:00.303944 [/] (level 0) 00:00:00.303951 CSAMEnabled = 0x0000000000000001 (1) 00:00:00.303953 CpuExecutionCap = 0x0000000000000064 (100) 00:00:00.303955 EnablePAE = 0x0000000000000000 (0) 00:00:00.303955 HMEnabled = 0x0000000000000001 (1) 00:00:00.303956 MemBalloonSize = 0x0000000000000000 (0) 00:00:00.303957 Name = "TL13" (cb=5) 00:00:00.303958 NumCPUs = 0x0000000000000001 (1) 00:00:00.303959 PATMEnabled = 0x0000000000000001 (1) 00:00:00.303959 PageFusionAllowed = 0x0000000000000000 (0) 00:00:00.303960 RamHoleSize = 0x0000000020000000 (536 870 912, 512 MB) 00:00:00.303961 RamSize = 0x0000000020000000 (536 870 912, 512 MB) 00:00:00.303962 RawR0Enabled = 0x0000000000000001 (1) 00:00:00.303963 RawR3Enabled = 0x0000000000000001 (1) 00:00:00.303964 TimerMillies = 0x000000000000000a (10) 00:00:00.303965 UUID = "35 8c 0d c1 61 7a bc 49 85 ae ae 06 f4 fb b4 55" (cb=16) 00:00:00.303967 00:00:00.303969 [/CPUM/] (level 1) 00:00:00.303970 GuestCpuName = "host" (cb=5) 00:00:00.303971 PortableCpuIdLevel = 0x0000000000000000 (0) 00:00:00.303972 00:00:00.303974 [/DBGC/] (level 1) 00:00:00.303975 GlobalInitScript = "/home/dengta/.VirtualBox/dbgc-init" (cb=35) 00:00:00.303975 HistoryFile = "/home/dengta/.VirtualBox/dbgc-history" (cb=38) 00:00:00.303976 LocalInitScript = "/home/dengta/VM/TL13/dbgc-init" (cb=31) 00:00:00.303977 00:00:00.303977 [/DBGF/] (level 1) 00:00:00.303978 Path = "/home/dengta/VM/TL13/debug/;/home/dengta/VM/TL13/;/home/dengta/" (cb=64) 00:00:00.303978 00:00:00.303979 [/Devices/] (level 1) 00:00:00.303979 00:00:00.303980 [/Devices/8237A/] (level 2) 00:00:00.303980 00:00:00.303981 [/Devices/8237A/0/] (level 3) 00:00:00.303982 Trusted = 0x0000000000000001 (1) 00:00:00.303982 00:00:00.303983 [/Devices/VMMDev/] (level 2) 00:00:00.303983 00:00:00.303984 [/Devices/VMMDev/0/] (level 3) 00:00:00.303985 PCIBusNo = 0x0000000000000000 (0) 00:00:00.303986 PCIDeviceNo = 0x0000000000000004 (4) 00:00:00.303986 PCIFunctionNo = 0x0000000000000000 (0) 00:00:00.303987 Trusted = 0x0000000000000001 (1) 00:00:00.303987 00:00:00.303988 [/Devices/VMMDev/0/Config/] (level 4) 00:00:00.303989 GuestCoreDumpDir = "/home/dengta/VM/TL13/Snapshots" (cb=31) 00:00:00.303989 RamSize = 0x0000000020000000 (536 870 912, 512 MB) 00:00:00.303991 00:00:00.303991 [/Devices/VMMDev/0/LUN#0/] (level 4) 00:00:00.303992 Driver = "HGCM" (cb=5) 00:00:00.303992 00:00:00.303993 [/Devices/VMMDev/0/LUN#0/Config/] (level 5) 00:00:00.303994 Object = 0x00007fc1b8000910 (140 469 992 425 744) 00:00:00.303995 00:00:00.303996 [/Devices/VMMDev/0/LUN#999/] (level 4) 00:00:00.303997 Driver = "MainStatus" (cb=11) 00:00:00.303997 00:00:00.303997 [/Devices/VMMDev/0/LUN#999/Config/] (level 5) 00:00:00.303998 First = 0x0000000000000000 (0) 00:00:00.303999 Last = 0x0000000000000000 (0) 00:00:00.304000 papLeds = 0x00007fc1d4001968 (140 470 462 191 976) 00:00:00.304001 00:00:00.304001 [/Devices/acpi/] (level 2) 00:00:00.304002 00:00:00.304002 [/Devices/acpi/0/] (level 3) 00:00:00.304003 PCIBusNo = 0x0000000000000000 (0) 00:00:00.304004 PCIDeviceNo = 0x0000000000000007 (7) 00:00:00.304005 PCIFunctionNo = 0x0000000000000000 (0) 00:00:00.304005 Trusted = 0x0000000000000001 (1) 00:00:00.304006 00:00:00.304006 [/Devices/acpi/0/Config/] (level 4) 00:00:00.304007 CpuHotPlug = 0x0000000000000000 (0) 00:00:00.304008 FdcEnabled = 0x0000000000000000 (0) 00:00:00.304009 HostBusPciAddress = 0x0000000000000000 (0) 00:00:00.304009 HpetEnabled = 0x0000000000000000 (0) 00:00:00.304010 IOAPIC = 0x0000000000000000 (0) 00:00:00.304011 IocPciAddress = 0x0000000000010000 (65 536) 00:00:00.304012 NumCPUs = 0x0000000000000001 (1) 00:00:00.304012 Parallel0IoPortBase = 0x0000000000000000 (0) 00:00:00.304013 Parallel0Irq = 0x0000000000000000 (0) 00:00:00.304014 Parallel1IoPortBase = 0x0000000000000000 (0) 00:00:00.304014 Parallel1Irq = 0x0000000000000000 (0) 00:00:00.304015 RamHoleSize = 0x0000000020000000 (536 870 912, 512 MB) 00:00:00.304016 RamSize = 0x0000000020000000 (536 870 912, 512 MB) 00:00:00.304017 Serial0IoPortBase = 0x0000000000000000 (0) 00:00:00.304018 Serial0Irq = 0x0000000000000000 (0) 00:00:00.304018 Serial1IoPortBase = 0x0000000000000000 (0) 00:00:00.304019 Serial1Irq = 0x0000000000000000 (0) 00:00:00.304020 ShowCpu = 0x0000000000000000 (0) 00:00:00.304020 ShowRtc = 0x0000000000000000 (0) 00:00:00.304021 SmcEnabled = 0x0000000000000000 (0) 00:00:00.304022 00:00:00.304022 [/Devices/acpi/0/LUN#0/] (level 4) 00:00:00.304023 Driver = "ACPIHost" (cb=9) 00:00:00.304024 00:00:00.304024 [/Devices/acpi/0/LUN#0/Config/] (level 5) 00:00:00.304025 00:00:00.304025 [/Devices/apic/] (level 2) 00:00:00.304026 00:00:00.304026 [/Devices/apic/0/] (level 3) 00:00:00.304027 Trusted = 0x0000000000000001 (1) 00:00:00.304028 00:00:00.304028 [/Devices/apic/0/Config/] (level 4) 00:00:00.304029 IOAPIC = 0x0000000000000000 (0) 00:00:00.304030 Mode = 0x0000000000000002 (2) 00:00:00.304030 NumCPUs = 0x0000000000000001 (1) 00:00:00.304031 00:00:00.304031 [/Devices/e1000/] (level 2) 00:00:00.304032 00:00:00.304032 [/Devices/i8254/] (level 2) 00:00:00.304033 00:00:00.304033 [/Devices/i8254/0/] (level 3) 00:00:00.304034 00:00:00.304034 [/Devices/i8254/0/Config/] (level 4) 00:00:00.304035 00:00:00.304036 [/Devices/i8259/] (level 2) 00:00:00.304036 00:00:00.304037 [/Devices/i8259/0/] (level 3) 00:00:00.304038 Trusted = 0x0000000000000001 (1) 00:00:00.304038 00:00:00.304038 [/Devices/i8259/0/Config/] (level 4) 00:00:00.304039 00:00:00.304040 [/Devices/ichac97/] (level 2) 00:00:00.304040 00:00:00.304041 [/Devices/ichac97/0/] (level 3) 00:00:00.304042 PCIBusNo = 0x0000000000000000 (0) 00:00:00.304042 PCIDeviceNo = 0x0000000000000005 (5) 00:00:00.304043 PCIFunctionNo = 0x0000000000000000 (0) 00:00:00.304043 Trusted = 0x0000000000000001 (1) 00:00:00.304044 00:00:00.304044 [/Devices/ichac97/0/AudioConfig/] (level 4) 00:00:00.304045 00:00:00.304046 [/Devices/ichac97/0/Config/] (level 4) 00:00:00.304047 Codec = "STAC9700" (cb=9) 00:00:00.304047 00:00:00.304047 [/Devices/ichac97/0/LUN#0/] (level 4) 00:00:00.304048 Driver = "AUDIO" (cb=6) 00:00:00.304049 00:00:00.304049 [/Devices/ichac97/0/LUN#0/AttachedDriver/] (level 5) 00:00:00.304050 Driver = "PulseAudio" (cb=11) 00:00:00.304051 00:00:00.304051 [/Devices/ichac97/0/LUN#0/AttachedDriver/Config/] (level 6) 00:00:00.304052 StreamName = "TL13" (cb=5) 00:00:00.304053 00:00:00.304053 [/Devices/ichac97/0/LUN#0/Config/] (level 5) 00:00:00.304054 00:00:00.304054 [/Devices/ichac97/0/LUN#1/] (level 4) 00:00:00.304055 Driver = "AUDIO" (cb=6) 00:00:00.304056 00:00:00.304056 [/Devices/ichac97/0/LUN#1/AttachedDriver/] (level 5) 00:00:00.304057 Driver = "AudioVRDE" (cb=10) 00:00:00.304058 00:00:00.304058 [/Devices/ichac97/0/LUN#1/AttachedDriver/Config/] (level 6) 00:00:00.304059 AudioDriver = "AudioVRDE" (cb=10) 00:00:00.304060 Object = 0x00007fc1d4007a90 (140 470 462 216 848) 00:00:00.304061 ObjectVRDPServer = 0x00007fc1d4007b70 (140 470 462 217 072) 00:00:00.304062 StreamName = "TL13" (cb=5) 00:00:00.304063 00:00:00.304063 [/Devices/mc146818/] (level 2) 00:00:00.304064 00:00:00.304064 [/Devices/mc146818/0/] (level 3) 00:00:00.304065 00:00:00.304065 [/Devices/mc146818/0/Config/] (level 4) 00:00:00.304066 UseUTC = 0x0000000000000000 (0) 00:00:00.304067 00:00:00.304067 [/Devices/parallel/] (level 2) 00:00:00.304068 00:00:00.304068 [/Devices/pcarch/] (level 2) 00:00:00.304069 00:00:00.304069 [/Devices/pcarch/0/] (level 3) 00:00:00.304070 Trusted = 0x0000000000000001 (1) 00:00:00.304071 00:00:00.304071 [/Devices/pcarch/0/Config/] (level 4) 00:00:00.304072 00:00:00.304072 [/Devices/pcbios/] (level 2) 00:00:00.304073 00:00:00.304073 [/Devices/pcbios/0/] (level 3) 00:00:00.304074 Trusted = 0x0000000000000001 (1) 00:00:00.304075 00:00:00.304075 [/Devices/pcbios/0/Config/] (level 4) 00:00:00.304076 APIC = 0x0000000000000001 (1) 00:00:00.304077 BootDevice0 = "DVD" (cb=4) 00:00:00.304077 BootDevice1 = "IDE" (cb=4) 00:00:00.304078 BootDevice2 = "NONE" (cb=5) 00:00:00.304079 BootDevice3 = "NONE" (cb=5) 00:00:00.304079 FloppyDevice = "i82078" (cb=7) 00:00:00.304080 HardDiskDevice = "piix3ide" (cb=9) 00:00:00.304080 IOAPIC = 0x0000000000000000 (0) 00:00:00.304081 LanBootRom = "/usr/lib/virtualbox/ExtensionPacks/Oracle_VM_VirtualBox_Extension_Pack/PXE-Intel.rom" (cb=85) 00:00:00.304082 McfgBase = 0x0000000000000000 (0) 00:00:00.304082 McfgLength = 0x0000000000000000 (0) 00:00:00.304083 NumCPUs = 0x0000000000000001 (1) 00:00:00.304084 PXEDebug = 0x0000000000000000 (0) 00:00:00.304084 RamHoleSize = 0x0000000020000000 (536 870 912, 512 MB) 00:00:00.304085 RamSize = 0x0000000020000000 (536 870 912, 512 MB) 00:00:00.304086 UUID = "35 8c 0d c1 61 7a bc 49 85 ae ae 06 f4 fb b4 55" (cb=16) 00:00:00.304088 00:00:00.304089 [/Devices/pcbios/0/Config/NetBoot/] (level 5) 00:00:00.304090 00:00:00.304090 [/Devices/pcbios/0/Config/NetBoot/0/] (level 6) 00:00:00.304091 NIC = 0x0000000000000000 (0) 00:00:00.304092 PCIBusNo = 0x0000000000000000 (0) 00:00:00.304093 PCIDeviceNo = 0x0000000000000003 (3) 00:00:00.304093 PCIFunctionNo = 0x0000000000000000 (0) 00:00:00.304094 00:00:00.304094 [/Devices/pci/] (level 2) 00:00:00.304095 00:00:00.304095 [/Devices/pci/0/] (level 3) 00:00:00.304096 Trusted = 0x0000000000000001 (1) 00:00:00.304097 00:00:00.304097 [/Devices/pci/0/Config/] (level 4) 00:00:00.304098 IOAPIC = 0x0000000000000000 (0) 00:00:00.304098 00:00:00.304099 [/Devices/pckbd/] (level 2) 00:00:00.304099 00:00:00.304100 [/Devices/pckbd/0/] (level 3) 00:00:00.304101 Trusted = 0x0000000000000001 (1) 00:00:00.304101 00:00:00.304102 [/Devices/pckbd/0/Config/] (level 4) 00:00:00.304102 00:00:00.304103 [/Devices/pckbd/0/LUN#0/] (level 4) 00:00:00.304104 Driver = "KeyboardQueue" (cb=14) 00:00:00.304104 00:00:00.304105 [/Devices/pckbd/0/LUN#0/AttachedDriver/] (level 5) 00:00:00.304106 Driver = "MainKeyboard" (cb=13) 00:00:00.304106 00:00:00.304106 [/Devices/pckbd/0/LUN#0/AttachedDriver/Config/] (level 6) 00:00:00.304108 Object = 0x00007fc1d4002650 (140 470 462 195 280) 00:00:00.304109 00:00:00.304109 [/Devices/pckbd/0/LUN#0/Config/] (level 5) 00:00:00.304110 QueueSize = 0x0000000000000040 (64) 00:00:00.304111 00:00:00.304111 [/Devices/pckbd/0/LUN#1/] (level 4) 00:00:00.304112 Driver = "MouseQueue" (cb=11) 00:00:00.304112 00:00:00.304113 [/Devices/pckbd/0/LUN#1/AttachedDriver/] (level 5) 00:00:00.304114 Driver = "MainMouse" (cb=10) 00:00:00.304114 00:00:00.304115 [/Devices/pckbd/0/LUN#1/AttachedDriver/Config/] (level 6) 00:00:00.304116 Object = 0x00007fc1d4002e30 (140 470 462 197 296) 00:00:00.304117 00:00:00.304117 [/Devices/pckbd/0/LUN#1/Config/] (level 5) 00:00:00.304118 QueueSize = 0x0000000000000080 (128) 00:00:00.304119 00:00:00.304119 [/Devices/pcnet/] (level 2) 00:00:00.304120 00:00:00.304120 [/Devices/pcnet/0/] (level 3) 00:00:00.304121 PCIBusNo = 0x0000000000000000 (0) 00:00:00.304122 PCIDeviceNo = 0x0000000000000003 (3) 00:00:00.304122 PCIFunctionNo = 0x0000000000000000 (0) 00:00:00.304123 Trusted = 0x0000000000000001 (1) 00:00:00.304124 00:00:00.304124 [/Devices/pcnet/0/Config/] (level 4) 00:00:00.304125 Am79C973 = 0x0000000000000001 (1) 00:00:00.304126 CableConnected = 0x0000000000000001 (1) 00:00:00.304126 LineSpeed = 0x0000000000000000 (0) 00:00:00.304127 MAC = "08 00 27 d0 fb b0" (cb=6) 00:00:00.304128 00:00:00.304128 [/Devices/pcnet/0/LUN#0/] (level 4) 00:00:00.304129 Driver = "IntNet" (cb=7) 00:00:00.304130 00:00:00.304130 [/Devices/pcnet/0/LUN#0/Config/] (level 5) 00:00:00.304131 IfPolicyPromisc = "deny" (cb=5) 00:00:00.304132 Network = "HostInterfaceNetworking-vboxnet0" (cb=33) 00:00:00.304132 Trunk = "vboxnet0" (cb=9) 00:00:00.304133 TrunkType = 0x0000000000000003 (3) 00:00:00.304134 00:00:00.304134 [/Devices/pcnet/0/LUN#999/] (level 4) 00:00:00.304135 Driver = "MainStatus" (cb=11) 00:00:00.304135 00:00:00.304136 [/Devices/pcnet/0/LUN#999/Config/] (level 5) 00:00:00.304137 First = 0x0000000000000000 (0) 00:00:00.304137 Last = 0x0000000000000000 (0) 00:00:00.304138 papLeds = 0x00007fc1d4001848 (140 470 462 191 688) 00:00:00.304139 00:00:00.304139 [/Devices/piix3ide/] (level 2) 00:00:00.304140 00:00:00.304140 [/Devices/piix3ide/0/] (level 3) 00:00:00.304141 PCIBusNo = 0x0000000000000000 (0) 00:00:00.304142 PCIDeviceNo = 0x0000000000000001 (1) 00:00:00.304143 PCIFunctionNo = 0x0000000000000001 (1) 00:00:00.304143 Trusted = 0x0000000000000001 (1) 00:00:00.304144 00:00:00.304144 [/Devices/piix3ide/0/Config/] (level 4) 00:00:00.304145 Type = "PIIX4" (cb=6) 00:00:00.304146 00:00:00.304146 [/Devices/piix3ide/0/Config/PrimaryMaster/] (level 5) 00:00:00.304147 NonRotationalMedium = 0x0000000000000000 (0) 00:00:00.304148 00:00:00.304148 [/Devices/piix3ide/0/Config/PrimarySlave/] (level 5) 00:00:00.304149 NonRotationalMedium = 0x0000000000000000 (0) 00:00:00.304150 00:00:00.304150 [/Devices/piix3ide/0/Config/SecondaryMaster/] (level 5) 00:00:00.304151 NonRotationalMedium = 0x0000000000000000 (0) 00:00:00.304151 00:00:00.304152 [/Devices/piix3ide/0/LUN#0/] (level 4) 00:00:00.304153 Driver = "VD" (cb=3) 00:00:00.304153 00:00:00.304154 [/Devices/piix3ide/0/LUN#0/Config/] (level 5) 00:00:00.304155 Format = "VDI" (cb=4) 00:00:00.304155 Mountable = 0x0000000000000000 (0) 00:00:00.304156 Path = "/home/dengta/VM/TL13/C1.vdi" (cb=28) 00:00:00.304156 Type = "HardDisk" (cb=9) 00:00:00.304157 00:00:00.304157 [/Devices/piix3ide/0/LUN#0/Config/Plugins/] (level 6) 00:00:00.304158 00:00:00.304159 [/Devices/piix3ide/0/LUN#0/Config/Plugins/VDPluginCrypt/] (level 7) 00:00:00.304160 Path = "/usr/lib/virtualbox/ExtensionPacks/Oracle_VM_VirtualBox_Extension_Pack/linux.amd64/VDPluginCrypt.so" (cb=100) 00:00:00.304161 00:00:00.304161 [/Devices/piix3ide/0/LUN#1/] (level 4) 00:00:00.304162 Driver = "VD" (cb=3) 00:00:00.304163 00:00:00.304163 [/Devices/piix3ide/0/LUN#1/Config/] (level 5) 00:00:00.304164 Format = "VDI" (cb=4) 00:00:00.304164 Mountable = 0x0000000000000000 (0) 00:00:00.304165 Path = "/home/dengta/VM/TL13/D1.vdi" (cb=28) 00:00:00.304166 Type = "HardDisk" (cb=9) 00:00:00.304166 00:00:00.304167 [/Devices/piix3ide/0/LUN#1/Config/Plugins/] (level 6) 00:00:00.304168 00:00:00.304168 [/Devices/piix3ide/0/LUN#1/Config/Plugins/VDPluginCrypt/] (level 7) 00:00:00.304169 Path = "/usr/lib/virtualbox/ExtensionPacks/Oracle_VM_VirtualBox_Extension_Pack/linux.amd64/VDPluginCrypt.so" (cb=100) 00:00:00.304170 00:00:00.304170 [/Devices/piix3ide/0/LUN#2/] (level 4) 00:00:00.304171 Driver = "VD" (cb=3) 00:00:00.304172 00:00:00.304172 [/Devices/piix3ide/0/LUN#2/Config/] (level 5) 00:00:00.304173 Format = "RAW" (cb=4) 00:00:00.304173 Mountable = 0x0000000000000001 (1) 00:00:00.304174 Path = "/2T/smb/d/ISO/TeXLive2016.iso" (cb=30) 00:00:00.304175 ReadOnly = 0x0000000000000001 (1) 00:00:00.304175 Type = "DVD" (cb=4) 00:00:00.304176 00:00:00.304176 [/Devices/piix3ide/0/LUN#2/Config/Plugins/] (level 6) 00:00:00.304177 00:00:00.304178 [/Devices/piix3ide/0/LUN#2/Config/Plugins/VDPluginCrypt/] (level 7) 00:00:00.304179 Path = "/usr/lib/virtualbox/ExtensionPacks/Oracle_VM_VirtualBox_Extension_Pack/linux.amd64/VDPluginCrypt.so" (cb=100) 00:00:00.304180 00:00:00.304180 [/Devices/piix3ide/0/LUN#999/] (level 4) 00:00:00.304181 Driver = "MainStatus" (cb=11) 00:00:00.304181 00:00:00.304182 [/Devices/piix3ide/0/LUN#999/Config/] (level 5) 00:00:00.304183 DeviceInstance = "piix3ide/0" (cb=11) 00:00:00.304183 First = 0x0000000000000000 (0) 00:00:00.304184 Last = 0x0000000000000003 (3) 00:00:00.304185 pConsole = 0x00007fc1d4001180 (140 470 462 189 952) 00:00:00.304186 papLeds = 0x00007fc1d4001548 (140 470 462 190 920) 00:00:00.304187 pmapMediumAttachments = 0x00007fc1d4001988 (140 470 462 192 008) 00:00:00.304188 00:00:00.304189 [/Devices/serial/] (level 2) 00:00:00.304189 00:00:00.304190 [/Devices/usb-ehci/] (level 2) 00:00:00.304191 00:00:00.304191 [/Devices/usb-ehci/0/] (level 3) 00:00:00.304192 PCIBusNo = 0x0000000000000000 (0) 00:00:00.304192 PCIDeviceNo = 0x000000000000000b (11) 00:00:00.304193 PCIFunctionNo = 0x0000000000000000 (0) 00:00:00.304194 Trusted = 0x0000000000000001 (1) 00:00:00.304194 00:00:00.304195 [/Devices/usb-ehci/0/Config/] (level 4) 00:00:00.304195 00:00:00.304196 [/Devices/usb-ehci/0/LUN#0/] (level 4) 00:00:00.304197 Driver = "VUSBRootHub" (cb=12) 00:00:00.304197 00:00:00.304198 [/Devices/usb-ehci/0/LUN#0/Config/] (level 5) 00:00:00.304199 00:00:00.304199 [/Devices/usb-ehci/0/LUN#999/] (level 4) 00:00:00.304200 Driver = "MainStatus" (cb=11) 00:00:00.304200 00:00:00.304201 [/Devices/usb-ehci/0/LUN#999/Config/] (level 5) 00:00:00.304202 First = 0x0000000000000000 (0) 00:00:00.304202 Last = 0x0000000000000000 (0) 00:00:00.304203 papLeds = 0x00007fc1d4001978 (140 470 462 191 992) 00:00:00.304204 00:00:00.304204 [/Devices/usb-ohci/] (level 2) 00:00:00.304205 00:00:00.304205 [/Devices/usb-ohci/0/] (level 3) 00:00:00.304206 PCIBusNo = 0x0000000000000000 (0) 00:00:00.304207 PCIDeviceNo = 0x0000000000000006 (6) 00:00:00.304207 PCIFunctionNo = 0x0000000000000000 (0) 00:00:00.304208 Trusted = 0x0000000000000001 (1) 00:00:00.304209 00:00:00.304209 [/Devices/usb-ohci/0/Config/] (level 4) 00:00:00.304210 00:00:00.304210 [/Devices/usb-ohci/0/LUN#0/] (level 4) 00:00:00.304211 Driver = "VUSBRootHub" (cb=12) 00:00:00.304212 00:00:00.304212 [/Devices/usb-ohci/0/LUN#0/Config/] (level 5) 00:00:00.304213 00:00:00.304213 [/Devices/usb-ohci/0/LUN#999/] (level 4) 00:00:00.304214 Driver = "MainStatus" (cb=11) 00:00:00.304215 00:00:00.304215 [/Devices/usb-ohci/0/LUN#999/Config/] (level 5) 00:00:00.304216 First = 0x0000000000000000 (0) 00:00:00.304217 Last = 0x0000000000000000 (0) 00:00:00.304217 papLeds = 0x00007fc1d4001970 (140 470 462 191 984) 00:00:00.304218 00:00:00.304219 [/Devices/vga/] (level 2) 00:00:00.304219 00:00:00.304220 [/Devices/vga/0/] (level 3) 00:00:00.304220 PCIBusNo = 0x0000000000000000 (0) 00:00:00.304221 PCIDeviceNo = 0x0000000000000002 (2) 00:00:00.304222 PCIFunctionNo = 0x0000000000000000 (0) 00:00:00.304222 Trusted = 0x0000000000000001 (1) 00:00:00.304223 00:00:00.304223 [/Devices/vga/0/Config/] (level 4) 00:00:00.304224 CustomVideoModes = 0x0000000000000000 (0) 00:00:00.304225 FadeIn = 0x0000000000000001 (1) 00:00:00.304225 FadeOut = 0x0000000000000001 (1) 00:00:00.304226 HeightReduction = 0x0000000000000000 (0) 00:00:00.304227 LogoFile = "" (cb=1) 00:00:00.304227 LogoTime = 0x0000000000000000 (0) 00:00:00.304228 MonitorCount = 0x0000000000000001 (1) 00:00:00.304229 ShowBootMenu = 0x0000000000000002 (2) 00:00:00.304229 VRamSize = 0x0000000002000000 (33 554 432, 32 MB) 00:00:00.304231 00:00:00.304231 [/Devices/vga/0/LUN#0/] (level 4) 00:00:00.304232 Driver = "MainDisplay" (cb=12) 00:00:00.304232 00:00:00.304233 [/Devices/vga/0/LUN#0/Config/] (level 5) 00:00:00.304234 Object = 0x00007fc1d4003a40 (140 470 462 200 384) 00:00:00.304235 00:00:00.304235 [/Devices/vga/0/LUN#999/] (level 4) 00:00:00.304236 Driver = "MainStatus" (cb=11) 00:00:00.304236 00:00:00.304237 [/Devices/vga/0/LUN#999/Config/] (level 5) 00:00:00.304238 First = 0x0000000000000000 (0) 00:00:00.304238 Last = 0x0000000000000000 (0) 00:00:00.304239 papLeds = 0x00007fc1d4001980 (140 470 462 192 000) 00:00:00.304240 00:00:00.304240 [/Devices/virtio-net/] (level 2) 00:00:00.304241 00:00:00.304241 [/EM/] (level 1) 00:00:00.304242 TripleFaultReset = 0x0000000000000000 (0) 00:00:00.304243 00:00:00.304243 [/GIM/] (level 1) 00:00:00.304244 Provider = "None" (cb=5) 00:00:00.304244 00:00:00.304245 [/HM/] (level 1) 00:00:00.304245 64bitEnabled = 0x0000000000000001 (1) 00:00:00.304246 EnableLargePages = 0x0000000000000000 (0) 00:00:00.304247 EnableNestedPaging = 0x0000000000000001 (1) 00:00:00.304247 EnableUX = 0x0000000000000001 (1) 00:00:00.304248 EnableVPID = 0x0000000000000001 (1) 00:00:00.304249 Exclusive = 0x0000000000000001 (1) 00:00:00.304249 HMForced = 0x0000000000000001 (1) 00:00:00.304250 00:00:00.304250 [/MM/] (level 1) 00:00:00.304251 CanUseLargerHeap = 0x0000000000000000 (0) 00:00:00.304252 00:00:00.304252 [/PDM/] (level 1) 00:00:00.304252 00:00:00.304253 [/PDM/AsyncCompletion/] (level 2) 00:00:00.304254 00:00:00.304254 [/PDM/AsyncCompletion/File/] (level 3) 00:00:00.304255 00:00:00.304255 [/PDM/AsyncCompletion/File/BwGroups/] (level 4) 00:00:00.304256 00:00:00.304256 [/PDM/BlkCache/] (level 2) 00:00:00.304257 CacheSize = 0x0000000000500000 (5 242 880, 5 MB) 00:00:00.304258 00:00:00.304259 [/PDM/Devices/] (level 2) 00:00:00.304259 00:00:00.304260 [/PDM/Devices/VBoxEhci/] (level 3) 00:00:00.304261 Path = "/usr/lib/virtualbox/ExtensionPacks/Oracle_VM_VirtualBox_Extension_Pack/linux.amd64/VBoxEhciR3.so" (cb=97) 00:00:00.304261 R0SearchPath = "/usr/lib/virtualbox/ExtensionPacks/Oracle_VM_VirtualBox_Extension_Pack/linux.amd64" (cb=83) 00:00:00.304262 RCSearchPath = "/usr/lib/virtualbox/ExtensionPacks/Oracle_VM_VirtualBox_Extension_Pack/linux.amd64" (cb=83) 00:00:00.304262 00:00:00.304263 [/PDM/Devices/VBoxNvme/] (level 3) 00:00:00.304264 Path = "/usr/lib/virtualbox/ExtensionPacks/Oracle_VM_VirtualBox_Extension_Pack/linux.amd64/VBoxNvmeR3.so" (cb=97) 00:00:00.304264 R0SearchPath = "/usr/lib/virtualbox/ExtensionPacks/Oracle_VM_VirtualBox_Extension_Pack/linux.amd64" (cb=83) 00:00:00.304265 RCSearchPath = "/usr/lib/virtualbox/ExtensionPacks/Oracle_VM_VirtualBox_Extension_Pack/linux.amd64" (cb=83) 00:00:00.304266 00:00:00.304266 [/PDM/Devices/VBoxPciRaw/] (level 3) 00:00:00.304267 Path = "/usr/lib/virtualbox/ExtensionPacks/Oracle_VM_VirtualBox_Extension_Pack/linux.amd64/VBoxPciRawR3.so" (cb=99) 00:00:00.304267 R0SearchPath = "/usr/lib/virtualbox/ExtensionPacks/Oracle_VM_VirtualBox_Extension_Pack/linux.amd64" (cb=83) 00:00:00.304268 00:00:00.304268 [/PDM/Drivers/] (level 2) 00:00:00.304269 00:00:00.304269 [/PDM/Drivers/DrvHostWebcam/] (level 3) 00:00:00.304270 Path = "/usr/lib/virtualbox/ExtensionPacks/Oracle_VM_VirtualBox_Extension_Pack/linux.amd64/VBoxHostWebcam.so" (cb=101) 00:00:00.304271 00:00:00.304271 [/PDM/Drivers/VBoxC/] (level 3) 00:00:00.304272 Path = "/usr/lib/virtualbox/components/VBoxC" (cb=37) 00:00:00.304273 00:00:00.304273 [/PDM/Drivers/VBoxPciRawDrv/] (level 3) 00:00:00.304274 Path = "/usr/lib/virtualbox/ExtensionPacks/Oracle_VM_VirtualBox_Extension_Pack/linux.amd64/VBoxPciRawDrv.so" (cb=100) 00:00:00.304274 00:00:00.304275 [/PDM/NetworkShaper/] (level 2) 00:00:00.304275 00:00:00.304276 [/PDM/NetworkShaper/BwGroups/] (level 3) 00:00:00.304277 00:00:00.304277 [/PDM/USB/] (level 2) 00:00:00.304278 00:00:00.304278 [/PDM/USB/VBoxUsbCardReader/] (level 3) 00:00:00.304279 Path = "/usr/lib/virtualbox/ExtensionPacks/Oracle_VM_VirtualBox_Extension_Pack/linux.amd64/VBoxUsbCardReaderR3.so" (cb=106) 00:00:00.304279 00:00:00.304280 [/PDM/USB/VBoxUsbWebcam/] (level 3) 00:00:00.304281 Path = "/usr/lib/virtualbox/ExtensionPacks/Oracle_VM_VirtualBox_Extension_Pack/linux.amd64/VBoxUsbWebcamR3.so" (cb=102) 00:00:00.304281 00:00:00.304281 [/TM/] (level 1) 00:00:00.304282 UTCOffset = 0x0000000000000000 (0) 00:00:00.304283 00:00:00.304283 [/USB/] (level 1) 00:00:00.304284 00:00:00.304284 [/USB/HidMouse/] (level 2) 00:00:00.304285 00:00:00.304285 [/USB/HidMouse/0/] (level 3) 00:00:00.304286 00:00:00.304286 [/USB/HidMouse/0/Config/] (level 4) 00:00:00.304287 Mode = "absolute" (cb=9) 00:00:00.304288 00:00:00.304288 [/USB/HidMouse/0/LUN#0/] (level 4) 00:00:00.304289 Driver = "MouseQueue" (cb=11) 00:00:00.304289 00:00:00.304290 [/USB/HidMouse/0/LUN#0/AttachedDriver/] (level 5) 00:00:00.304291 Driver = "MainMouse" (cb=10) 00:00:00.304291 00:00:00.304291 [/USB/HidMouse/0/LUN#0/AttachedDriver/Config/] (level 6) 00:00:00.304293 Object = 0x00007fc1d4002e30 (140 470 462 197 296) 00:00:00.304294 00:00:00.304294 [/USB/HidMouse/0/LUN#0/Config/] (level 5) 00:00:00.304295 QueueSize = 0x0000000000000080 (128) 00:00:00.304296 00:00:00.304296 [/USB/USBProxy/] (level 2) 00:00:00.304297 00:00:00.304297 [/USB/USBProxy/GlobalConfig/] (level 3) 00:00:00.304298 00:00:00.304298 ********************* End of CFGM dump ********************** 00:00:00.304305 VM: fHMEnabled=true (configured) fRecompileUser=false fRecompileSupervisor=false 00:00:00.304307 VM: fRawRing1Enabled=false CSAM=true PATM=true 00:00:00.304376 HM: HMR3Init: VT-x w/ nested paging and unrestricted guest execution hw support 00:00:00.304397 MM: cbHyperHeap=0x100000 (1048576) 00:00:00.304913 CPUM: fXStateHostMask=0x7; initial: 0x7; host XCR0=0x1f 00:00:00.305686 CPUM: Matched host CPU INTEL 0x6/0x5e/0x3 Intel_Core7_Skylake with CPU DB entry 'Intel Core i7-6700K' (INTEL 0x6/0x5e/0x3 Intel_Core7_Skylake) 00:00:00.305733 CPUM: VCPU 0: Cached APIC base MSR = 0x0 00:00:00.305965 PGM: HCPhysInterPD=000000000bc00000 HCPhysInterPaePDPT=0000000012b97000 HCPhysInterPaePML4=00000000711fd000 00:00:00.305972 PGM: apInterPTs={000000000bc01000,0000000012b96000} apInterPaePTs={000000035383c000,000000035383d000} apInterPaePDs={00000001158c4000,00000001158c5000,00000001ad124000,00000001ad125000} pInterPaePDPT64=00000000711fc000 00:00:00.305978 PGM: Host paging mode: AMD64+PGE+NX 00:00:00.305985 PGM: PGMPool: cMaxPages=288 (u64MaxPages=288) 00:00:00.305987 PGM: pgmR3PoolInit: cMaxPages=0x120 cMaxUsers=0x240 cMaxPhysExts=0x240 fCacheEnable=true 00:00:00.310316 TM: GIP - u32Mode=3 (Invariant) u32UpdateHz=83 u32UpdateIntervalNS=12000000 enmUseTscDelta=2 (Pratically Zero) fGetGipCpu=0xb cCpus=4 00:00:00.310330 TM: GIP - u64CpuHz=2 710 636 894 (0xa191095e) SUPGetCpuHzFromGip => 2 710 636 894 00:00:00.310334 TM: GIP - CPU: iCpuSet=0x0 idCpu=0x0 idApic=0x0 iGipCpu=0x2 i64TSCDelta=0 enmState=3 u64CpuHz=2710636920(*) cErrors=0 00:00:00.310353 TM: GIP - CPU: iCpuSet=0x1 idCpu=0x1 idApic=0x2 iGipCpu=0x1 i64TSCDelta=0 enmState=3 u64CpuHz=2710636635(*) cErrors=0 00:00:00.310356 TM: GIP - CPU: iCpuSet=0x2 idCpu=0x2 idApic=0x4 iGipCpu=0x0 i64TSCDelta=0 enmState=3 u64CpuHz=2710636894(*) cErrors=0 00:00:00.310358 TM: GIP - CPU: iCpuSet=0x3 idCpu=0x3 idApic=0x6 iGipCpu=0x3 i64TSCDelta=0 enmState=3 u64CpuHz=2710636892(*) cErrors=0 00:00:00.310388 TM: cTSCTicksPerSecond=2 710 636 894 (0xa191095e) enmTSCMode=3 (Dynamic) 00:00:00.310390 TM: TSCTiedToExecution=false TSCNotTiedToHalt=false 00:00:00.310533 VMM: CoreCode: R3=00007fc1f4ab1000 R0=ffffc90002962000 RC=a0351000 Phys=000000004af4b000 cb=0x1000 00:00:00.310621 IEM: TargetCpu=CURRENT, Microarch=Intel_Core7_Skylake 00:00:00.310673 GIM: Using provider 'None' (Implementation version: 0) 00:00:00.346686 AIOMgr: Default manager type is 'Async' 00:00:00.346700 AIOMgr: Default file backend is 'NonBuffered' 00:00:00.346861 BlkCache: Cache successfully initialized. Cache size is 5242880 bytes 00:00:00.346876 BlkCache: Cache commit interval is 10000 ms 00:00:00.346878 BlkCache: Cache commit threshold is 2621440 bytes 00:00:00.349705 PcBios: [SMP] BIOS with 1 CPUs 00:00:00.349729 PcBios: Using the 386+ BIOS image. 00:00:00.350064 PcBios: Using LAN ROM '/usr/lib/virtualbox/ExtensionPacks/Oracle_VM_VirtualBox_Extension_Pack/PXE-Intel.rom' with a size of 0xc000 bytes 00:00:00.350131 PcBios: fCheckShutdownStatusForSoftReset=true fClearShutdownStatusOnHardReset=true 00:00:00.353175 SUP: Loaded VBoxDDR0.r0 (/usr/lib/virtualbox/VBoxDDR0.r0) at 0xffffffffc088d020 - ModuleInit at 0000000000000000 and ModuleTerm at 0000000000000000 00:00:00.353365 CPUM: SetGuestCpuIdFeature: Enabled xAPIC 00:00:00.353498 PIT: mode=3 count=0x10000 (65536) - 18.20 Hz (ch=0) 00:00:00.355112 Shared Folders service loaded 00:00:00.362349 VGA: Using the 386+ BIOS image. 00:00:00.363414 VD: VDInit finished 00:00:00.366794 DrvVD: Flushes will be ignored 00:00:00.366802 DrvVD: Async flushes will be passed to the disk 00:00:00.366834 VD: Opening the disk took 27659 ns 00:00:00.366872 PIIX3 ATA: LUN#0: disk, PCHS=12483/16/63, total number of sectors 12582912 00:00:00.366887 DrvVD: Flushes will be ignored 00:00:00.366889 DrvVD: Async flushes will be passed to the disk 00:00:00.366901 VD: Opening the disk took 9644 ns 00:00:00.366923 PIIX3 ATA: LUN#1: disk, PCHS=2080/16/63, total number of sectors 2097152 00:00:00.366957 DrvVD: Flushes will be ignored 00:00:00.366960 DrvVD: Async flushes will be passed to the disk 00:00:00.366975 VD: Opening the disk took 12004 ns 00:00:00.367008 PIIX3 ATA: LUN#2: CD/DVD, total number of sectors 665652, passthrough disabled 00:00:00.367013 PIIX3 ATA: LUN#3: no unit 00:00:00.367052 PIIX3 ATA: Ctl#0: finished processing RESET 00:00:00.367072 PIIX3 ATA: Ctl#1: finished processing RESET 00:00:00.367159 IntNet#0: szNetwork={HostInterfaceNetworking-vboxnet0} enmTrunkType=3 szTrunk={vboxnet0} fFlags=0x8000 cbRecv=325632 cbSend=196608 fIgnoreConnectFailure=false 00:00:00.367388 Audio: Initializing PulseAudio driver 00:00:00.367393 Audio: Using VBox 5.0.x audio code! 00:00:00.370424 Audio: Host audio backend supports 64 output streams and 64 input streams at once 00:00:00.370449 Audio: Initializing VRDE driver 00:00:00.370453 Audio: Using VBox 5.0.x audio code! 00:00:00.370457 Audio: Host audio backend supports 1 output streams and 2 input streams at once 00:00:00.370463 AC97: Reset 00:00:00.375235 VUSB: Attached 'HidMouse' to port 1 00:00:00.375307 PGM: The CPU physical address width is 39 bits 00:00:00.375313 PGM: PGMR3InitFinalize: 4 MB PSE mask 0000007fffffffff 00:00:00.375341 TM: TMR3InitFinalize: fTSCModeSwitchAllowed=false 00:00:00.378595 VMM: Enabled thread-context hooks 00:00:00.378617 HM: Using VT-x implementation 2.0 00:00:00.378618 HM: Host CR4 = 0x3406f0 00:00:00.378620 HM: Host EFER = 0xd01 00:00:00.378621 HM: MSR_IA32_SMM_MONITOR_CTL = 0x0 00:00:00.378622 HM: MSR_IA32_FEATURE_CONTROL = 0x5 00:00:00.378623 HM: MSR_IA32_VMX_BASIC_INFO = 0xda040000000004 00:00:00.378624 HM: VMCS id = 0x4 00:00:00.378625 HM: VMCS size = 1024 bytes 00:00:00.378626 HM: VMCS physical address limit = None 00:00:00.378627 HM: VMCS memory type = 0x6 00:00:00.378627 HM: Dual-monitor treatment support = true 00:00:00.378628 HM: OUTS & INS instruction-info = true 00:00:00.378629 HM: Max resume loops = 8192 00:00:00.378630 HM: MSR_IA32_VMX_PINBASED_CTLS = 0x7f00000016 00:00:00.378688 HM: EXT_INT_EXIT 00:00:00.378689 HM: NMI_EXIT 00:00:00.378689 HM: VIRTUAL_NMI 00:00:00.378690 HM: PREEMPT_TIMER 00:00:00.378690 HM: POSTED_INTR (must be cleared) 00:00:00.378691 HM: MSR_IA32_VMX_PROCBASED_CTLS = 0xfff9fffe0401e172 00:00:00.378692 HM: INT_WINDOW_EXIT 00:00:00.378692 HM: USE_TSC_OFFSETTING 00:00:00.378693 HM: HLT_EXIT 00:00:00.378693 HM: INVLPG_EXIT 00:00:00.378694 HM: MWAIT_EXIT 00:00:00.378694 HM: RDPMC_EXIT 00:00:00.378695 HM: RDTSC_EXIT 00:00:00.378695 HM: CR3_LOAD_EXIT (must be set) 00:00:00.378695 HM: CR3_STORE_EXIT (must be set) 00:00:00.378696 HM: CR8_LOAD_EXIT 00:00:00.378696 HM: CR8_STORE_EXIT 00:00:00.378697 HM: USE_TPR_SHADOW 00:00:00.378697 HM: NMI_WINDOW_EXIT 00:00:00.378698 HM: MOV_DR_EXIT 00:00:00.378698 HM: UNCOND_IO_EXIT 00:00:00.378699 HM: USE_IO_BITMAPS 00:00:00.378699 HM: MONITOR_TRAP_FLAG 00:00:00.378699 HM: USE_MSR_BITMAPS 00:00:00.378700 HM: MONITOR_EXIT 00:00:00.378700 HM: PAUSE_EXIT 00:00:00.378701 HM: USE_SECONDARY_EXEC_CTRL 00:00:00.378701 HM: MSR_IA32_VMX_PROCBASED_CTLS2 = 0x1ffcff00000000 00:00:00.378702 HM: VIRT_APIC 00:00:00.378703 HM: EPT 00:00:00.378703 HM: DESCRIPTOR_TABLE_EXIT 00:00:00.378704 HM: RDTSCP 00:00:00.378704 HM: VIRT_X2APIC 00:00:00.378705 HM: VPID 00:00:00.378705 HM: WBINVD_EXIT 00:00:00.378706 HM: UNRESTRICTED_GUEST 00:00:00.378706 HM: APIC_REG_VIRT (must be cleared) 00:00:00.378706 HM: VIRT_INTR_DELIVERY (must be cleared) 00:00:00.378707 HM: PAUSE_LOOP_EXIT 00:00:00.378707 HM: RDRAND_EXIT 00:00:00.378708 HM: INVPCID 00:00:00.378708 HM: VMFUNC 00:00:00.378709 HM: VMCS_SHADOWING 00:00:00.378709 HM: ENCLS_EXIT 00:00:00.378710 HM: RDSEED_EXIT 00:00:00.378710 HM: PML 00:00:00.378711 HM: EPT_VE 00:00:00.378711 HM: CONCEAL_FROM_PT 00:00:00.378711 HM: XSAVES_XRSTORS 00:00:00.378712 HM: TSC_SCALING (must be cleared) 00:00:00.378712 HM: MSR_IA32_VMX_ENTRY_CTLS = 0x3ffff000011ff 00:00:00.378714 HM: LOAD_DEBUG (must be set) 00:00:00.378714 HM: IA32E_MODE_GUEST 00:00:00.378715 HM: ENTRY_SMM 00:00:00.378715 HM: DEACTIVATE_DUALMON 00:00:00.378715 HM: LOAD_GUEST_PERF_MSR 00:00:00.378716 HM: LOAD_GUEST_PAT_MSR 00:00:00.378716 HM: LOAD_GUEST_EFER_MSR 00:00:00.378717 HM: MSR_IA32_VMX_EXIT_CTLS = 0x1ffffff00036dff 00:00:00.378718 HM: SAVE_DEBUG (must be set) 00:00:00.378718 HM: HOST_ADDR_SPACE_SIZE 00:00:00.378719 HM: LOAD_PERF_MSR 00:00:00.378719 HM: ACK_EXT_INT 00:00:00.378720 HM: SAVE_GUEST_PAT_MSR 00:00:00.378720 HM: LOAD_HOST_PAT_MSR 00:00:00.378720 HM: SAVE_GUEST_EFER_MSR 00:00:00.378721 HM: LOAD_HOST_EFER_MSR 00:00:00.378721 HM: SAVE_VMX_PREEMPT_TIMER 00:00:00.378722 HM: MSR_IA32_VMX_EPT_VPID_CAP = 0xf0106334141 00:00:00.378723 HM: RWX_X_ONLY 00:00:00.378723 HM: PAGE_WALK_LENGTH_4 00:00:00.378724 HM: EMT_UC 00:00:00.378724 HM: EMT_WB 00:00:00.378725 HM: PDE_2M 00:00:00.378725 HM: PDPTE_1G 00:00:00.378726 HM: INVEPT 00:00:00.378726 HM: EPT_ACCESS_DIRTY 00:00:00.378727 HM: INVEPT_SINGLE_CONTEXT 00:00:00.378727 HM: INVEPT_ALL_CONTEXTS 00:00:00.378728 HM: INVVPID 00:00:00.378728 HM: INVVPID_INDIV_ADDR 00:00:00.378729 HM: INVVPID_SINGLE_CONTEXT 00:00:00.378729 HM: INVVPID_ALL_CONTEXTS 00:00:00.378729 HM: INVVPID_SINGLE_CONTEXT_RETAIN_GLOBALS 00:00:00.378730 HM: MSR_IA32_VMX_MISC = 0x7004c1e7 00:00:00.378731 HM: PREEMPT_TSC_BIT = 0x7 00:00:00.378731 HM: STORE_EFERLMA_VMEXIT = true 00:00:00.378732 HM: ACTIVITY_STATES = 0x7 00:00:00.378733 HM: CR3_TARGET = 0x4 00:00:00.378733 HM: MAX_MSR = 512 00:00:00.378734 HM: RDMSR_SMBASE_MSR_SMM = true 00:00:00.378734 HM: SMM_MONITOR_CTL_B2 = true 00:00:00.378735 HM: VMWRITE_VMEXIT_INFO = true 00:00:00.378736 HM: MSEG_ID = 0x0 00:00:00.378736 HM: MSR_IA32_VMX_CR0_FIXED0 = 0x80000021 00:00:00.378737 HM: MSR_IA32_VMX_CR0_FIXED1 = 0xffffffff 00:00:00.378738 HM: MSR_IA32_VMX_CR4_FIXED0 = 0x2000 00:00:00.378739 HM: MSR_IA32_VMX_CR4_FIXED1 = 0x3727ff 00:00:00.378739 HM: MSR_IA32_VMX_VMCS_ENUM = 0x2e 00:00:00.378740 HM: HIGHEST_INDEX = 0x17 00:00:00.378741 HM: MSR_IA32_VMX_VMFUNC = 0x1 00:00:00.378741 HM: EPTP_SWITCHING 00:00:00.378742 HM: APIC-access page physaddr = 0x0000000012b3e000 00:00:00.378743 HM: VCPU 0: MSR bitmap physaddr = 0x000000000bdc1000 00:00:00.378744 HM: VCPU 0: VMCS physaddr = 0x0000000012b3f000 00:00:00.378745 HM: Guest support: 32-bit and 64-bit 00:00:00.378749 HM: Supports VMCS EFER fields = true 00:00:00.378749 HM: Enabled VMX 00:00:00.378752 CPUM: SetGuestCpuIdFeature: Enabled SYSENTER/EXIT 00:00:00.378753 CPUM: SetGuestCpuIdFeature: Enabled PAE 00:00:00.378753 CPUM: SetGuestCpuIdFeature: Enabled LONG MODE 00:00:00.378754 CPUM: SetGuestCpuIdFeature: Enabled SYSCALL/RET 00:00:00.378754 CPUM: SetGuestCpuIdFeature: Enabled LAHF/SAHF 00:00:00.378755 CPUM: SetGuestCpuIdFeature: Enabled NX 00:00:00.378755 HM: Enabled nested paging 00:00:00.378756 HM: EPT flush type = VMXFLUSHEPT_SINGLE_CONTEXT 00:00:00.378756 HM: Enabled unrestricted guest execution 00:00:00.378757 HM: Enabled VPID 00:00:00.378757 HM: VPID flush type = VMXFLUSHVPID_SINGLE_CONTEXT 00:00:00.378758 HM: Enabled VMX-preemption timer (cPreemptTimerShift=7) 00:00:00.378759 HM: VT-x/AMD-V init method: GLOBAL 00:00:00.378760 CPUM: VCPU 0: Cached APIC base MSR = 0xfee00900 00:00:00.378777 VMM: fUsePeriodicPreemptionTimers=false 00:00:00.379248 CPUM: Logical host processors: 4 present, 4 max, 4 online, online mask: 000000000000000f 00:00:00.379286 CPUM: Physical host cores: 4 00:00:00.379287 ************************* CPUID dump ************************ 00:00:00.379298 Raw Standard CPUID Leaves 00:00:00.379299 Leaf/sub-leaf eax ebx ecx edx 00:00:00.379300 Gst: 00000000/0000 00000016 756e6547 6c65746e 49656e69 00:00:00.379302 Hst: 00000016 756e6547 6c65746e 49656e69 00:00:00.379303 Gst: 00000001/0000 000506e3 00000800 56d8220b 078bfbff 00:00:00.379305 Hst: 000506e3 02100800 7ffafbbf bfebfbff 00:00:00.379307 Gst: 00000002/0000 76036301 00f0b6ff 00000000 00c30000 00:00:00.379308 Hst: 76036301 00f0b6ff 00000000 00c30000 00:00:00.379310 Gst: 00000003/0000 00000000 00000000 00000000 00000000 00:00:00.379311 Hst: 00000000 00000000 00000000 00000000 00:00:00.379312 Gst: 00000004/0000 00000121 01c0003f 0000003f 00000000 00:00:00.379313 Hst: 1c004121 01c0003f 0000003f 00000000 00:00:00.379314 Gst: 00000004/0001 00000122 01c0003f 0000003f 00000000 00:00:00.379315 Hst: 1c004122 01c0003f 0000003f 00000000 00:00:00.379316 Gst: 00000004/0002 00000143 00c0003f 000003ff 00000000 00:00:00.379317 Hst: 1c004143 00c0003f 000003ff 00000000 00:00:00.379319 Gst: 00000004/0003 00000163 02c0003f 00001fff 00000006 00:00:00.379320 Hst: 1c03c163 02c0003f 00001fff 00000006 00:00:00.379321 Gst: 00000004/0004 00000000 00000000 00000000 00000000 00:00:00.379322 Hst: 00000000 00000000 00000000 00000000 00:00:00.379323 Gst: 00000005/0000 00000040 00000040 00000000 00000000 00:00:00.379324 Hst: 00000040 00000040 00000003 00142120 00:00:00.379326 Gst: 00000006/0000 00000000 00000000 00000000 00000000 00:00:00.379326 Hst: 000027f7 00000002 00000001 00000000 00:00:00.379327 Gst: 00000007/0000 00000000 00842000 00000000 00000000 00:00:00.379328 Hst: 00000000 029c67af 00000000 00000000 00:00:00.379329 Gst: 00000007/0001 00000000 00000000 00000000 00000000 00:00:00.379330 Hst: 00000000 00000000 00000000 00000000 00:00:00.379331 Gst: 00000008/0000 00000000 00000000 00000000 00000000 00:00:00.379332 Hst: 00000000 00000000 00000000 00000000 00:00:00.379333 Gst: 00000009/0000 00000000 00000000 00000000 00000000 00:00:00.379334 Hst: 00000000 00000000 00000000 00000000 00:00:00.379335 Gst: 0000000a/0000 00000000 00000000 00000000 00000000 00:00:00.379335 Hst: 07300804 00000000 00000000 00000603 00:00:00.379337 Gst: 0000000b/0000 00000000 00000001 00000100 00000000 00:00:00.379337 Hst: 00000001 00000001 00000100 00000002 00:00:00.379338 Gst: 0000000b/0001 00000001 00000001 00000201 00000000 00:00:00.379339 Hst: 00000004 00000004 00000201 00000002 00:00:00.379340 Gst: 0000000b/0002 00000000 00000000 00000002 00000000 00:00:00.379341 Hst: 00000000 00000000 00000002 00000002 00:00:00.379342 Gst: 0000000c/0000 00000000 00000000 00000000 00000000 00:00:00.379343 Hst: 00000000 00000000 00000000 00000000 00:00:00.379344 Gst: 0000000d/0000 00000007 00000440 00000440 00000000 00:00:00.379345 Hst: 0000001f 00000440 00000440 00000000 00:00:00.379346 Gst: 0000000d/0001 00000000 000003c0 00000000 00000000 00:00:00.379347 Hst: 0000000f 000003c0 00000100 00000000 00:00:00.379348 Gst: 0000000d/0002 00000100 00000240 00000000 00000000 00:00:00.379348 Hst: 00000100 00000240 00000000 00000000 00:00:00.379350 Gst: 0000000d/0003 00000000 00000000 00000000 00000000 00:00:00.379350 Hst: 00000040 000003c0 00000000 00000000 00:00:00.379351 Gst: 0000000d/0004 00000000 00000000 00000000 00000000 00:00:00.379352 Hst: 00000040 00000400 00000000 00000000 00:00:00.379353 Gst: 0000000d/0005 00000000 00000000 00000000 00000000 00:00:00.379354 Hst: 00000000 00000000 00000000 00000000 00:00:00.379355 Gst: 0000000d/0006 00000000 00000000 00000000 00000000 00:00:00.379356 Hst: 00000000 00000000 00000000 00000000 00:00:00.379357 Gst: 0000000d/0007 00000000 00000000 00000000 00000000 00:00:00.379357 Hst: 00000000 00000000 00000000 00000000 00:00:00.379358 Gst: 0000000d/0008 00000000 00000000 00000000 00000000 00:00:00.379359 Hst: 00000080 00000000 00000001 00000000 00:00:00.379360 Gst: 0000000d/0009 00000000 00000000 00000000 00000000 00:00:00.379361 Hst: 00000000 00000000 00000000 00000000 00:00:00.379385 Gst: 0000000e/0000 00000000 00000000 00000000 00000000 00:00:00.379386 Hst: 00000000 00000000 00000000 00000000 00:00:00.379387 Gst: 0000000f/0000 00000000 00000000 00000000 00000000 00:00:00.379388 Hst: 00000000 00000000 00000000 00000000 00:00:00.379389 Gst: 00000010/0000 00000000 00000000 00000000 00000000 00:00:00.379390 Hst: 00000000 00000000 00000000 00000000 00:00:00.379391 Gst: 00000011/0000 00000000 00000000 00000000 00000000 00:00:00.379391 Hst: 00000000 00000000 00000000 00000000 00:00:00.379392 Gst: 00000012/0000 00000000 00000000 00000000 00000000 00:00:00.379393 Hst: 00000000 00000000 00000000 00000000 00:00:00.379394 Gst: 00000013/0000 00000000 00000000 00000000 00000000 00:00:00.379395 Hst: 00000000 00000000 00000000 00000000 00:00:00.379396 Gst: 00000014/0000 00000000 00000000 00000000 00000000 00:00:00.379397 Hst: 00000001 0000000f 00000007 00000000 00:00:00.379398 Hst: 00000015/0000 00000002 000000e2 00000000 00000000 00:00:00.379399 Hst: 00000016/0000 00000a8c 00000ce4 00000064 00000000 00:00:00.379401 Name: GenuineIntel 00:00:00.379402 Supports: 0x00000000-0x00000016 00:00:00.379403 Family: 6 Extended: 0 Effective: 6 00:00:00.379405 Model: 14 Extended: 5 Effective: 94 00:00:00.379406 Stepping: 3 00:00:00.379407 Type: 0 (primary) 00:00:00.379408 APIC ID: 0x00 00:00:00.379409 Logical CPUs: 0 00:00:00.379410 CLFLUSH Size: 8 00:00:00.379411 Brand ID: 0x00 00:00:00.379412 Features 00:00:00.379413 Mnemonic - Description = guest (host) 00:00:00.379413 FPU - x87 FPU on Chip = 1 (1) 00:00:00.379415 VME - Virtual 8086 Mode Enhancements = 1 (1) 00:00:00.379416 DE - Debugging extensions = 1 (1) 00:00:00.379418 PSE - Page Size Extension = 1 (1) 00:00:00.379419 TSC - Time Stamp Counter = 1 (1) 00:00:00.379420 MSR - Model Specific Registers = 1 (1) 00:00:00.379421 PAE - Physical Address Extension = 1 (1) 00:00:00.379422 MCE - Machine Check Exception = 1 (1) 00:00:00.379423 CX8 - CMPXCHG8B instruction = 1 (1) 00:00:00.379424 APIC - APIC On-Chip = 1 (1) 00:00:00.379426 SEP - SYSENTER and SYSEXIT Present = 1 (1) 00:00:00.379427 MTRR - Memory Type Range Registers = 1 (1) 00:00:00.379428 PGE - PTE Global Bit = 1 (1) 00:00:00.379429 MCA - Machine Check Architecture = 1 (1) 00:00:00.379430 CMOV - Conditional Move instructions = 1 (1) 00:00:00.379431 PAT - Page Attribute Table = 1 (1) 00:00:00.379432 PSE-36 - 36-bit Page Size Extension = 1 (1) 00:00:00.379433 PSN - Processor Serial Number = 0 (0) 00:00:00.379434 CLFSH - CLFLUSH instruction = 1 (1) 00:00:00.379435 DS - Debug Store = 0 (1) 00:00:00.379437 ACPI - Thermal Mon. & Soft. Clock Ctrl. = 0 (1) 00:00:00.379438 MMX - Intel MMX Technology = 1 (1) 00:00:00.379439 FXSR - FXSAVE and FXRSTOR instructions = 1 (1) 00:00:00.379440 SSE - SSE support = 1 (1) 00:00:00.379441 SSE2 - SSE2 support = 1 (1) 00:00:00.379442 SS - Self Snoop = 0 (1) 00:00:00.379443 HTT - Hyper-Threading Technology = 0 (1) 00:00:00.379445 TM - Therm. Monitor = 0 (1) 00:00:00.379446 PBE - Pending Break Enabled = 0 (1) 00:00:00.379447 SSE3 - SSE3 support = 1 (1) 00:00:00.379448 PCLMUL - PCLMULQDQ support (for AES-GCM) = 1 (1) 00:00:00.379449 DTES64 - DS Area 64-bit Layout = 0 (1) 00:00:00.379450 MONITOR - MONITOR/MWAIT instructions = 1 (1) 00:00:00.379451 CPL-DS - CPL Qualified Debug Store = 0 (1) 00:00:00.379452 VMX - Virtual Machine Extensions = 0 (1) 00:00:00.379454 SMX - Safer Mode Extensions = 0 (0) 00:00:00.379455 EST - Enhanced SpeedStep Technology = 0 (1) 00:00:00.379456 TM2 - Terminal Monitor 2 = 0 (1) 00:00:00.379457 SSSE3 - Supplemental Streaming SIMD Extensions 3 = 1 (1) 00:00:00.379458 CNTX-ID - L1 Context ID = 0 (0) 00:00:00.379459 SDBG - Silicon Debug interface = 0 (1) 00:00:00.379460 FMA - Fused Multiply Add extensions = 0 (1) 00:00:00.379461 CX16 - CMPXCHG16B instruction = 1 (1) 00:00:00.379462 TPRUPDATE - xTPR Update Control = 0 (1) 00:00:00.379463 PDCM - Perf/Debug Capability MSR = 0 (1) 00:00:00.379465 PCID - Process Context Identifiers = 0 (1) 00:00:00.379466 DCA - Direct Cache Access = 0 (0) 00:00:00.379467 SSE4_1 - SSE4_1 support = 1 (1) 00:00:00.379468 SSE4_2 - SSE4_2 support = 1 (1) 00:00:00.379469 X2APIC - x2APIC support = 0 (1) 00:00:00.379470 MOVBE - MOVBE instruction = 1 (1) 00:00:00.379471 POPCNT - POPCNT instruction = 1 (1) 00:00:00.379473 TSCDEADL - Time Stamp Counter Deadline = 0 (1) 00:00:00.379474 AES - AES instructions = 1 (1) 00:00:00.379475 XSAVE - XSAVE instruction = 1 (1) 00:00:00.379476 OSXSAVE - OSXSAVE instruction = 0 (1) 00:00:00.379477 AVX - AVX support = 1 (1) 00:00:00.379478 F16C - 16-bit floating point conversion instructions = 0 (1) 00:00:00.379479 RDRAND - RDRAND instruction = 1 (1) 00:00:00.379480 HVP - Hypervisor Present (we're a guest) = 0 (0) 00:00:00.379481 Structured Extended Feature Flags Enumeration (leaf 7): 00:00:00.379482 Mnemonic - Description = guest (host) 00:00:00.379483 FSGSBASE - RDFSBASE/RDGSBASE/WRFSBASE/WRGSBASE instr. = 0 (1) 00:00:00.379483 TSCADJUST - Supports MSR_IA32_TSC_ADJUST = 0 (1) 00:00:00.379484 SGX - Supports Software Guard Extensions = 0 (1) 00:00:00.379485 BMI1 - Advanced Bit Manipulation extension 1 = 0 (1) 00:00:00.379486 HLE - Hardware Lock Elision = 0 (0) 00:00:00.379488 AVX2 - Advanced Vector Extensions 2 = 0 (1) 00:00:00.379489 FDP_EXCPTN_ONLY - FPU DP only updated on exceptions = 0 (0) 00:00:00.379489 SMEP - Supervisor Mode Execution Prevention = 0 (1) 00:00:00.379490 BMI2 - Advanced Bit Manipulation extension 2 = 0 (1) 00:00:00.379491 ERMS - Enhanced REP MOVSB/STOSB instructions = 0 (1) 00:00:00.379492 INVPCID - INVPCID instruction = 0 (1) 00:00:00.379493 RTM - Restricted Transactional Memory = 0 (0) 00:00:00.379494 PQM - Platform Quality of Service Monitoring = 0 (0) 00:00:00.379495 DEPFPU_CS_DS - Deprecates FPU CS, FPU DS values if set = 1 (1) 00:00:00.379496 MPE - Intel Memory Protection Extensions = 0 (1) 00:00:00.379497 PQE - Platform Quality of Service Enforcement = 0 (0) 00:00:00.379498 AVX512F - AVX512 Foundation instructions = 0 (0) 00:00:00.379499 RDSEED - RDSEED instruction = 1 (1) 00:00:00.379500 ADX - ADCX/ADOX instructions = 0 (1) 00:00:00.379501 SMAP - Supervisor Mode Access Prevention = 0 (1) 00:00:00.379502 CLFLUSHOPT - CLFLUSHOPT (Cache Line Flush) instruction = 1 (1) 00:00:00.379503 INTEL_PT - Intel Processor Trace = 0 (1) 00:00:00.379504 AVX512PF - AVX512 Prefetch instructions = 0 (0) 00:00:00.379505 AVX512ER - AVX512 Exponential & Reciprocal instructions = 0 (0) 00:00:00.379506 AVX512CD - AVX512 Conflict Detection instructions = 0 (0) 00:00:00.379507 SHA - Secure Hash Algorithm extensions = 0 (0) 00:00:00.379508 PREFETCHWT1 - PREFETCHWT1 instruction = 0 (0) 00:00:00.379509 PKU - Protection Key for Usermode pages = 0 (0) 00:00:00.379510 OSPKU - CR4.PKU mirror = 0 (0) 00:00:00.379511 Processor Extended State Enumeration (leaf 0xd): 00:00:00.379512 XSAVE area cur/max size by XCR0, guest: 0x440/0x440 00:00:00.379513 XSAVE area cur/max size by XCR0, host: 0x440/0x440 00:00:00.379514 Valid XCR0 bits, guest: 0x00000000`00000007 ( x87 SSE YMM_Hi128 ) 00:00:00.379516 Valid XCR0 bits, host: 0x00000000`0000001f ( x87 SSE YMM_Hi128 BNDREGS BNDCSR ) 00:00:00.379518 XSAVE features, guest: 00:00:00.379519 XSAVE features, host: XSAVEOPT XSAVEC XGETBC1 XSAVES 00:00:00.379521 XSAVE area cur size XCR0|XSS, guest: 0x3c0 00:00:00.379522 XSAVE area cur size XCR0|XSS, host: 0x3c0 00:00:00.379522 Valid IA32_XSS bits, guest: 0x00000000`00000000 00:00:00.379523 Valid IA32_XSS bits, host: 0x00000100`00000000 ( 40 ) 00:00:00.379525 State #2, guest: off=0x0240, cb=0x0100 IA32_XSS-bit -- YMM_Hi128 00:00:00.379527 State #2, host: off=0x0240, cb=0x0100 IA32_XSS-bit -- YMM_Hi128 00:00:00.379529 State #3, host: off=0x03c0, cb=0x0040 IA32_XSS-bit -- BNDREGS 00:00:00.379530 State #4, host: off=0x0400, cb=0x0040 IA32_XSS-bit -- BNDCSR 00:00:00.379532 State #8, host: off=0x0000, cb=0x0080 XCR0-bit -- 8 00:00:00.379544 Unknown CPUID Leaves 00:00:00.379545 Leaf/sub-leaf eax ebx ecx edx 00:00:00.379546 Gst: 00000014/0001 00000000 00000000 00000000 00000000 00:00:00.379547 Hst: 02490002 003f3fff 00000000 00000000 00:00:00.379548 Gst: 00000014/0002 00000000 00000000 00000000 00000000 00:00:00.379549 Hst: 00000000 00000000 00000000 00000000 00:00:00.379550 Gst: 00000015/0000 00000000 00000000 00000000 00000000 00:00:00.379551 Hst: 00000002 000000e2 00000000 00000000 00:00:00.379552 Gst: 00000016/0000 00000000 00000000 00000000 00000000 00:00:00.379553 Hst: 00000a8c 00000ce4 00000064 00000000 00:00:00.379555 Raw Extended CPUID Leaves 00:00:00.379555 Leaf/sub-leaf eax ebx ecx edx 00:00:00.379556 Gst: 80000000/0000 80000008 00000000 00000000 00000000 00:00:00.379557 Hst: 80000008 00000000 00000000 00000000 00:00:00.379558 Gst: 80000001/0000 00000000 00000000 00000121 28100800 00:00:00.379559 Hst: 00000000 00000000 00000121 2c100800 00:00:00.379561 Gst: 80000002/0000 65746e49 2952286c 726f4320 4d542865 00:00:00.379563 Hst: 65746e49 2952286c 726f4320 4d542865 00:00:00.379565 Gst: 80000003/0000 35692029 3034362d 50432030 20402055 00:00:00.379566 Hst: 35692029 3034362d 50432030 20402055 00:00:00.379568 Gst: 80000004/0000 30372e32 007a4847 00000000 00000000 00:00:00.379570 Hst: 30372e32 007a4847 00000000 00000000 00:00:00.379571 Gst: 80000005/0000 00000000 00000000 00000000 00000000 00:00:00.379572 Hst: 00000000 00000000 00000000 00000000 00:00:00.379573 Gst: 80000006/0000 00000000 00000000 01006040 00000000 00:00:00.379574 Hst: 00000000 00000000 01006040 00000000 00:00:00.379575 Gst: 80000007/0000 00000000 00000000 00000000 00000100 00:00:00.379576 Hst: 00000000 00000000 00000000 00000100 00:00:00.379577 Gst: 80000008/0000 00003027 00000000 00000000 00000000 00:00:00.379578 Hst: 00003027 00000000 00000000 00000000 00:00:00.379579 Ext Name: 00:00:00.379580 Ext Supports: 0x80000000-0x80000008 00:00:00.379581 Family: 0 Extended: 0 Effective: 0 00:00:00.379581 Model: 0 Extended: 0 Effective: 0 00:00:00.379582 Stepping: 0 00:00:00.379583 Brand ID: 0x000 00:00:00.379583 Ext Features 00:00:00.379584 Mnemonic - Description = guest (host) 00:00:00.379584 FPU - x87 FPU on Chip = 0 (0) 00:00:00.379586 VME - Virtual 8086 Mode Enhancements = 0 (0) 00:00:00.379587 DE - Debugging extensions = 0 (0) 00:00:00.379588 PSE - Page Size Extension = 0 (0) 00:00:00.379589 TSC - Time Stamp Counter = 0 (0) 00:00:00.379590 MSR - K86 Model Specific Registers = 0 (0) 00:00:00.379591 PAE - Physical Address Extension = 0 (0) 00:00:00.379592 MCE - Machine Check Exception = 0 (0) 00:00:00.379593 CX8 - CMPXCHG8B instruction = 0 (0) 00:00:00.379595 APIC - APIC On-Chip = 0 (0) 00:00:00.379596 SEP - SYSCALL/SYSRET = 1 (1) 00:00:00.379597 MTRR - Memory Type Range Registers = 0 (0) 00:00:00.379598 PGE - PTE Global Bit = 0 (0) 00:00:00.379600 MCA - Machine Check Architecture = 0 (0) 00:00:00.379601 CMOV - Conditional Move instructions = 0 (0) 00:00:00.379602 PAT - Page Attribute Table = 0 (0) 00:00:00.379603 PSE-36 - 36-bit Page Size Extension = 0 (0) 00:00:00.379604 NX - No-Execute/Execute-Disable = 1 (1) 00:00:00.379605 AXMMX - AMD Extensions to MMX instructions = 0 (0) 00:00:00.379606 MMX - Intel MMX Technology = 0 (0) 00:00:00.379607 FXSR - FXSAVE and FXRSTOR Instructions = 0 (0) 00:00:00.379608 FFXSR - AMD fast FXSAVE and FXRSTOR instructions = 0 (0) 00:00:00.379609 Page1GB - 1 GB large page = 0 (1) 00:00:00.379610 RDTSCP - RDTSCP instruction = 1 (1) 00:00:00.379611 LM - AMD64 Long Mode = 1 (1) 00:00:00.379612 3DNOWEXT - AMD Extensions to 3DNow = 0 (0) 00:00:00.379613 3DNOW - AMD 3DNow = 0 (0) 00:00:00.379614 LahfSahf - LAHF/SAHF support in 64-bit mode = 1 (1) 00:00:00.379615 CmpLegacy - Core multi-processing legacy mode = 0 (0) 00:00:00.379616 SVM - AMD VM extensions = 0 (0) 00:00:00.379617 EXTAPIC - AMD Extended APIC registers = 0 (0) 00:00:00.379618 CR8L - AMD LOCK MOV CR0 means MOV CR8 = 0 (0) 00:00:00.379619 ABM - AMD Advanced Bit Manipulation = 1 (1) 00:00:00.379620 SSE4A - SSE4A instructions = 0 (0) 00:00:00.379622 MISALIGNSSE - AMD Misaligned SSE mode = 0 (0) 00:00:00.379623 3DNOWPRF - AMD PREFETCH and PREFETCHW instructions = 1 (1) 00:00:00.379623 OSVW - AMD OS Visible Workaround = 0 (0) 00:00:00.379624 IBS - Instruct Based Sampling = 0 (0) 00:00:00.379626 XOP - Extended Operation support = 0 (0) 00:00:00.379627 SKINIT - SKINIT, STGI, and DEV support = 0 (0) 00:00:00.379628 WDT - AMD Watchdog Timer support = 0 (0) 00:00:00.379629 LWP - Lightweight Profiling support = 0 (0) 00:00:00.379630 FMA4 - Four operand FMA instruction support = 0 (0) 00:00:00.379631 NodeId - NodeId in MSR C001_100C = 0 (0) 00:00:00.379632 TBM - Trailing Bit Manipulation instructions = 0 (0) 00:00:00.379633 TOPOEXT - Topology Extensions = 0 (0) 00:00:00.379634 Full Name: "Intel(R) Core(TM) i5-6400 CPU @ 2.70GHz" 00:00:00.379635 TLB 2/4M Instr/Uni: res0 0 entries 00:00:00.379635 TLB 2/4M Data: res0 0 entries 00:00:00.379636 TLB 4K Instr/Uni: res0 0 entries 00:00:00.379637 TLB 4K Data: res0 0 entries 00:00:00.379637 L1 Instr Cache Line Size: 0 bytes 00:00:00.379638 L1 Instr Cache Lines Per Tag: 0 00:00:00.379638 L1 Instr Cache Associativity: res0 00:00:00.379639 L1 Instr Cache Size: 0 KB 00:00:00.379640 L1 Data Cache Line Size: 0 bytes 00:00:00.379640 L1 Data Cache Lines Per Tag: 0 00:00:00.379640 L1 Data Cache Associativity: res0 00:00:00.379641 L1 Data Cache Size: 0 KB 00:00:00.379642 L2 TLB 2/4M Instr/Uni: off 0 entries 00:00:00.379642 L2 TLB 2/4M Data: off 0 entries 00:00:00.379643 L2 TLB 4K Instr/Uni: off 0 entries 00:00:00.379643 L2 TLB 4K Data: off 0 entries 00:00:00.379644 L2 Cache Line Size: 0 bytes 00:00:00.379644 L2 Cache Lines Per Tag: 0 00:00:00.379645 L2 Cache Associativity: off 00:00:00.379645 L2 Cache Size: 0 KB 00:00:00.379646 APM Features: TscInvariant 00:00:00.379647 Host Invariant-TSC support: true 00:00:00.379648 Physical Address Width: 39 bits 00:00:00.379649 Virtual Address Width: 48 bits 00:00:00.379649 Guest Physical Address Width: 0 bits 00:00:00.379650 Physical Core Count: 1 00:00:00.379652 00:00:00.379652 ******************** End of CPUID dump ********************** 00:00:00.383236 SUP: Loaded VBoxEhciR0.r0 (/usr/lib/virtualbox/ExtensionPacks/Oracle_VM_VirtualBox_Extension_Pack/linux.amd64/VBoxEhciR0.r0) at 0xffffffffc0008020 - ModuleInit at 0000000000000000 and ModuleTerm at 0000000000000000 00:00:00.383263 PcBios: ATA LUN#0 LCHS=783/255/63 00:00:00.383267 PcBios: ATA LUN#1 LCHS=520/64/63 00:00:00.383281 APIC: fPostedIntrsEnabled=false fVirtApicRegsEnabled=false fSupportsTscDeadline=false 00:00:00.383295 VMEmt: Halt method global1 (5) 00:00:00.383300 VMEmt: HaltedGlobal1 config: cNsSpinBlockThresholdCfg=2000 00:00:00.383305 Changing the VM state from 'CREATING' to 'CREATED' 00:00:00.385644 Changing the VM state from 'CREATED' to 'POWERING_ON' 00:00:00.385715 Changing the VM state from 'POWERING_ON' to 'RUNNING' 00:00:00.385720 Console: Machine state changed to 'Running' 00:00:00.386618 VMMDev: Guest Log: BIOS: VirtualBox 5.1.10 00:00:00.388037 PIT: mode=2 count=0x10000 (65536) - 18.20 Hz (ch=0) 00:00:00.391095 Display::handleDisplayResize: uScreenId=0 pvVRAM=0000000000000000 w=720 h=400 bpp=0 cbLine=0x0 flags=0x1 00:00:00.391156 GUI: UIFrameBufferPrivate::NotifyChange: Screen=0, Origin=0x0, Size=720x400, Sending to async-handler 00:00:00.391178 GUI: UIMachineView::sltHandleNotifyChange: Screen=0, Size=720x400 00:00:00.391188 GUI: UIFrameBufferPrivate::handleNotifyChange: Size=720x400 00:00:00.391192 GUI: UIFrameBufferPrivate::performResize: Size=720x400, Directly using source bitmap content 00:00:00.399847 PIIX3 ATA: Ctl#0: RESET, DevSel=0 AIOIf=0 CmdIf0=0x00 (-1 usec ago) CmdIf1=0x00 (-1 usec ago) 00:00:00.399903 PIIX3 ATA: Ctl#0: finished processing RESET 00:00:00.400164 VMMDev: Guest Log: BIOS: ata0-0: PCHS=12483/16/63 LCHS=783/255/63 00:00:00.400588 PIIX3 ATA: Ctl#0: RESET, DevSel=1 AIOIf=0 CmdIf0=0xec (-1 usec ago) CmdIf1=0x00 (-1 usec ago) 00:00:00.400626 PIIX3 ATA: Ctl#0: finished processing RESET 00:00:00.400873 VMMDev: Guest Log: BIOS: ata0-1: PCHS=2080/16/63 LCHS=520/64/63 00:00:00.401292 PIIX3 ATA: Ctl#1: RESET, DevSel=0 AIOIf=0 CmdIf0=0x00 (-1 usec ago) CmdIf1=0x00 (-1 usec ago) 00:00:00.401332 PIIX3 ATA: Ctl#1: finished processing RESET 00:00:00.407048 PIT: mode=2 count=0x48d3 (18643) - 64.00 Hz (ch=0) 00:00:00.413705 Display::handleDisplayResize: uScreenId=0 pvVRAM=00007fc198022000 w=640 h=480 bpp=32 cbLine=0xA00 flags=0x1 00:00:00.413757 GUI: UIFrameBufferPrivate::NotifyChange: Screen=0, Origin=0x0, Size=640x480, Sending to async-handler 00:00:00.413813 GUI: UIMachineView::sltHandleNotifyChange: Screen=0, Size=640x480 00:00:00.413824 GUI: UIFrameBufferPrivate::handleNotifyChange: Size=640x480 00:00:00.413899 GUI: UIFrameBufferPrivate::performResize: Size=640x480, Directly using source bitmap content 00:00:00.618330 GUI: UIMachineLogicFullscreen: Additions-state actual-change event, rebuild multi-screen layout 00:00:00.621210 GUI: UIMultiScreenLayout::update: GUI/AutomountGuestScreens is disabled 00:00:00.622075 GUI: 2D video acceleration is disabled 00:00:00.622102 GUI: HID LEDs sync is not supported on this platform 00:00:02.881688 Display::handleDisplayResize: uScreenId=0 pvVRAM=0000000000000000 w=720 h=400 bpp=0 cbLine=0x0 flags=0x1 00:00:02.881845 GUI: UIFrameBufferPrivate::NotifyChange: Screen=0, Origin=0x0, Size=720x400, Sending to async-handler 00:00:02.881956 GUI: UIMachineView::sltHandleNotifyChange: Screen=0, Size=720x400 00:00:02.881994 GUI: UIFrameBufferPrivate::handleNotifyChange: Size=720x400 00:00:02.882026 GUI: UIFrameBufferPrivate::performResize: Size=720x400, Directly using source bitmap content 00:00:02.909393 PIT: mode=2 count=0x10000 (65536) - 18.20 Hz (ch=0) 00:00:02.909955 VMMDev: Guest Log: BIOS: Boot : bseqnr=1, bootseq=0023 00:00:02.910717 VMMDev: Guest Log: BIOS: CDROM boot failure code : 0004 00:00:02.911105 VMMDev: Guest Log: BIOS: Boot from CD-ROM failed 00:00:02.911466 VMMDev: Guest Log: BIOS: Boot : bseqnr=2, bootseq=0002 00:00:02.911888 VMMDev: Guest Log: BIOS: Booting from Hard Disk... 00:00:03.037020 VMMDev: Guest Log: int13_harddisk: function 15, unmapped device for ELDL=82 00:00:03.095787 PIT: mode=2 count=0x2ead (11949) - 99.85 Hz (ch=0) 00:00:03.104549 APIC0: Switched mode to disabled 00:00:03.110607 Display::handleDisplayResize: uScreenId=0 pvVRAM=00007fc198022000 w=640 h=480 bpp=0 cbLine=0x140 flags=0x1 00:00:03.110652 GUI: UIFrameBufferPrivate::NotifyChange: Screen=0, Origin=0x0, Size=640x480, Sending to async-handler 00:00:03.110719 GUI: UIMachineView::sltHandleNotifyChange: Screen=0, Size=640x480 00:00:03.110728 GUI: UIFrameBufferPrivate::handleNotifyChange: Size=640x480 00:00:03.110736 GUI: UIFrameBufferPrivate::performResize: Size=640x480, Directly using source bitmap content 00:00:03.651449 PIIX3 ATA: LUN#0: IDLE IMMEDIATE, CmdIf=0xef (-1 usec ago) 00:00:03.651464 PIIX3 ATA: LUN#0: aborting current command 00:00:03.651593 PIIX3 ATA: LUN#1: IDLE IMMEDIATE, CmdIf=0xef (-1 usec ago) 00:00:03.651611 PIIX3 ATA: LUN#1: aborting current command 00:00:04.428279 VMMDev: Guest Log: VBoxGuest: Windows version 5.1, build 2600 00:00:04.430722 VMMDev: Guest Additions information report: Version 5.1.10 r112026 '5.1.10' 00:00:04.430775 VMMDev: Guest Additions information report: Interface = 0x00010004 osType = 0x00033000 (Windows XP, 32-bit) 00:00:04.430867 VMMDev: Guest Additions capability report: (0x0 -> 0x0) seamless: no, hostWindowMapping: no, graphics: no 00:00:04.430990 VMMDev: Guest reported fixed hypervisor window at 000f7400000 LB 0x800000 (rc=VINF_SUCCESS) 00:00:04.431008 GUI: UISession::sltAdditionsChange: GA state change event came, notifying listeners. 00:00:04.431048 VMMDev: vmmDevReqHandler_HeartbeatConfigure: No change (fHeartbeatActive=false). 00:00:04.431067 GUI: UISession::sltAdditionsChange: GA state change event came, notifying listeners. 00:00:04.431097 VMMDev: Heartbeat flatline timer set to trigger after 4 000 000 000 ns 00:00:04.431249 GUI: UISession::sltAdditionsChange: GA state really changed, notifying listeners. 00:00:04.431257 GUI: UIMachineLogicFullscreen: Additions-state actual-change event, rebuild multi-screen layout 00:00:04.432638 GUI: UIMultiScreenLayout::update: GUI/AutomountGuestScreens is disabled 00:00:04.432681 GUI: UIMachineViewFullscreen::adjustGuestScreenSize: Adjust guest-screen size if necessary. 00:00:04.432688 GUI: UISession::sltAdditionsChange: GA state change event came, notifying listeners. 00:00:04.739166 VMMDev: Guest Log: VBoxMP::DriverEntry: VBox XPDM Driver for Windows version 5.1.10r112026, 32 bit; Built Nov 21 2016 16:44:55 00:00:04.763435 VMMDev: Guest Log: VBoxMP::VBoxDrvFindAdapter: using HGSMI 00:00:04.766138 PCNet#0: Init: ss32=1 GCRDRA=0x02422420[64] GCTDRA=0x02422020[64] 00:00:05.780075 AC97: Reset 00:00:05.789394 OHCI: Software reset 00:00:05.789757 OHCI: USB Reset 00:00:05.790000 OHCI: USB Operational 00:00:05.855156 EHCI: Hardware reset 00:00:05.855617 EHCI: USB Operational 00:00:05.998097 PCNet#0: Init: ss32=1 GCRDRA=0x02422420[64] GCTDRA=0x02422020[64] 00:00:06.160540 Display::handleDisplayResize: uScreenId=0 pvVRAM=00007fc198022000 w=1920 h=1200 bpp=32 cbLine=0x1E00 flags=0x1 00:00:06.160580 GUI: UIFrameBufferPrivate::NotifyChange: Screen=0, Origin=0x0, Size=1920x1200, Sending to async-handler 00:00:06.160651 GUI: UIMachineView::sltHandleNotifyChange: Screen=0, Size=1920x1200 00:00:06.160661 GUI: UIFrameBufferPrivate::handleNotifyChange: Size=1920x1200 00:00:06.160671 GUI: UIFrameBufferPrivate::performResize: Size=1920x1200, Directly using source bitmap content 00:00:06.162804 VMMDev: Guest Log: VBoxDisp[0]: VBVA enabled 00:00:06.162825 VBVA: InfoScreen: [0] @0,0 1920x1200, line 0x1e00, BPP 32, flags 0x1 00:00:06.162829 Display::handleDisplayResize: uScreenId=0 pvVRAM=00007fc198022000 w=1920 h=1200 bpp=32 cbLine=0x1E00 flags=0x1 00:00:06.162867 GUI: UIFrameBufferPrivate::NotifyChange: Screen=0, Origin=0x0, Size=1920x1200, Sending to async-handler 00:00:06.167897 GUI: UIMachineView::sltHandleNotifyChange: Screen=0, Size=1920x1200 00:00:06.167932 GUI: UIFrameBufferPrivate::handleNotifyChange: Size=1920x1200 00:00:06.167944 GUI: UIFrameBufferPrivate::performResize: Size=1920x1200, Directly using source bitmap content 00:00:06.347654 GUI: UISession::sltAdditionsChange: GA state change event came, notifying listeners. 00:00:06.351042 GUI: UISession::sltAdditionsChange: GA state really changed, notifying listeners. 00:00:06.351053 GUI: UIMachineLogicFullscreen: Additions-state actual-change event, rebuild multi-screen layout 00:00:06.352354 GUI: UIMultiScreenLayout::update: GUI/AutomountGuestScreens is disabled 00:00:06.352387 GUI: UIMachineViewFullscreen::adjustGuestScreenSize: Adjust guest-screen size if necessary. 00:00:06.352391 GUI: UISession::sltAdditionsChange: GA state change event came, notifying listeners. 00:00:07.402865 EHCI: USB Suspended 00:00:32.571097 PCNet#0: Init: ss32=1 GCRDRA=0x02422420[64] GCTDRA=0x02422020[64] 00:00:35.038031 PCNet#0: Init: ss32=1 GCRDRA=0x02422420[64] GCTDRA=0x02422020[64] 00:00:35.040009 PCNet#0: Init: ss32=1 GCRDRA=0x02422420[64] GCTDRA=0x02422020[64] 00:00:40.052431 PCNet#0: Init: ss32=1 GCRDRA=0x02422420[64] GCTDRA=0x02422020[64] 00:00:40.056325 PCNet#0: Init: ss32=1 GCRDRA=0x02422420[64] GCTDRA=0x02422020[64] 00:00:43.520353 GUI: UISession::sltAdditionsChange: GA state change event came, notifying listeners. 00:00:43.573475 Starting host clipboard service 00:00:43.573520 Shared clipboard: Initializing X11 clipboard backend 00:00:43.573523 ClipStartX11: 00:00:43.578039 vboxClipboardConnect: returning VINF_SUCCESS 00:00:43.578134 vboxClipboardConnect: rc = VINF_SUCCESS 00:00:43.578147 Shared clipboard: Starting shared clipboard thread 00:00:43.578150 void clipQueryX11CBFormats(CLIPBACKEND*): requesting the targets that the X11 clipboard offers 00:00:43.578733 clipConvertX11Targets: pValue=00007fc1dc0041c0, *pcLen=12, *atomType=4 00:00:43.578972 clipUpdateX11Targets: called 00:00:43.578975 clipReportFormatsToVBox: clipReportFormatsToVBox format: 1 00:00:43.578977 clipReportFormatsToVBox: clipReportFormatsToVBox txt: 1, bitm: 0, html:0, u32VBoxFormats: 1 00:00:43.578980 ClipReportX11Formats: called. pCtx=00007fc1a4001af0, u32Formats=01 00:00:43.578982 vboxSvcClipboardReportMsg: Formats 01 00:00:43.579195 svcCall: u32ClientID = 16, fn = 2, cParms = 1, pparms = -1404177512 00:00:43.579198 svcCall: VBOX_SHARED_CLIPBOARD_FN_FORMATS 00:00:43.579200 vboxClipboardFormatAnnounce: called. pClient=00007fc1b0005930, u32Formats=00 00:00:43.579202 clipQueueToEventThread: proc=00007fc1c1947190, client_data=00007fc1a4013880 00:00:43.579208 svcCall: rc = VINF_SUCCESS 00:00:43.579213 clipNewVBoxFormatsWorker: u32Formats=0 00:00:43.581602 clipNewVBoxFormatsWorker: returning 00:00:43.581692 VMMDev: Guest Additions capability report: (0x0 -> 0x1) seamless: yes, hostWindowMapping: no, graphics: no 00:00:43.581744 clipDrainWakeupPipe: called 00:00:43.581768 clipXtConvertSelectionProc: 00:00:43.581772 clipCreateX11Targets: called 00:00:43.581776 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:00:43.581862 GUI: UISession::sltAdditionsChange: GA state really changed, notifying listeners. 00:00:43.581882 GUI: UIMachineLogicFullscreen: Additions-state actual-change event, rebuild multi-screen layout 00:00:43.582075 svcCall: u32ClientID = 16, fn = 1, cParms = 2, pparms = -1404179672 00:00:43.582085 svcCall: VBOX_SHARED_CLIPBOARD_FN_GET_HOST_MSG 00:00:43.582088 vboxSvcClipboardReturnMsg: Formats 01 00:00:43.582091 svcCall: rc = VINF_SUCCESS 00:00:43.582702 svcCall: u32ClientID = 16, fn = 1, cParms = 2, pparms = -1404179672 00:00:43.582715 svcCall: VBOX_SHARED_CLIPBOARD_FN_GET_HOST_MSG 00:00:43.582717 vboxSvcClipboardReturnMsg: no message 00:00:43.582719 svcCall: async. 00:00:43.582721 svcCall: rc = VINF_SUCCESS 00:00:43.582750 GUI: UIMultiScreenLayout::update: GUI/AutomountGuestScreens is disabled 00:00:43.582756 clipXtConvertSelectionProc: 00:00:43.582763 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:00:43.582774 GUI: UIMachineViewFullscreen::adjustGuestScreenSize: Adjust guest-screen size if necessary. 00:00:43.582778 GUI: UISession::sltAdditionsChange: GA state change event came, notifying listeners. 00:00:43.583677 clipXtConvertSelectionProc: 00:00:43.583688 clipCreateX11Targets: called 00:00:43.583690 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:00:43.583957 clipXtConvertSelectionProc: 00:00:43.583963 clipCreateX11Targets: called 00:00:43.583965 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:00:43.584259 clipXtConvertSelectionProc: 00:00:43.584265 clipCreateX11Targets: called 00:00:43.584267 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:00:43.584297 clipXtConvertSelectionProc: 00:00:43.584300 clipCreateX11Targets: called 00:00:43.584302 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:00:43.584332 clipXtConvertSelectionProc: 00:00:43.584334 clipCreateX11Targets: called 00:00:43.584336 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:00:43.584358 clipXtConvertSelectionProc: 00:00:43.584361 clipCreateX11Targets: called 00:00:43.584362 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:00:43.584417 clipXtConvertSelectionProc: 00:00:43.584433 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:00:43.584543 clipXtConvertSelectionProc: 00:00:43.584548 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:00:43.584593 clipXtConvertSelectionProc: 00:00:43.584597 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:00:43.585163 clipXtConvertSelectionProc: 00:00:43.585172 clipCreateX11Targets: called 00:00:43.585174 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:00:43.585262 clipXtConvertSelectionProc: 00:00:43.585267 clipCreateX11Targets: called 00:00:43.585269 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:00:43.585533 clipXtConvertSelectionProc: 00:00:43.585537 clipCreateX11Targets: called 00:00:43.585539 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:00:43.585588 clipXtConvertSelectionProc: 00:00:43.585591 clipCreateX11Targets: called 00:00:43.585593 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:00:43.585623 clipXtConvertSelectionProc: 00:00:43.585626 clipCreateX11Targets: called 00:00:43.585628 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:00:43.585658 clipXtConvertSelectionProc: 00:00:43.585662 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:00:43.585811 clipXtConvertSelectionProc: 00:00:43.585816 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:00:43.585899 clipXtConvertSelectionProc: 00:00:43.585903 clipCreateX11Targets: called 00:00:43.585905 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:00:43.585953 clipXtConvertSelectionProc: 00:00:43.585957 clipCreateX11Targets: called 00:00:43.585958 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:00:43.586052 clipXtConvertSelectionProc: 00:00:43.586058 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:00:43.586218 clipXtConvertSelectionProc: 00:00:43.586224 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:00:43.586251 clipXtConvertSelectionProc: 00:00:43.586254 clipCreateX11Targets: called 00:00:43.586256 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:00:43.586284 clipXtConvertSelectionProc: 00:00:43.586288 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:00:43.586371 clipXtConvertSelectionProc: 00:00:43.586375 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:00:43.586401 clipXtConvertSelectionProc: 00:00:43.586405 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:00:43.586426 clipXtConvertSelectionProc: 00:00:43.586429 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:00:43.586448 clipXtConvertSelectionProc: 00:00:43.586451 clipCreateX11Targets: called 00:00:43.586453 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:00:43.586484 clipXtConvertSelectionProc: 00:00:43.586488 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:00:43.586588 clipXtConvertSelectionProc: 00:00:43.586597 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:00:43.586628 clipXtConvertSelectionProc: 00:00:43.586631 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:00:43.586665 clipXtConvertSelectionProc: 00:00:43.586668 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:00:43.586684 clipXtConvertSelectionProc: 00:00:43.586687 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:00:43.586821 clipXtConvertSelectionProc: 00:00:43.586825 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:00:43.586847 clipXtConvertSelectionProc: 00:00:43.586850 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:00:43.586867 clipXtConvertSelectionProc: 00:00:43.586870 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:00:43.586901 clipXtConvertSelectionProc: 00:00:43.586904 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:00:43.586968 clipXtConvertSelectionProc: 00:00:43.586972 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:00:43.587002 clipXtConvertSelectionProc: 00:00:43.587007 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:00:43.587039 clipXtConvertSelectionProc: 00:00:43.587042 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:00:43.587076 clipXtConvertSelectionProc: 00:00:43.587079 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:00:43.587115 clipXtConvertSelectionProc: 00:00:43.587120 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:00:43.587139 clipXtConvertSelectionProc: 00:00:43.587141 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:00:43.587159 clipXtConvertSelectionProc: 00:00:43.587162 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:00:43.596313 VMMDev: Guest Additions capability report: (0x1 -> 0x5) seamless: yes, hostWindowMapping: no, graphics: yes 00:00:43.596394 GUI: UISession::sltAdditionsChange: GA state really changed, notifying listeners. 00:00:43.596426 GUI: UIMachineLogicFullscreen: Additions-state actual-change event, rebuild multi-screen layout 00:00:43.597439 GUI: UIMultiScreenLayout::update: GUI/AutomountGuestScreens is disabled 00:00:43.597486 GUI: UIMachineViewFullscreen::adjustGuestScreenSize: Adjust guest-screen size if necessary. 00:00:43.597490 GUI: UISession::sltAdditionsChange: GA state change event came, notifying listeners. 00:00:43.597523 GUI: UISession::sltAdditionsChange: GA state change event came, notifying listeners. 00:00:46.537614 clipXtConvertSelectionProc: 00:00:46.537669 clipCreateX11Targets: called 00:00:46.537680 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:00:48.752494 clipXtConvertSelectionProc: 00:00:48.752545 clipCreateX11Targets: called 00:00:48.752555 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:00:50.938027 clipXtConvertSelectionProc: 00:00:50.938090 clipCreateX11Targets: called 00:00:50.938102 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:00:53.080607 clipXtConvertSelectionProc: 00:00:53.080628 clipCreateX11Targets: called 00:00:53.080631 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:00:54.714851 clipXtConvertSelectionProc: 00:00:54.714902 clipCreateX11Targets: called 00:00:54.714913 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:00:55.164647 clipXtConvertSelectionProc: 00:00:55.164693 clipCreateX11Targets: called 00:00:55.164704 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:00:56.684806 void clipQueryX11CBFormats(CLIPBACKEND*): requesting the targets that the X11 clipboard offers 00:00:56.702563 clipConvertX11Targets: pValue=00007fc1dc004530, *pcLen=12, *atomType=4 00:00:56.702643 clipUpdateX11Targets: called 00:00:56.702688 clipReportFormatsToVBox: clipReportFormatsToVBox format: 1 00:00:56.702697 clipReportFormatsToVBox: clipReportFormatsToVBox txt: 1, bitm: 0, html:0, u32VBoxFormats: 1 00:00:56.702706 ClipReportX11Formats: called. pCtx=00007fc1a4001af0, u32Formats=01 00:00:56.702715 vboxSvcClipboardReportMsg: Formats 01 00:00:56.702722 vboxSvcClipboardReturnMsg: Formats 01 00:00:56.702729 vboxSvcClipboardReportMsg: CallComplete 00:00:56.703418 svcCall: u32ClientID = 16, fn = 1, cParms = 2, pparms = -1404179672 00:00:56.703452 svcCall: VBOX_SHARED_CLIPBOARD_FN_GET_HOST_MSG 00:00:56.703459 vboxSvcClipboardReturnMsg: no message 00:00:56.703465 svcCall: async. 00:00:56.703472 svcCall: rc = VINF_SUCCESS 00:01:12.443624 void clipQueryX11CBFormats(CLIPBACKEND*): requesting the targets that the X11 clipboard offers 00:01:12.446471 clipConvertX11Targets: pValue=00007fc1dc004530, *pcLen=12, *atomType=4 00:01:12.446548 clipUpdateX11Targets: called 00:01:12.446560 clipReportFormatsToVBox: clipReportFormatsToVBox format: 1 00:01:12.446568 clipReportFormatsToVBox: clipReportFormatsToVBox txt: 1, bitm: 0, html:0, u32VBoxFormats: 1 00:01:12.446577 ClipReportX11Formats: called. pCtx=00007fc1a4001af0, u32Formats=01 00:01:12.446587 vboxSvcClipboardReportMsg: Formats 01 00:01:12.446594 vboxSvcClipboardReturnMsg: Formats 01 00:01:12.446600 vboxSvcClipboardReportMsg: CallComplete 00:01:12.447297 svcCall: u32ClientID = 16, fn = 1, cParms = 2, pparms = -1404179672 00:01:12.447331 svcCall: VBOX_SHARED_CLIPBOARD_FN_GET_HOST_MSG 00:01:12.447340 vboxSvcClipboardReturnMsg: no message 00:01:12.447346 svcCall: async. 00:01:12.447352 svcCall: rc = VINF_SUCCESS 00:01:58.995467 svcCall: u32ClientID = 16, fn = 3, cParms = 3, pparms = -1404177080 00:01:58.995488 svcCall: VBOX_SHARED_CLIPBOARD_FN_READ_DATA 00:01:58.995506 vboxClipboardReadData: pClient=00007fc1b0005930, u32Format=01, pv=00007fc1ac4df590, cb=4096, pcbActual=00007fc1c1bcedfcclipQueueToEventThread: proc=00007fc1c1947000, client_data=00007fc1a4013820 00:01:58.995531 vboxClipboardReadData: returning VINF_HGCM_ASYNC_EXECUTE 00:01:58.995574 vboxClipboardReadX11Worker: pReq->mFormat = 01 00:01:58.995591 vboxClipboardReadX11Worker: status VINF_SUCCESS 00:01:58.995608 clipDrainWakeupPipe: called 00:01:58.995727 svcCall: rc = VINF_HGCM_ASYNC_EXECUTE 00:01:58.995810 clipConvertX11CB: pReq->mFormat=01, pReq->mTextFormat=1, pReq->mBitmapFormat=0, pReq->mHtmlFormat=0, pReq->mCtx=00007fc1a4001bc0 00:01:58.995814 clipUtf8ToWinTxt: pcSrc=00007fc1dc0044a0, cbSrc=37, ppwszDest=00007fc18c167888 00:01:58.995818 clipUtf16ToWinTxt: pwcSrc=00007fc1dc0044d0, cwcSrc=37, ppwszDest=00007fc18c167888 00:01:58.995821 clipUtf16ToWinTxt: converted string is VBOX_SHARED_CLIPBOARD_FN_GET_HOST_MSG 00:01:58.995823 clipUtf16ToWinTxt: returning VINF_SUCCESS 00:01:58.995825 clipUtf16ToWinTxt: *pcbDest=76 00:01:58.995827 clipUtf8ToWinTxt: Returning VINF_SUCCESS 00:01:58.995829 clipUtf8ToWinTxt: *pcbDest=76 00:01:58.995837 clipConvertX11CB: rc=VINF_SUCCESS 00:03:42.091391 svcCall: u32ClientID = 16, fn = 2, cParms = 1, pparms = -1404172312 00:03:42.091460 svcCall: VBOX_SHARED_CLIPBOARD_FN_FORMATS 00:03:42.091471 vboxClipboardFormatAnnounce: called. pClient=00007fc1b0005930, u32Formats=01 00:03:42.091483 clipQueueToEventThread: proc=00007fc1c1947190, client_data=00007fc1a4012200 00:03:42.091507 svcCall: rc = VINF_SUCCESS 00:03:42.091530 clipNewVBoxFormatsWorker: u32Formats=1 00:03:42.092441 clipNewVBoxFormatsWorker: returning 00:03:42.092476 clipDrainWakeupPipe: called 00:03:42.092510 clipXtConvertSelectionProc: 00:03:42.092520 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:03:42.092533 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:03:42.092545 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:03:42.092574 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:03:42.092583 vboxSvcClipboardReportMsg: ReadData 01 00:03:42.092589 vboxSvcClipboardReturnMsg: ReadData 01 00:03:42.092595 vboxSvcClipboardReportMsg: CallComplete 00:03:42.121689 svcCall: u32ClientID = 16, fn = 4, cParms = 2, pparms = -1405139944 00:03:42.121718 svcCall: VBOX_SHARED_CLIPBOARD_FN_WRITE_DATA 00:03:42.121722 vboxClipboardWriteData: called. pClient=00007fc1b0005930, pv=00007fc1ac3f4448 ( 00:03:42.121745 00:03:42.121745 Tapiero2010 00:03:42.121745 00:03:42.121746 2016-11-27 09:20 Tapiero2010 Risk Finance and Asset Pricing Value Measurements and Markets.pdf p165 00:03:42.121748 00:03:42.121748 1 =E((1+R_{i})M₁)=E((1+R_{i})(a+bR_{m})) 00:03:42.121749 =E(1+R_{i})E(a+bR_{m})+cov(1+R_{i},a+bR_{m}) 00:03:42.121750 00:03:42.121751 Let R_{i}=R_{f}, by 1=E((1+R_{i})M₁) 00:03:42.121751 00:03:42.121752 E(a+bR_{m})=(1/(1+R_{f})) 00:03:42.121752 00:03:42.121753 and 1=E((1+R_{m})(a+bR_{m})) 00:03:42.121754 00:03:42.121754 1=(1/(1+R_{f}))+aE(R_{m})+bE(R_{m}²)=(1/(1+R_{f}))+aE(R_{m})+bvar(R_{m})+bE(R_{m})² 00:03:42.121756 00:03:42.121756 thus 00:03:42.121756 00:03:42.121757 var(R_{m})=((R_{f})/(1+R_{f}))-E(R_{m})(a+bE(R_{m}))=((R_{f})/(1+R_{f}))-((E(R_{m}))/(1+R_{f})) 00:03:42.121758 00:03:42.121759 讨论 CAPM-cn.tex中 00:03:42.121759 00:03:42.121760 R_{M}=(1/(b-aR₀))(1+c-bR₀-((1+h(R₀))/(R₀))R_{:}) 00:03:42.121761 00:03:42.121761 00:03:42.121761 R_{:}=((R₀)/(1+h(R₀)))(1+c-bR₀-(b-aR₀)R_{M}) 00:03:42.121762 00:03:42.121762 是为R_{M}的线性 00:03:42.121763 00:03:42.121763 R_{:}=η+ζR_{M} 00:03:42.121764 00:03:42.121764 00:03:42.121765 HensRieger2010 00:03:42.121765 00:03:42.121765 2016-12-01 14:36 HensRieger2010 Financial Economics: A Concise Introduction to Classical and Behavioral Finance 00:03:42.121768 往mm命题靠,整了个很庞大的经济系统,一般均衡分析方法,资产的供给总说不清 00:03:42.121769 p267 "The great difference between the industry of today as compared to that of yesterday is what might be referred to as the necessity of the scientific approach, the elimination of operation by hunches." Alfred P. Sloan 00:03:42.121772 p268 no arbitrage condition (NAC) positive cash-flow in at least one state, but non-negative cash-flow in every state. 00:03:42.121774 p274 While in the traditional view, the shareholder value of a firm depends on its debt-equity ratio, Modigliani and Miller show that under well defined conditions the funding of a firm is irrelevant. Their proof is based on an intuitive arbitrage argument 00:03:42.121778 00:03:42.121779 Culp2004 00:03:42.121779 00:03:42.121779 2016-12-01 14:49 Culp2004 Risk Transfer: Derivatives in Theory and Practice 00:03:42.121781 p144 Off-market derivatives, by contrast, do involve an initial payment by one counterparty to the other of an amount equal to the price of the contract---its expected discounted payoff. Off-market derivatives include options, prepaid forwards, and certain traditional forwards and swaps that are deliberately negotiated "off" the current market price. 00:03:42.121786 In general, "asset pricing" is all about solving for discounted expected payoff to get a price. 00:03:42.121788 For at-market derivatives, however, the task of "pricing" is instead the task of solving for the fixed rate or price that equates the discounted expected payoff to zero. 00:03:42.121791 In this context, the phrase "derivatives pricing" thus very misleadingly refers to the determination of the fixed purchase price f_{t,T} that equates the discounted expected payoff to zero. 00:03:42.121794 p146 For at-market derivatives, "pricing" means finding the fixed rate or price specified in the contract on the trade date that equates the true initial price of the contract to zero. For off-market derivatives, "pricing" requires actually computing the expected discounted payoff of the contract as of the trade date for a given fixed rate or price. 00:03:42.121799 p147 In absolute pricing often called equilibrium asset-pricing models 00:03:42.121801 In relative pricing, by contrast, we ask what we can learn about one asset's value given the prices of some other assets. 00:03:42.121803 Relative pricing offers simplicity and tractability 00:03:42.121804 p148 Investors do not value money directly. the consumption that money can buy is what really matters 00:03:42.121806 p149 用无套利得到如下式子更方便 00:03:42.121806 00:03:42.121807 p_{t}^{}=E_{t}(m_{t+1}z_{t+1}) 00:03:42.121808 00:03:42.121808 and one that relates the stochastic discount factor m_{t+1} to the intertemporal marginal rate of substitution (IMRS), by analogy with simple present value rules. 00:03:42.121810 p150 In finance, we commonly do not think too much about consumption and utility functions. The stochastic discount factor remains an index of bad times (strictly speaking, growth in bad times). Finance theorists tend to think directly about discount factor models in which data such as the market return are used as indicators of bad versus good times. 00:03:42.121816 As usual, unification came after the fact. 00:03:42.121817 In applications to stocks and portfolios, it is often convenient to think about rates of return rather than prices. 思考 00:03:42.121819 00:03:42.121819 ∙ E(R)改变时,通常当前价格也要改变 00:03:42.121820 ∙ 感觉用期望收益率,还是资本成本的旧思想 00:03:42.121821 ∙ 好处:比较平稳 00:03:42.121821 ∙ 毛收益率全部位于价格为1的超平面上 00:03:42.121822 00:03:42.121822 1=E_{t}(m_{t+1}R_{t+1}) 00:03:42.121823 00:03:42.121823 因此没有价值创造(投入为1,产出的现值为1) 区别于投入到生产中,有价值创造 00:03:42.121824 00:03:42.121825 p151 Similarly, if we want to work with returns in excess of the risk-free rate R_{t+1}^{e}=R_{t+1}-R_{f} then (7.4) becomes 00:03:42.121827 00:03:42.121827 0=E_{t}(m_{t+1}R_{t+1}^{e}) 00:03:42.121828 00:03:42.121828 超额收益率可以是任意两资产间,可以是两个风险资产间。 00:03:42.121829 The expected excess return of each asset should be proportional to its beta. 提醒,beta 可不是由自己决定哦 00:03:42.121830 p152 Risk aversion is the same thing as overestimating the probability of bad events. 00:03:42.121832 Systematic versus Idiosyncratic Risk A central and classic idea in asset pricing is that only systematic risk generates a premium. Idiosyncratic risks are "not priced," meaning that you earn no more than the interest rate for holding them. 注:我感觉只是收益率的分解,并不是什么溢价 00:03:42.121836 p153 Insurance is a terrible investment. The average return is negative Yet people willingly buy insurance. Why? Because insurance pays off well in bad times---just as the house stops smoldering, here comes a check in the mail. 00:03:42.121840 2016-12-01 19:53 00:03:42.121840 The volatility of the asset's cash flow per se is completely irrelevant to its risk premium 00:03:42.121842 The systematic part of any risk is that part that is perfectly correlated with the discount factor The idiosyncratic part of any risk is that part that is uncorrelated with the discount factor. It generates no premium 00:03:42.121845 p154 The CAPM, for example, is one special case of the general theory. It specifies that the discount factor is linearly related to the market return m_{t+1}=a-br_{t+1}^{} (more on this later). 00:03:42.121848 In many portfolio management applications, "systematic" and "diversifiable" components are defined with multiple regressions on style portfolios, including size, book to market value, and industry groupings as well as the market portfolio. Implicitly, these definitions correspond to models that the discount factor is a function of these portfolio groupings. These specifications are fine, but they are special cases and they reflect lots of hidden assumptions. Other specifications may be useful. 00:03:42.121856 For very little portfolio changes, covariance matters more than variance. 00:03:42.121858 p155 We often call idiosyncratic risks "diversifiable" because they largely disappear in welldiversified portfolios. 00:03:42.121860 Risks correlated with the business or company stock will be systematic for this investor, albeit not necessarily for the market as a whole. 00:03:42.121862 idiosyncratic risk does matter for asset pricing. Most of these circumstances involve some form of "market incompleteness," such as institutional restrictions on the portfolio decisions of certain special investors, the nonmarketability of financial claims 00:03:42.121866 p157 Historically, the CCAPM came last, in order to repair those problems. 00:03:42.121867 The CAPM is mathematically identical to a specification of the discount factor linear in the market return, rather than linear in consumption growth 00:03:42.121870 p158 Efforts to find theoretically purer proxies for the market portfolio of world invested wealth (Roll1977) have not helped 脱离模型设定了 00:03:42.121872 The CAPM discount factor model is a sensible approximation. a linear function of the market return is a completely sufficient indicator of good and bad times 00:03:42.121875 The CAPM (and all following models) is not an alternative to the consumption-based model; it is a special case. 00:03:42.121877 In addition, all investors in a CAPM world must hold the same portfolio of assets---the market portfolio 00:03:42.121879 p159 Technically, this model generalizes the CAPM assumption that the market return is independent over time. 问题:CAPM 本来是单期模型啊,怎么会有此假设 00:03:42.121881 p160 What are the additional sources of risk about which investors are economically concerned? 00:03:42.121883 what fundamental macroeconomic risks are behind the value effect, not just understand a set of mimicking portfolios that capture them for empirical work. 00:03:42.121885 问题:FF3 有什么用途? 00:03:42.121886 p161 in which the discount factor is only a function of the market return and state variables) by presuming that investors have no jobs or other assets; they simply live off their portfolios of financial assets. 我觉得不是定价,是风险分解 00:03:42.121890 The grandfather of all of these is the ChenRR1986 multifactor model 00:03:42.121891 PastorStambaugh2003 are finally documenting the importance of liquidity. 00:03:42.121893 p162 In principle, valuing a bond is easier than valuing other securities, because the payoff is fixed. 00:03:42.121895 p164 selected for empirical fit (in sample) rather than even armchair theorizing about good and bad states. 00:03:42.121896 To find the value of a McDonald's hamburger, absolute pricing starts thinking about how much it costs to feed a cow. Relative pricing looks at the price of a hamburger at Burger King. 00:03:42.121899 p165 The relative pricing approach uses information from other asset prices in order to construct a discount factor useful for pricing a given asset. 00:03:42.121902 "Arbitrage pricing" is the purest case of relative pricing, neatly cuts short the endless discussion over what are the true risk factors, market price of risk, and so on. 00:03:42.121905 Arbitrage pricing should really be called "Law of One Price pricing," and probably would be if the latter were not so ugly a name. 错! 00:03:42.121907 p166 every asset pricing model posits that there is some discount factor, 00:03:42.121908 Arbitrage pricing, however, is not completely assumption-free. It assumes that there is some discount factor. 错!市场完全时,完全可以找出来,而不是假设出来 00:03:42.121911 The Law of One Price is routinely violated in retail stores 这不是金融市场 00:03:42.121912 even a textbook-perfect hedge is exposed to some risk arising from institutional frictions, transaction costs, illiquidity, and so forth. More often, there is no textbook-perfect hedge, due to nonmarketed risks such as changing volatility, shifting interest rates, asset specific liquidity premiums, nonmarketed fundamental securities, and so on. 00:03:42.121917 p167 The weakest thing we can say in general (beyond existence) is that investors always like more over less 00:03:42.121919 p168 (APT) is the first such mixture of a little absolute pricing into a fundamentally relative-pricing problem. 是吗 APT is also a second source of inspiration for the factors in multifactor models. 00:03:42.121922 p171 the discount factor interpretation has been a matter of aesthetics 00:03:42.121924 This is only the beginning. The beauty of a discount factor framework is that it is easy to add all these restrictions and more together.), cb=20578, u32Format=01 00:03:42.121961 svcCall: rc = VINF_SUCCESS 00:03:42.121977 svcCall: u32ClientID = 16, fn = 1, cParms = 2, pparms = -1404177480 00:03:42.121980 svcCall: VBOX_SHARED_CLIPBOARD_FN_GET_HOST_MSG 00:03:42.121982 vboxSvcClipboardReturnMsg: no message 00:03:42.121984 svcCall: async. 00:03:42.121986 svcCall: rc = VINF_SUCCESS 00:03:42.121994 clipWaitForDataFromVBox: returning VINF_SUCCESS 00:03:42.121997 clipRequestDataFromVBox: returning VINF_SUCCESS 00:03:42.122001 ClipRequestDataForX11: returning VINF_SUCCESS 00:03:42.122003 ClipRequestDataForX11: *ppv= 00:03:42.122024 00:03:42.122024 Tapiero2010 00:03:42.122025 00:03:42.122025 2016-11-27 09:20 Tapiero2010 Risk Finance and Asset Pricing Value Measurements and Markets.pdf p165 00:03:42.122027 00:03:42.122027 1 =E((1+R_{i})M₁)=E((1+R_{i})(a+bR_{m})) 00:03:42.122028 =E(1+R_{i})E(a+bR_{m})+cov(1+R_{i},a+bR_{m}) 00:03:42.122029 00:03:42.122030 Let R_{i}=R_{f}, by 1=E((1+R_{i})M₁) 00:03:42.122030 00:03:42.122031 E(a+bR_{m})=(1/(1+R_{f})) 00:03:42.122031 00:03:42.122032 and 1=E((1+R_{m})(a+bR_{m})) 00:03:42.122033 00:03:42.122033 1=(1/(1+R_{f}))+aE(R_{m})+bE(R_{m}²)=(1/(1+R_{f}))+aE(R_{m})+bvar(R_{m})+bE(R_{m})² 00:03:42.122034 00:03:42.122035 thus 00:03:42.122035 00:03:42.122035 var(R_{m})=((R_{f})/(1+R_{f}))-E(R_{m})(a+bE(R_{m}))=((R_{f})/(1+R_{f}))-((E(R_{m}))/(1+R_{f})) 00:03:42.122037 00:03:42.122038 讨论 CAPM-cn.tex中 00:03:42.122038 00:03:42.122038 R_{M}=(1/(b-aR₀))(1+c-bR₀-((1+h(R₀))/(R₀))R_{:}) 00:03:42.122040 00:03:42.122040 00:03:42.122040 R_{:}=((R₀)/(1+h(R₀)))(1+c-bR₀-(b-aR₀)R_{M}) 00:03:42.122041 00:03:42.122041 是为R_{M}的线性 00:03:42.122042 00:03:42.122042 R_{:}=η+ζR_{M} 00:03:42.122043 00:03:42.122043 00:03:42.122044 HensRieger2010 00:03:42.122044 00:03:42.122044 2016-12-01 14:36 HensRieger2010 Financial Economics: A Concise Introduction to Classical and Behavioral Finance 00:03:42.122046 往mm命题靠,整了个很庞大的经济系统,一般均衡分析方法,资产的供给总说不清 00:03:42.122047 p267 "The great difference between the industry of today as compared to that of yesterday is what might be referred to as the necessity of the scientific approach, the elimination of operation by hunches." Alfred P. Sloan 00:03:42.122051 p268 no arbitrage condition (NAC) positive cash-flow in at least one state, but non-negative cash-flow in every state. 00:03:42.122053 p274 While in the traditional view, the shareholder value of a firm depends on its debt-equity ratio, Modigliani and Miller show that under well defined conditions the funding of a firm is irrelevant. Their proof is based on an intuitive arbitrage argument 00:03:42.122057 00:03:42.122057 Culp2004 00:03:42.122058 00:03:42.122058 2016-12-01 14:49 Culp2004 Risk Transfer: Derivatives in Theory and Practice 00:03:42.122060 p144 Off-market derivatives, by contrast, do involve an initial payment by one counterparty to the other of an amount equal to the price of the contract---its expected discounted payoff. Off-market derivatives include options, prepaid forwards, and certain traditional forwards and swaps that are deliberately negotiated "off" the current market price. 00:03:42.122065 In general, "asset pricing" is all about solving for discounted expected payoff to get a price. 00:03:42.122067 For at-market derivatives, however, the task of "pricing" is instead the task of solving for the fixed rate or price that equates the discounted expected payoff to zero. 00:03:42.122070 In this context, the phrase "derivatives pricing" thus very misleadingly refers to the determination of the fixed purchase price f_{t,T} that equates the discounted expected payoff to zero. 00:03:42.122073 p146 For at-market derivatives, "pricing" means finding the fixed rate or price specified in the contract on the trade date that equates the true initial price of the contract to zero. For off-market derivatives, "pricing" requires actually computing the expected discounted payoff of the contract as of the trade date for a given fixed rate or price. 00:03:42.122078 p147 In absolute pricing often called equilibrium asset-pricing models 00:03:42.122080 In relative pricing, by contrast, we ask what we can learn about one asset's value given the prices of some other assets. 00:03:42.122082 Relative pricing offers simplicity and tractability 00:03:42.122083 p148 Investors do not value money directly. the consumption that money can buy is what really matters 00:03:42.122085 p149 用无套利得到如下式子更方便 00:03:42.122085 00:03:42.122086 p_{t}^{}=E_{t}(m_{t+1}z_{t+1}) 00:03:42.122086 00:03:42.122087 and one that relates the stochastic discount factor m_{t+1} to the intertemporal marginal rate of substitution (IMRS), by analogy with simple present value rules. 00:03:42.122089 p150 In finance, we commonly do not think too much about consumption and utility functions. The stochastic discount factor remains an index of bad times (strictly speaking, growth in bad times). Finance theorists tend to think directly about discount factor models in which data such as the market return are used as indicators of bad versus good times. 00:03:42.122095 As usual, unification came after the fact. 00:03:42.122096 In applications to stocks and portfolios, it is often convenient to think about rates of return rather than prices. 思考 00:03:42.122098 00:03:42.122098 ∙ E(R)改变时,通常当前价格也要改变 00:03:42.122099 ∙ 感觉用期望收益率,还是资本成本的旧思想 00:03:42.122099 ∙ 好处:比较平稳 00:03:42.122100 ∙ 毛收益率全部位于价格为1的超平面上 00:03:42.122101 00:03:42.122101 1=E_{t}(m_{t+1}R_{t+1}) 00:03:42.122102 00:03:42.122102 因此没有价值创造(投入为1,产出的现值为1) 区别于投入到生产中,有价值创造 00:03:42.122103 00:03:42.122103 p151 Similarly, if we want to work with returns in excess of the risk-free rate R_{t+1}^{e}=R_{t+1}-R_{f} then (7.4) becomes 00:03:42.122105 00:03:42.122106 0=E_{t}(m_{t+1}R_{t+1}^{e}) 00:03:42.122107 00:03:42.122107 超额收益率可以是任意两资产间,可以是两个风险资产间。 00:03:42.122108 The expected excess return of each asset should be proportional to its beta. 提醒,beta 可不是由自己决定哦 00:03:42.122110 p152 Risk aversion is the same thing as overestimating the probability of bad events. 00:03:42.122111 Systematic versus Idiosyncratic Risk A central and classic idea in asset pricing is that only systematic risk generates a premium. Idiosyncratic risks are "not priced," meaning that you earn no more than the interest rate for holding them. 注:我感觉只是收益率的分解,并不是什么溢价 00:03:42.122115 p153 Insurance is a terrible investment. The average return is negative Yet people willingly buy insurance. Why? Because insurance pays off well in bad times---just as the house stops smoldering, here comes a check in the mail. 00:03:42.122119 2016-12-01 19:53 00:03:42.122120 The volatility of the asset's cash flow per se is completely irrelevant to its risk premium 00:03:42.122121 The systematic part of any risk is that part that is perfectly correlated with the discount factor The idiosyncratic part of any risk is that part that is uncorrelated with the discount factor. It generates no premium 00:03:42.122125 p154 The CAPM, for example, is one special case of the general theory. It specifies that the discount factor is linearly related to the market return m_{t+1}=a-br_{t+1}^{} (more on this later). 00:03:42.122128 In many portfolio management applications, "systematic" and "diversifiable" components are defined with multiple regressions on style portfolios, including size, book to market value, and industry groupings as well as the market portfolio. Implicitly, these definitions correspond to models that the discount factor is a function of these portfolio groupings. These specifications are fine, but they are special cases and they reflect lots of hidden assumptions. Other specifications may be useful. 00:03:42.122135 For very little portfolio changes, covariance matters more than variance. 00:03:42.122137 p155 We often call idiosyncratic risks "diversifiable" because they largely disappear in welldiversified portfolios. 00:03:42.122139 Risks correlated with the business or company stock will be systematic for this investor, albeit not necessarily for the market as a whole. 00:03:42.122141 idiosyncratic risk does matter for asset pricing. Most of these circumstances involve some form of "market incompleteness," such as institutional restrictions on the portfolio decisions of certain special investors, the nonmarketability of financial claims 00:03:42.122145 p157 Historically, the CCAPM came last, in order to repair those problems. 00:03:42.122147 The CAPM is mathematically identical to a specification of the discount factor linear in the market return, rather than linear in consumption growth 00:03:42.122149 p158 Efforts to find theoretically purer proxies for the market portfolio of world invested wealth (Roll1977) have not helped 脱离模型设定了 00:03:42.122151 The CAPM discount factor model is a sensible approximation. a linear function of the market return is a completely sufficient indicator of good and bad times 00:03:42.122154 The CAPM (and all following models) is not an alternative to the consumption-based model; it is a special case. 00:03:42.122156 In addition, all investors in a CAPM world must hold the same portfolio of assets---the market portfolio 00:03:42.122158 p159 Technically, this model generalizes the CAPM assumption that the market return is independent over time. 问题:CAPM 本来是单期模型啊,怎么会有此假设 00:03:42.122160 p160 What are the additional sources of risk about which investors are economically concerned? 00:03:42.122162 what fundamental macroeconomic risks are behind the value effect, not just understand a set of mimicking portfolios that capture them for empirical work. 00:03:42.122165 问题:FF3 有什么用途? 00:03:42.122166 p161 in which the discount factor is only a function of the market return and state variables) by presuming that investors have no jobs or other assets; they simply live off their portfolios of financial assets. 我觉得不是定价,是风险分解 00:03:42.122169 The grandfather of all of these is the ChenRR1986 multifactor model 00:03:42.122171 PastorStambaugh2003 are finally documenting the importance of liquidity. 00:03:42.122172 p162 In principle, valuing a bond is easier than valuing other securities, because the payoff is fixed. 00:03:42.122174 p164 selected for empirical fit (in sample) rather than even armchair theorizing about good and bad states. 00:03:42.122176 To find the value of a McDonald's hamburger, absolute pricing starts thinking about how much it costs to feed a cow. Relative pricing looks at the price of a hamburger at Burger King. 00:03:42.122179 p165 The relative pricing approach uses information from other asset prices in order to construct a discount factor useful for pricing a given asset. 00:03:42.122182 "Arbitrage pricing" is the purest case of relative pricing, neatly cuts short the endless discussion over what are the true risk factors, market price of risk, and so on. 00:03:42.122185 Arbitrage pricing should really be called "Law of One Price pricing," and probably would be if the latter were not so ugly a name. 错! 00:03:42.122188 p166 every asset pricing model posits that there is some discount factor, 00:03:42.122189 Arbitrage pricing, however, is not completely assumption-free. It assumes that there is some discount factor. 错!市场完全时,完全可以找出来,而不是假设出来 00:03:42.122191 The Law of One Price is routinely violated in retail stores 这不是金融市场 00:03:42.122193 even a textbook-perfect hedge is exposed to some risk arising from institutional frictions, transaction costs, illiquidity, and so forth. More often, there is no textbook-perfect hedge, due to nonmarketed risks such as changing volatility, shifting interest rates, asset specific liquidity premiums, nonmarketed fundamental securities, and so on. 00:03:42.122198 p167 The weakest thing we can say in general (beyond existence) is that investors always like more over less 00:03:42.122200 p168 (APT) is the first such mixture of a little absolute pricing into a fundamentally relative-pricing problem. 是吗 APT is also a second source of inspiration for the factors in multifactor models. 00:03:42.122203 p171 the discount factor interpretation has been a matter of aesthetics 00:03:42.122205 This is only the beginning. The beauty of a discount factor framework is that it is easy to add all these restrictions and more together., *pcb=20578 00:03:42.122233 clipReadVBoxClipboard: returning VINF_SUCCESS 00:03:42.122236 clipReadVBoxClipboard: *ppv= 00:03:42.122257 00:03:42.122258 Tapiero2010 00:03:42.122258 00:03:42.122259 2016-11-27 09:20 Tapiero2010 Risk Finance and Asset Pricing Value Measurements and Markets.pdf p165 00:03:42.122261 00:03:42.122261 1 =E((1+R_{i})M₁)=E((1+R_{i})(a+bR_{m})) 00:03:42.122262 =E(1+R_{i})E(a+bR_{m})+cov(1+R_{i},a+bR_{m}) 00:03:42.122263 00:03:42.122263 Let R_{i}=R_{f}, by 1=E((1+R_{i})M₁) 00:03:42.122264 00:03:42.122265 E(a+bR_{m})=(1/(1+R_{f})) 00:03:42.122265 00:03:42.122266 and 1=E((1+R_{m})(a+bR_{m})) 00:03:42.122266 00:03:42.122267 1=(1/(1+R_{f}))+aE(R_{m})+bE(R_{m}²)=(1/(1+R_{f}))+aE(R_{m})+bvar(R_{m})+bE(R_{m})² 00:03:42.122268 00:03:42.122269 thus 00:03:42.122269 00:03:42.122270 var(R_{m})=((R_{f})/(1+R_{f}))-E(R_{m})(a+bE(R_{m}))=((R_{f})/(1+R_{f}))-((E(R_{m}))/(1+R_{f})) 00:03:42.122271 00:03:42.122271 讨论 CAPM-cn.tex中 00:03:42.122272 00:03:42.122272 R_{M}=(1/(b-aR₀))(1+c-bR₀-((1+h(R₀))/(R₀))R_{:}) 00:03:42.122273 00:03:42.122274 00:03:42.122274 R_{:}=((R₀)/(1+h(R₀)))(1+c-bR₀-(b-aR₀)R_{M}) 00:03:42.122275 00:03:42.122275 是为R_{M}的线性 00:03:42.122276 00:03:42.122276 R_{:}=η+ζR_{M} 00:03:42.122277 00:03:42.122277 00:03:42.122277 HensRieger2010 00:03:42.122278 00:03:42.122278 2016-12-01 14:36 HensRieger2010 Financial Economics: A Concise Introduction to Classical and Behavioral Finance 00:03:42.122281 往mm命题靠,整了个很庞大的经济系统,一般均衡分析方法,资产的供给总说不清 00:03:42.122282 p267 "The great difference between the industry of today as compared to that of yesterday is what might be referred to as the necessity of the scientific approach, the elimination of operation by hunches." Alfred P. Sloan 00:03:42.122285 p268 no arbitrage condition (NAC) positive cash-flow in at least one state, but non-negative cash-flow in every state. 00:03:42.122287 p274 While in the traditional view, the shareholder value of a firm depends on its debt-equity ratio, Modigliani and Miller show that under well defined conditions the funding of a firm is irrelevant. Their proof is based on an intuitive arbitrage argument 00:03:42.122291 00:03:42.122292 Culp2004 00:03:42.122292 00:03:42.122293 2016-12-01 14:49 Culp2004 Risk Transfer: Derivatives in Theory and Practice 00:03:42.122294 p144 Off-market derivatives, by contrast, do involve an initial payment by one counterparty to the other of an amount equal to the price of the contract---its expected discounted payoff. Off-market derivatives include options, prepaid forwards, and certain traditional forwards and swaps that are deliberately negotiated "off" the current market price. 00:03:42.122300 In general, "asset pricing" is all about solving for discounted expected payoff to get a price. 00:03:42.122302 For at-market derivatives, however, the task of "pricing" is instead the task of solving for the fixed rate or price that equates the discounted expected payoff to zero. 00:03:42.122304 In this context, the phrase "derivatives pricing" thus very misleadingly refers to the determination of the fixed purchase price f_{t,T} that equates the discounted expected payoff to zero. 00:03:42.122307 p146 For at-market derivatives, "pricing" means finding the fixed rate or price specified in the contract on the trade date that equates the true initial price of the contract to zero. For off-market derivatives, "pricing" requires actually computing the expected discounted payoff of the contract as of the trade date for a given fixed rate or price. 00:03:42.122313 p147 In absolute pricing often called equilibrium asset-pricing models 00:03:42.122314 In relative pricing, by contrast, we ask what we can learn about one asset's value given the prices of some other assets. 00:03:42.122316 Relative pricing offers simplicity and tractability 00:03:42.122317 p148 Investors do not value money directly. the consumption that money can buy is what really matters 00:03:42.122319 p149 用无套利得到如下式子更方便 00:03:42.122320 00:03:42.122320 p_{t}^{}=E_{t}(m_{t+1}z_{t+1}) 00:03:42.122321 00:03:42.122322 and one that relates the stochastic discount factor m_{t+1} to the intertemporal marginal rate of substitution (IMRS), by analogy with simple present value rules. 00:03:42.122324 p150 In finance, we commonly do not think too much about consumption and utility functions. The stochastic discount factor remains an index of bad times (strictly speaking, growth in bad times). Finance theorists tend to think directly about discount factor models in which data such as the market return are used as indicators of bad versus good times. 00:03:42.122330 As usual, unification came after the fact. 00:03:42.122331 In applications to stocks and portfolios, it is often convenient to think about rates of return rather than prices. 思考 00:03:42.122333 00:03:42.122333 ∙ E(R)改变时,通常当前价格也要改变 00:03:42.122334 ∙ 感觉用期望收益率,还是资本成本的旧思想 00:03:42.122334 ∙ 好处:比较平稳 00:03:42.122335 ∙ 毛收益率全部位于价格为1的超平面上 00:03:42.122336 00:03:42.122336 1=E_{t}(m_{t+1}R_{t+1}) 00:03:42.122337 00:03:42.122337 因此没有价值创造(投入为1,产出的现值为1) 区别于投入到生产中,有价值创造 00:03:42.122338 00:03:42.122338 p151 Similarly, if we want to work with returns in excess of the risk-free rate R_{t+1}^{e}=R_{t+1}-R_{f} then (7.4) becomes 00:03:42.122340 00:03:42.122341 0=E_{t}(m_{t+1}R_{t+1}^{e}) 00:03:42.122341 00:03:42.122342 超额收益率可以是任意两资产间,可以是两个风险资产间。 00:03:42.122343 The expected excess return of each asset should be proportional to its beta. 提醒,beta 可不是由自己决定哦 00:03:42.122344 p152 Risk aversion is the same thing as overestimating the probability of bad events. 00:03:42.122346 Systematic versus Idiosyncratic Risk A central and classic idea in asset pricing is that only systematic risk generates a premium. Idiosyncratic risks are "not priced," meaning that you earn no more than the interest rate for holding them. 注:我感觉只是收益率的分解,并不是什么溢价 00:03:42.122350 p153 Insurance is a terrible investment. The average return is negative Yet people willingly buy insurance. Why? Because insurance pays off well in bad times---just as the house stops smoldering, here comes a check in the mail. 00:03:42.122354 2016-12-01 19:53 00:03:42.122355 The volatility of the asset's cash flow per se is completely irrelevant to its risk premium 00:03:42.122357 The systematic part of any risk is that part that is perfectly correlated with the discount factor The idiosyncratic part of any risk is that part that is uncorrelated with the discount factor. It generates no premium 00:03:42.122360 p154 The CAPM, for example, is one special case of the general theory. It specifies that the discount factor is linearly related to the market return m_{t+1}=a-br_{t+1}^{} (more on this later). 00:03:42.122364 In many portfolio management applications, "systematic" and "diversifiable" components are defined with multiple regressions on style portfolios, including size, book to market value, and industry groupings as well as the market portfolio. Implicitly, these definitions correspond to models that the discount factor is a function of these portfolio groupings. These specifications are fine, but they are special cases and they reflect lots of hidden assumptions. Other specifications may be useful. 00:03:42.122371 For very little portfolio changes, covariance matters more than variance. 00:03:42.122373 p155 We often call idiosyncratic risks "diversifiable" because they largely disappear in welldiversified portfolios. 00:03:42.122375 Risks correlated with the business or company stock will be systematic for this investor, albeit not necessarily for the market as a whole. 00:03:42.122377 idiosyncratic risk does matter for asset pricing. Most of these circumstances involve some form of "market incompleteness," such as institutional restrictions on the portfolio decisions of certain special investors, the nonmarketability of financial claims 00:03:42.122381 p157 Historically, the CCAPM came last, in order to repair those problems. 00:03:42.122383 The CAPM is mathematically identical to a specification of the discount factor linear in the market return, rather than linear in consumption growth 00:03:42.122386 p158 Efforts to find theoretically purer proxies for the market portfolio of world invested wealth (Roll1977) have not helped 脱离模型设定了 00:03:42.122388 The CAPM discount factor model is a sensible approximation. a linear function of the market return is a completely sufficient indicator of good and bad times 00:03:42.122391 The CAPM (and all following models) is not an alternative to the consumption-based model; it is a special case. 00:03:42.122393 In addition, all investors in a CAPM world must hold the same portfolio of assets---the market portfolio 00:03:42.122395 p159 Technically, this model generalizes the CAPM assumption that the market return is independent over time. 问题:CAPM 本来是单期模型啊,怎么会有此假设 00:03:42.122397 p160 What are the additional sources of risk about which investors are economically concerned? 00:03:42.122399 what fundamental macroeconomic risks are behind the value effect, not just understand a set of mimicking portfolios that capture them for empirical work. 00:03:42.122402 问题:FF3 有什么用途? 00:03:42.122402 p161 in which the discount factor is only a function of the market return and state variables) by presuming that investors have no jobs or other assets; they simply live off their portfolios of financial assets. 我觉得不是定价,是风险分解 00:03:42.122406 The grandfather of all of these is the ChenRR1986 multifactor model 00:03:42.122407 PastorStambaugh2003 are finally documenting the importance of liquidity. 00:03:42.122409 p162 In principle, valuing a bond is easier than valuing other securities, because the payoff is fixed. 00:03:42.122411 p164 selected for empirical fit (in sample) rather than even armchair theorizing about good and bad states. 00:03:42.122413 To find the value of a McDonald's hamburger, absolute pricing starts thinking about how much it costs to feed a cow. Relative pricing looks at the price of a hamburger at Burger King. 00:03:42.122416 p165 The relative pricing approach uses information from other asset prices in order to construct a discount factor useful for pricing a given asset. 00:03:42.122418 "Arbitrage pricing" is the purest case of relative pricing, neatly cuts short the endless discussion over what are the true risk factors, market price of risk, and so on. 00:03:42.122421 Arbitrage pricing should really be called "Law of One Price pricing," and probably would be if the latter were not so ugly a name. 错! 00:03:42.122424 p166 every asset pricing model posits that there is some discount factor, 00:03:42.122425 Arbitrage pricing, however, is not completely assumption-free. It assumes that there is some discount factor. 错!市场完全时,完全可以找出来,而不是假设出来 00:03:42.122427 The Law of One Price is routinely violated in retail stores 这不是金融市场 00:03:42.122429 even a textbook-perfect hedge is exposed to some risk arising from institutional frictions, transaction costs, illiquidity, and so forth. More often, there is no textbook-perfect hedge, due to nonmarketed risks such as changing volatility, shifting interest rates, asset specific liquidity premiums, nonmarketed fundamental securities, and so on. 00:03:42.122434 p167 The weakest thing we can say in general (beyond existence) is that investors always like more over less 00:03:42.122436 p168 (APT) is the first such mixture of a little absolute pricing into a fundamentally relative-pricing problem. 是吗 APT is also a second source of inspiration for the factors in multifactor models. 00:03:42.122440 p171 the discount factor interpretation has been a matter of aesthetics 00:03:42.122441 This is only the beginning. The beauty of a discount factor framework is that it is easy to add all these restrictions and more together., *pcb=20578 00:03:42.122475 clipWinTxtToUtf8: pwszSrc= 00:03:42.122496 00:03:42.122497 Tapiero2010 00:03:42.122497 00:03:42.122497 2016-11-27 09:20 Tapiero2010 Risk Finance and Asset Pricing Value Measurements and Markets.pdf p165 00:03:42.122499 00:03:42.122500 1 =E((1+R_{i})M₁)=E((1+R_{i})(a+bR_{m})) 00:03:42.122501 =E(1+R_{i})E(a+bR_{m})+cov(1+R_{i},a+bR_{m}) 00:03:42.122502 00:03:42.122502 Let R_{i}=R_{f}, by 1=E((1+R_{i})M₁) 00:03:42.122503 00:03:42.122503 E(a+bR_{m})=(1/(1+R_{f})) 00:03:42.122504 00:03:42.122504 and 1=E((1+R_{m})(a+bR_{m})) 00:03:42.122505 00:03:42.122505 1=(1/(1+R_{f}))+aE(R_{m})+bE(R_{m}²)=(1/(1+R_{f}))+aE(R_{m})+bvar(R_{m})+bE(R_{m})² 00:03:42.122507 00:03:42.122507 thus 00:03:42.122508 00:03:42.122508 var(R_{m})=((R_{f})/(1+R_{f}))-E(R_{m})(a+bE(R_{m}))=((R_{f})/(1+R_{f}))-((E(R_{m}))/(1+R_{f})) 00:03:42.122510 00:03:42.122510 讨论 CAPM-cn.tex中 00:03:42.122511 00:03:42.122511 R_{M}=(1/(b-aR₀))(1+c-bR₀-((1+h(R₀))/(R₀))R_{:}) 00:03:42.122512 00:03:42.122512 00:03:42.122513 R_{:}=((R₀)/(1+h(R₀)))(1+c-bR₀-(b-aR₀)R_{M}) 00:03:42.122514 00:03:42.122514 是为R_{M}的线性 00:03:42.122515 00:03:42.122515 R_{:}=η+ζR_{M} 00:03:42.122516 00:03:42.122516 00:03:42.122516 HensRieger2010 00:03:42.122517 00:03:42.122517 2016-12-01 14:36 HensRieger2010 Financial Economics: A Concise Introduction to Classical and Behavioral Finance 00:03:42.122519 往mm命题靠,整了个很庞大的经济系统,一般均衡分析方法,资产的供给总说不清 00:03:42.122520 p267 "The great difference between the industry of today as compared to that of yesterday is what might be referred to as the necessity of the scientific approach, the elimination of operation by hunches." Alfred P. Sloan 00:03:42.122524 p268 no arbitrage condition (NAC) positive cash-flow in at least one state, but non-negative cash-flow in every state. 00:03:42.122526 p274 While in the traditional view, the shareholder value of a firm depends on its debt-equity ratio, Modigliani and Miller show that under well defined conditions the funding of a firm is irrelevant. Their proof is based on an intuitive arbitrage argument 00:03:42.122530 00:03:42.122530 Culp2004 00:03:42.122531 00:03:42.122531 2016-12-01 14:49 Culp2004 Risk Transfer: Derivatives in Theory and Practice 00:03:42.122533 p144 Off-market derivatives, by contrast, do involve an initial payment by one counterparty to the other of an amount equal to the price of the contract---its expected discounted payoff. Off-market derivatives include options, prepaid forwards, and certain traditional forwards and swaps that are deliberately negotiated "off" the current market price. 00:03:42.122538 In general, "asset pricing" is all about solving for discounted expected payoff to get a price. 00:03:42.122540 For at-market derivatives, however, the task of "pricing" is instead the task of solving for the fixed rate or price that equates the discounted expected payoff to zero. 00:03:42.122543 In this context, the phrase "derivatives pricing" thus very misleadingly refers to the determination of the fixed purchase price f_{t,T} that equates the discounted expected payoff to zero. 00:03:42.122546 p146 For at-market derivatives, "pricing" means finding the fixed rate or price specified in the contract on the trade date that equates the true initial price of the contract to zero. For off-market derivatives, "pricing" requires actually computing the expected discounted payoff of the contract as of the trade date for a given fixed rate or price. 00:03:42.122551 p147 In absolute pricing often called equilibrium asset-pricing models 00:03:42.122553 In relative pricing, by contrast, we ask what we can learn about one asset's value given the prices of some other assets. 00:03:42.122555 Relative pricing offers simplicity and tractability 00:03:42.122556 p148 Investors do not value money directly. the consumption that money can buy is what really matters 00:03:42.122558 p149 用无套利得到如下式子更方便 00:03:42.122559 00:03:42.122559 p_{t}^{}=E_{t}(m_{t+1}z_{t+1}) 00:03:42.122560 00:03:42.122560 and one that relates the stochastic discount factor m_{t+1} to the intertemporal marginal rate of substitution (IMRS), by analogy with simple present value rules. 00:03:42.122563 p150 In finance, we commonly do not think too much about consumption and utility functions. The stochastic discount factor remains an index of bad times (strictly speaking, growth in bad times). Finance theorists tend to think directly about discount factor models in which data such as the market return are used as indicators of bad versus good times. 00:03:42.122568 As usual, unification came after the fact. 00:03:42.122569 In applications to stocks and portfolios, it is often convenient to think about rates of return rather than prices. 思考 00:03:42.122572 00:03:42.122572 ∙ E(R)改变时,通常当前价格也要改变 00:03:42.122573 ∙ 感觉用期望收益率,还是资本成本的旧思想 00:03:42.122573 ∙ 好处:比较平稳 00:03:42.122574 ∙ 毛收益率全部位于价格为1的超平面上 00:03:42.122575 00:03:42.122575 1=E_{t}(m_{t+1}R_{t+1}) 00:03:42.122576 00:03:42.122576 因此没有价值创造(投入为1,产出的现值为1) 区别于投入到生产中,有价值创造 00:03:42.122577 00:03:42.122578 p151 Similarly, if we want to work with returns in excess of the risk-free rate R_{t+1}^{e}=R_{t+1}-R_{f} then (7.4) becomes 00:03:42.122580 00:03:42.122580 0=E_{t}(m_{t+1}R_{t+1}^{e}) 00:03:42.122581 00:03:42.122581 超额收益率可以是任意两资产间,可以是两个风险资产间。 00:03:42.122582 The expected excess return of each asset should be proportional to its beta. 提醒,beta 可不是由自己决定哦 00:03:42.122584 p152 Risk aversion is the same thing as overestimating the probability of bad events. 00:03:42.122585 Systematic versus Idiosyncratic Risk A central and classic idea in asset pricing is that only systematic risk generates a premium. Idiosyncratic risks are "not priced," meaning that you earn no more than the interest rate for holding them. 注:我感觉只是收益率的分解,并不是什么溢价 00:03:42.122589 p153 Insurance is a terrible investment. The average return is negative Yet people willingly buy insurance. Why? Because insurance pays off well in bad times---just as the house stops smoldering, here comes a check in the mail. 00:03:42.122593 2016-12-01 19:53 00:03:42.122593 The volatility of the asset's cash flow per se is completely irrelevant to its risk premium 00:03:42.122595 The systematic part of any risk is that part that is perfectly correlated with the discount factor The idiosyncratic part of any risk is that part that is uncorrelated with the discount factor. It generates no premium 00:03:42.122599 p154 The CAPM, for example, is one special case of the general theory. It specifies that the discount factor is linearly related to the market return m_{t+1}=a-br_{t+1}^{} (more on this later). 00:03:42.122602 In many portfolio management applications, "systematic" and "diversifiable" components are defined with multiple regressions on style portfolios, including size, book to market value, and industry groupings as well as the market portfolio. Implicitly, these definitions correspond to models that the discount factor is a function of these portfolio groupings. These specifications are fine, but they are special cases and they reflect lots of hidden assumptions. Other specifications may be useful. 00:03:42.122609 For very little portfolio changes, covariance matters more than variance. 00:03:42.122611 p155 We often call idiosyncratic risks "diversifiable" because they largely disappear in welldiversified portfolios. 00:03:42.122613 Risks correlated with the business or company stock will be systematic for this investor, albeit not necessarily for the market as a whole. 00:03:42.122615 idiosyncratic risk does matter for asset pricing. Most of these circumstances involve some form of "market incompleteness," such as institutional restrictions on the portfolio decisions of certain special investors, the nonmarketability of financial claims 00:03:42.122619 p157 Historically, the CCAPM came last, in order to repair those problems. 00:03:42.122620 The CAPM is mathematically identical to a specification of the discount factor linear in the market return, rather than linear in consumption growth 00:03:42.122623 p158 Efforts to find theoretically purer proxies for the market portfolio of world invested wealth (Roll1977) have not helped 脱离模型设定了 00:03:42.122625 The CAPM discount factor model is a sensible approximation. a linear function of the market return is a completely sufficient indicator of good and bad times 00:03:42.122628 The CAPM (and all following models) is not an alternative to the consumption-based model; it is a special case. 00:03:42.122630 In addition, all investors in a CAPM world must hold the same portfolio of assets---the market portfolio 00:03:42.122632 p159 Technically, this model generalizes the CAPM assumption that the market return is independent over time. 问题:CAPM 本来是单期模型啊,怎么会有此假设 00:03:42.122634 p160 What are the additional sources of risk about which investors are economically concerned? 00:03:42.122636 what fundamental macroeconomic risks are behind the value effect, not just understand a set of mimicking portfolios that capture them for empirical work. 00:03:42.122638 问题:FF3 有什么用途? 00:03:42.122639 p161 in which the discount factor is only a function of the market return and state variables) by presuming that investors have no jobs or other assets; they simply live off their portfolios of financial assets. 我觉得不是定价,是风险分解 00:03:42.122643 The grandfather of all of these is the ChenRR1986 multifactor model 00:03:42.122651 PastorStambaugh2003 are finally documenting the importance of liquidity. 00:03:42.122653 p162 In principle, valuing a bond is easier than valuing other securities, because the payoff is fixed. 00:03:42.122655 p164 selected for empirical fit (in sample) rather than even armchair theorizing about good and bad states. 00:03:42.122657 To find the value of a McDonald's hamburger, absolute pricing starts thinking about how much it costs to feed a cow. Relative pricing looks at the price of a hamburger at Burger King. 00:03:42.122660 p165 The relative pricing approach uses information from other asset prices in order to construct a discount factor useful for pricing a given asset. 00:03:42.122662 "Arbitrage pricing" is the purest case of relative pricing, neatly cuts short the endless discussion over what are the true risk factors, market price of risk, and so on. 00:03:42.122665 Arbitrage pricing should really be called "Law of One Price pricing," and probably would be if the latter were not so ugly a name. 错! 00:03:42.122667 p166 every asset pricing model posits that there is some discount factor, 00:03:42.122669 Arbitrage pricing, however, is not completely assumption-free. It assumes that there is some discount factor. 错!市场完全时,完全可以找出来,而不是假设出来 00:03:42.122671 The Law of One Price is routinely violated in retail stores 这不是金融市场 00:03:42.122672 even a textbook-perfect hedge is exposed to some risk arising from institutional frictions, transaction costs, illiquidity, and so forth. More often, there is no textbook-perfect hedge, due to nonmarketed risks such as changing volatility, shifting interest rates, asset specific liquidity premiums, nonmarketed fundamental securities, and so on. 00:03:42.122677 p167 The weakest thing we can say in general (beyond existence) is that investors always like more over less 00:03:42.122679 p168 (APT) is the first such mixture of a little absolute pricing into a fundamentally relative-pricing problem. 是吗 APT is also a second source of inspiration for the factors in multifactor models. 00:03:42.122683 p171 the discount factor interpretation has been a matter of aesthetics 00:03:42.122684 This is only the beginning. The beauty of a discount factor framework is that it is easy to add all these restrictions and more together., cbSrc=20578 00:03:42.122757 clipWinTxtToUtf8: returning VINF_SUCCESS 00:03:42.122760 clipWinTxtToUtf8: converted string is 00:03:42.122769 00:03:42.122769 Tapiero2010 00:03:42.122770 00:03:42.122770 2016-11-27 09:20 Tapiero2010 Risk Finance and Asset Pricing Value Measurements and Markets.pdf p165 00:03:42.122770 00:03:42.122771 1 =E((1+R_{i})M₁)=E((1+R_{i})(a+bR_{m})) 00:03:42.122771 =E(1+R_{i})E(a+bR_{m})+cov(1+R_{i},a+bR_{m}) 00:03:42.122771 00:03:42.122772 Let R_{i}=R_{f}, by 1=E((1+R_{i})M₁) 00:03:42.122772 00:03:42.122772 E(a+bR_{m})=(1/(1+R_{f})) 00:03:42.122773 00:03:42.122773 and 1=E((1+R_{m})(a+bR_{m})) 00:03:42.122773 00:03:42.122774 1=(1/(1+R_{f}))+aE(R_{m})+bE(R_{m}²)=(1/(1+R_{f}))+aE(R_{m})+bvar(R_{m})+bE(R_{m})² 00:03:42.122774 00:03:42.122774 thus 00:03:42.122775 00:03:42.122775 var(R_{m})=((R_{f})/(1+R_{f}))-E(R_{m})(a+bE(R_{m}))=((R_{f})/(1+R_{f}))-((E(R_{m}))/(1+R_{f})) 00:03:42.122775 00:03:42.122776 讨论 CAPM-cn.tex中 00:03:42.122776 00:03:42.122776 R_{M}=(1/(b-aR₀))(1+c-bR₀-((1+h(R₀))/(R₀))R_{:}) 00:03:42.122776 00:03:42.122777 00:03:42.122777 R_{:}=((R₀)/(1+h(R₀)))(1+c-bR₀-(b-aR₀)R_{M}) 00:03:42.122777 00:03:42.122778 是为R_{M}的线性 00:03:42.122778 00:03:42.122778 R_{:}=η+ζR_{M} 00:03:42.122779 00:03:42.122779 00:03:42.122779 HensRieger2010 00:03:42.122780 00:03:42.122780 2016-12-01 14:36 HensRieger2010 Financial Economics: A Concise Introduction to Classical and Behavioral Finance 00:03:42.122780 往mm命题靠,整了个很庞大的经济系统,一般均衡分析方法,资产的供给总说不清 00:03:42.122781 p267 "The great difference between the industry of today as compared to that of yesterday is what might be referred to as the necessity of the scientific approach, the elimination of operation by hunches." Alfred P. Sloan 00:03:42.122781 p268 no arbitrage condition (NAC) positive cash-flow in at least one state, but non-negative cash-flow in every state. 00:03:42.122781 p274 While in the traditional view, the shareholder value of a firm depends on its debt-equity ratio, Modigliani and Miller show that under well defined conditions the funding of a firm is irrelevant. Their proof is based on an intuitive arbitrage argument 00:03:42.122782 00:03:42.122782 Culp2004 00:03:42.122782 00:03:42.122783 2016-12-01 14:49 Culp2004 Risk Transfer: Derivatives in Theory and Practice 00:03:42.122783 p144 Off-market derivatives, by contrast, do involve an initial payment by one counterparty to the other of an amount equal to the price of the contract---its expected discounted payoff. Off-market derivatives include options, prepaid forwards, and certain traditional forwards and swaps that are deliberately negotiated "off" the current market price. 00:03:42.122783 In general, "asset pricing" is all about solving for discounted expected payoff to get a price. 00:03:42.122784 For at-market derivatives, however, the task of "pricing" is instead the task of solving for the fixed rate or price that equates the discounted expected payoff to zero. 00:03:42.122784 In this context, the phrase "derivatives pricing" thus very misleadingly refers to the determination of the fixed purchase price f_{t,T} that equates the discounted expected payoff to zero. 00:03:42.122784 p146 For at-market derivatives, "pricing" means finding the fixed rate or price specified in the contract on the trade date that equates the true initial price of the contract to zero. For off-market derivatives, "pricing" requires actually computing the expected discounted payoff of the contract as of the trade date for a given fixed rate or price. 00:03:42.122785 p147 In absolute pricing often called equilibrium asset-pricing models 00:03:42.122785 In relative pricing, by contrast, we ask what we can learn about one asset's value given the prices of some other assets. 00:03:42.122785 Relative pricing offers simplicity and tractability 00:03:42.122786 p148 Investors do not value money directly. the consumption that money can buy is what really matters 00:03:42.122786 p149 用无套利得到如下式子更方便 00:03:42.122786 00:03:42.122787 p_{t}^{}=E_{t}(m_{t+1}z_{t+1}) 00:03:42.122787 00:03:42.122787 and one that relates the stochastic discount factor m_{t+1} to the intertemporal marginal rate of substitution (IMRS), by analogy with simple present value rules. 00:03:42.122788 p150 In finance, we commonly do not think too much about consumption and utility functions. The stochastic discount factor remains an index of bad times (strictly speaking, growth in bad times). Finance theorists tend to think directly about discount factor models in which data such as the market return are used as indicators of bad versus good times. 00:03:42.122788 As usual, unification came after the fact. 00:03:42.122789 In applications to stocks and portfolios, it is often convenient to think about rates of return rather than prices. 思考 00:03:42.122789 00:03:42.122789 ∙ E(R)改变时,通常当前价格也要改变 00:03:42.122790 ∙ 感觉用期望收益率,还是资本成本的旧思想 00:03:42.122790 ∙ 好处:比较平稳 00:03:42.122790 ∙ 毛收益率全部位于价格为1的超平面上 00:03:42.122791 00:03:42.122791 1=E_{t}(m_{t+1}R_{t+1}) 00:03:42.122791 00:03:42.122792 因此没有价值创造(投入为1,产出的现值为1) 区别于投入到生产中,有价值创造 00:03:42.122792 00:03:42.122792 p151 Similarly, if we want to work with returns in excess of the risk-free rate R_{t+1}^{e}=R_{t+1}-R_{f} then (7.4) becomes 00:03:42.122792 00:03:42.122793 0=E_{t}(m_{t+1}R_{t+1}^{e}) 00:03:42.122793 00:03:42.122793 超额收益率可以是任意两资产间,可以是两个风险资产间。 00:03:42.122794 The expected excess return of each asset should be proportional to its beta. 提醒,beta 可不是由自己决定哦 00:03:42.122794 p152 Risk aversion is the same thing as overestimating the probability of bad events. 00:03:42.122794 Systematic versus Idiosyncratic Risk A central and classic idea in asset pricing is that only systematic risk generates a premium. Idiosyncratic risks are "not priced," meaning that you earn no more than the interest rate for holding them. 注:我感觉只是收益率的分解,并不是什么溢价 00:03:42.122795 p153 Insurance is a terrible investment. The average return is negative Yet people willingly buy insurance. Why? Because insurance pays off well in bad times---just as the house stops smoldering, here comes a check in the mail. 00:03:42.122795 2016-12-01 19:53 00:03:42.122795 The volatility of the asset's cash flow per se is completely irrelevant to its risk premium 00:03:42.122796 The systematic part of any risk is that part that is perfectly correlated with the discount factor The idiosyncratic part of any risk is that part that is uncorrelated with the discount factor. It generates no premium 00:03:42.122796 p154 The CAPM, for example, is one special case of the general theory. It specifies that the discount factor is linearly related to the market return m_{t+1}=a-br_{t+1}^{} (more on this later). 00:03:42.122797 In many portfolio management applications, "systematic" and "diversifiable" components are defined with multiple regressions on style portfolios, including size, book to market value, and industry groupings as well as the market portfolio. Implicitly, these definitions correspond to models that the discount factor is a function of these portfolio groupings. These specifications are fine, but they are special cases and they reflect lots of hidden assumptions. Other specifications may be useful. 00:03:42.122797 For very little portfolio changes, covariance matters more than variance. 00:03:42.122797 p155 We often call idiosyncratic risks "diversifiable" because they largely disappear in welldiversified portfolios. 00:03:42.122798 Risks correlated with the business or company stock will be systematic for this investor, albeit not necessarily for the market as a whole. 00:03:42.122798 idiosyncratic risk does matter for asset pricing. Most of these circumstances involve some form of "market incompleteness," such as institutional restrictions on the portfolio decisions of certain special investors, the nonmarketability of financial claims 00:03:42.122798 p157 Historically, the CCAPM came last, in order to repair those problems. 00:03:42.122799 The CAPM is mathematically identical to a specification of the discount factor linear in the market return, rather than linear in consumption growth 00:03:42.122799 p158 Efforts to find theoretically purer proxies for the market portfolio of world invested wealth (Roll1977) have not helped 脱离模型设定了 00:03:42.122799 The CAPM discount factor model is a sensible approximation. a linear function of the market return is a completely sufficient indicator of good and bad times 00:03:42.122800 The CAPM (and all following models) is not an alternative to the consumption-based model; it is a special case. 00:03:42.122800 In addition, all investors in a CAPM world must hold the same portfolio of assets---the market portfolio 00:03:42.122800 p159 Technically, this model generalizes the CAPM assumption that the market return is independent over time. 问题:CAPM 本来是单期模型啊,怎么会有此假设 00:03:42.122801 p160 What are the additional sources of risk about which investors are economically concerned? 00:03:42.122801 what fundamental macroeconomic risks are behind the value effect, not just understand a set of mimicking portfolios that capture them for empirical work. 00:03:42.122801 问题:FF3 有什么用途? 00:03:42.122801 p161 in which the discount factor is only a function of the market return and state variables) by presuming that investors have no jobs or other assets; they simply live off their portfolios of financial assets. 我觉得不是定价,是风险分解 00:03:42.122802 The grandfather of all of these is the ChenRR1986 multifactor model 00:03:42.122802 PastorStambaugh2003 are finally documenting the importance of liquidity. 00:03:42.122803 p162 In principle, valuing a bond is easier than valuing other securities, because the payoff is fixed. 00:03:42.122803 p164 selected for empirical fit (in sample) rather than even armchair theorizing about good and bad states. 00:03:42.122803 To find the value of a McDonald's hamburger, absolute pricing starts thinking about how much it costs to feed a cow. Relative pricing looks at the price of a hamburger at Burger King. 00:03:42.122803 p165 The relative pricing approach uses information from other asset prices in order to construct a discount factor useful for pricing a given asset. 00:03:42.122804 "Arbitrage pricing" is the purest case of relative pricing, neatly cuts short the endless discussion over what are the true risk factors, market price of risk, and so on. 00:03:42.122804 Arbitrage pricing should really be called "Law of One Price pricing," and probably would be if the latter were not so ugly a name. 错! 00:03:42.122804 p166 every asset pricing model posits that there is some discount factor, 00:03:42.122805 Arbitrage pricing, however, is not completely assumption-free. It assumes that there is some discount factor. 错!市场完全时,完全可以找出来,而不是假设出来 00:03:42.122805 The Law of One Price is routinely violated in retail stores 这不是金融市场 00:03:42.122805 even a textbook-perfect hedge is exposed to some risk arising from institutional frictions, transaction costs, illiquidity, and so forth. More often, there is no textbook-perfect hedge, due to nonmarketed risks such as changing volatility, shifting interest rates, asset specific liquidity premiums, nonmarketed fundamental securities, and so on. 00:03:42.122806 p167 The weakest thing we can say in general (beyond existence) is that investors always like more over less 00:03:42.122806 p168 (APT) is the first such mixture of a little absolute pricing into a fundamentally relative-pricing problem. 是吗 APT is also a second source of inspiration for the factors in multifactor models. 00:03:42.122806 p171 the discount factor interpretation has been a matter of aesthetics 00:03:42.122807 This is only the beginning. The beauty of a discount factor framework is that it is easy to add all these restrictions and more together.. Returning. 00:03:42.122814 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:03:42.126442 clipXtConvertSelectionProc: 00:03:42.126458 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:03:42.126466 clipReadVBoxClipboard: returning VINF_SUCCESS 00:03:42.126469 clipReadVBoxClipboard: *ppv= 00:03:42.126490 00:03:42.126491 Tapiero2010 00:03:42.126491 00:03:42.126491 2016-11-27 09:20 Tapiero2010 Risk Finance and Asset Pricing Value Measurements and Markets.pdf p165 00:03:42.126493 00:03:42.126494 1 =E((1+R_{i})M₁)=E((1+R_{i})(a+bR_{m})) 00:03:42.126495 =E(1+R_{i})E(a+bR_{m})+cov(1+R_{i},a+bR_{m}) 00:03:42.126496 00:03:42.126496 Let R_{i}=R_{f}, by 1=E((1+R_{i})M₁) 00:03:42.126497 00:03:42.126497 E(a+bR_{m})=(1/(1+R_{f})) 00:03:42.126498 00:03:42.126498 and 1=E((1+R_{m})(a+bR_{m})) 00:03:42.126499 00:03:42.126499 1=(1/(1+R_{f}))+aE(R_{m})+bE(R_{m}²)=(1/(1+R_{f}))+aE(R_{m})+bvar(R_{m})+bE(R_{m})² 00:03:42.126501 00:03:42.126501 thus 00:03:42.126502 00:03:42.126502 var(R_{m})=((R_{f})/(1+R_{f}))-E(R_{m})(a+bE(R_{m}))=((R_{f})/(1+R_{f}))-((E(R_{m}))/(1+R_{f})) 00:03:42.126504 00:03:42.126504 讨论 CAPM-cn.tex中 00:03:42.126505 00:03:42.126505 R_{M}=(1/(b-aR₀))(1+c-bR₀-((1+h(R₀))/(R₀))R_{:}) 00:03:42.126506 00:03:42.126506 00:03:42.126507 R_{:}=((R₀)/(1+h(R₀)))(1+c-bR₀-(b-aR₀)R_{M}) 00:03:42.126508 00:03:42.126508 是为R_{M}的线性 00:03:42.126508 00:03:42.126509 R_{:}=η+ζR_{M} 00:03:42.126509 00:03:42.126510 00:03:42.126510 HensRieger2010 00:03:42.126510 00:03:42.126511 2016-12-01 14:36 HensRieger2010 Financial Economics: A Concise Introduction to Classical and Behavioral Finance 00:03:42.126513 往mm命题靠,整了个很庞大的经济系统,一般均衡分析方法,资产的供给总说不清 00:03:42.126514 p267 "The great difference between the industry of today as compared to that of yesterday is what might be referred to as the necessity of the scientific approach, the elimination of operation by hunches." Alfred P. Sloan 00:03:42.126517 p268 no arbitrage condition (NAC) positive cash-flow in at least one state, but non-negative cash-flow in every state. 00:03:42.126520 p274 While in the traditional view, the shareholder value of a firm depends on its debt-equity ratio, Modigliani and Miller show that under well defined conditions the funding of a firm is irrelevant. Their proof is based on an intuitive arbitrage argument 00:03:42.126524 00:03:42.126524 Culp2004 00:03:42.126524 00:03:42.126525 2016-12-01 14:49 Culp2004 Risk Transfer: Derivatives in Theory and Practice 00:03:42.126526 p144 Off-market derivatives, by contrast, do involve an initial payment by one counterparty to the other of an amount equal to the price of the contract---its expected discounted payoff. Off-market derivatives include options, prepaid forwards, and certain traditional forwards and swaps that are deliberately negotiated "off" the current market price. 00:03:42.126532 In general, "asset pricing" is all about solving for discounted expected payoff to get a price. 00:03:42.126533 For at-market derivatives, however, the task of "pricing" is instead the task of solving for the fixed rate or price that equates the discounted expected payoff to zero. 00:03:42.126536 In this context, the phrase "derivatives pricing" thus very misleadingly refers to the determination of the fixed purchase price f_{t,T} that equates the discounted expected payoff to zero. 00:03:42.126539 p146 For at-market derivatives, "pricing" means finding the fixed rate or price specified in the contract on the trade date that equates the true initial price of the contract to zero. For off-market derivatives, "pricing" requires actually computing the expected discounted payoff of the contract as of the trade date for a given fixed rate or price. 00:03:42.126544 p147 In absolute pricing often called equilibrium asset-pricing models 00:03:42.126546 In relative pricing, by contrast, we ask what we can learn about one asset's value given the prices of some other assets. 00:03:42.126548 Relative pricing offers simplicity and tractability 00:03:42.126549 p148 Investors do not value money directly. the consumption that money can buy is what really matters 00:03:42.126551 p149 用无套利得到如下式子更方便 00:03:42.126551 00:03:42.126552 p_{t}^{}=E_{t}(m_{t+1}z_{t+1}) 00:03:42.126552 00:03:42.126553 and one that relates the stochastic discount factor m_{t+1} to the intertemporal marginal rate of substitution (IMRS), by analogy with simple present value rules. 00:03:42.126555 p150 In finance, we commonly do not think too much about consumption and utility functions. The stochastic discount factor remains an index of bad times (strictly speaking, growth in bad times). Finance theorists tend to think directly about discount factor models in which data such as the market return are used as indicators of bad versus good times. 00:03:42.126561 As usual, unification came after the fact. 00:03:42.126562 In applications to stocks and portfolios, it is often convenient to think about rates of return rather than prices. 思考 00:03:42.126564 00:03:42.126564 ∙ E(R)改变时,通常当前价格也要改变 00:03:42.126565 ∙ 感觉用期望收益率,还是资本成本的旧思想 00:03:42.126565 ∙ 好处:比较平稳 00:03:42.126566 ∙ 毛收益率全部位于价格为1的超平面上 00:03:42.126567 00:03:42.126567 1=E_{t}(m_{t+1}R_{t+1}) 00:03:42.126568 00:03:42.126568 因此没有价值创造(投入为1,产出的现值为1) 区别于投入到生产中,有价值创造 00:03:42.126569 00:03:42.126569 p151 Similarly, if we want to work with returns in excess of the risk-free rate R_{t+1}^{e}=R_{t+1}-R_{f} then (7.4) becomes 00:03:42.126571 00:03:42.126572 0=E_{t}(m_{t+1}R_{t+1}^{e}) 00:03:42.126573 00:03:42.126573 超额收益率可以是任意两资产间,可以是两个风险资产间。 00:03:42.126574 The expected excess return of each asset should be proportional to its beta. 提醒,beta 可不是由自己决定哦 00:03:42.126575 p152 Risk aversion is the same thing as overestimating the probability of bad events. 00:03:42.126577 Systematic versus Idiosyncratic Risk A central and classic idea in asset pricing is that only systematic risk generates a premium. Idiosyncratic risks are "not priced," meaning that you earn no more than the interest rate for holding them. 注:我感觉只是收益率的分解,并不是什么溢价 00:03:42.126581 p153 Insurance is a terrible investment. The average return is negative Yet people willingly buy insurance. Why? Because insurance pays off well in bad times---just as the house stops smoldering, here comes a check in the mail. 00:03:42.126585 2016-12-01 19:53 00:03:42.126585 The volatility of the asset's cash flow per se is completely irrelevant to its risk premium 00:03:42.126587 The systematic part of any risk is that part that is perfectly correlated with the discount factor The idiosyncratic part of any risk is that part that is uncorrelated with the discount factor. It generates no premium 00:03:42.126590 p154 The CAPM, for example, is one special case of the general theory. It specifies that the discount factor is linearly related to the market return m_{t+1}=a-br_{t+1}^{} (more on this later). 00:03:42.126593 In many portfolio management applications, "systematic" and "diversifiable" components are defined with multiple regressions on style portfolios, including size, book to market value, and industry groupings as well as the market portfolio. Implicitly, these definitions correspond to models that the discount factor is a function of these portfolio groupings. These specifications are fine, but they are special cases and they reflect lots of hidden assumptions. Other specifications may be useful. 00:03:42.126601 For very little portfolio changes, covariance matters more than variance. 00:03:42.126602 p155 We often call idiosyncratic risks "diversifiable" because they largely disappear in welldiversified portfolios. 00:03:42.126604 Risks correlated with the business or company stock will be systematic for this investor, albeit not necessarily for the market as a whole. 00:03:42.126606 idiosyncratic risk does matter for asset pricing. Most of these circumstances involve some form of "market incompleteness," such as institutional restrictions on the portfolio decisions of certain special investors, the nonmarketability of financial claims 00:03:42.126610 p157 Historically, the CCAPM came last, in order to repair those problems. 00:03:42.126612 The CAPM is mathematically identical to a specification of the discount factor linear in the market return, rather than linear in consumption growth 00:03:42.126614 p158 Efforts to find theoretically purer proxies for the market portfolio of world invested wealth (Roll1977) have not helped 脱离模型设定了 00:03:42.126617 The CAPM discount factor model is a sensible approximation. a linear function of the market return is a completely sufficient indicator of good and bad times 00:03:42.126619 The CAPM (and all following models) is not an alternative to the consumption-based model; it is a special case. 00:03:42.126621 In addition, all investors in a CAPM world must hold the same portfolio of assets---the market portfolio 00:03:42.126623 p159 Technically, this model generalizes the CAPM assumption that the market return is independent over time. 问题:CAPM 本来是单期模型啊,怎么会有此假设 00:03:42.126625 p160 What are the additional sources of risk about which investors are economically concerned? 00:03:42.126627 what fundamental macroeconomic risks are behind the value effect, not just understand a set of mimicking portfolios that capture them for empirical work. 00:03:42.126630 问题:FF3 有什么用途? 00:03:42.126701 p161 in which the discount factor is only a function of the market return and state variables) by presuming that investors have no jobs or other assets; they simply live off their portfolios of financial assets. 我觉得不是定价,是风险分解 00:03:42.126705 The grandfather of all of these is the ChenRR1986 multifactor model 00:03:42.126707 PastorStambaugh2003 are finally documenting the importance of liquidity. 00:03:42.126708 p162 In principle, valuing a bond is easier than valuing other securities, because the payoff is fixed. 00:03:42.126710 p164 selected for empirical fit (in sample) rather than even armchair theorizing about good and bad states. 00:03:42.126712 To find the value of a McDonald's hamburger, absolute pricing starts thinking about how much it costs to feed a cow. Relative pricing looks at the price of a hamburger at Burger King. 00:03:42.126715 p165 The relative pricing approach uses information from other asset prices in order to construct a discount factor useful for pricing a given asset. 00:03:42.126717 "Arbitrage pricing" is the purest case of relative pricing, neatly cuts short the endless discussion over what are the true risk factors, market price of risk, and so on. 00:03:42.126720 Arbitrage pricing should really be called "Law of One Price pricing," and probably would be if the latter were not so ugly a name. 错! 00:03:42.126722 p166 every asset pricing model posits that there is some discount factor, 00:03:42.126724 Arbitrage pricing, however, is not completely assumption-free. It assumes that there is some discount factor. 错!市场完全时,完全可以找出来,而不是假设出来 00:03:42.126726 The Law of One Price is routinely violated in retail stores 这不是金融市场 00:03:42.126727 even a textbook-perfect hedge is exposed to some risk arising from institutional frictions, transaction costs, illiquidity, and so forth. More often, there is no textbook-perfect hedge, due to nonmarketed risks such as changing volatility, shifting interest rates, asset specific liquidity premiums, nonmarketed fundamental securities, and so on. 00:03:42.126732 p167 The weakest thing we can say in general (beyond existence) is that investors always like more over less 00:03:42.126734 p168 (APT) is the first such mixture of a little absolute pricing into a fundamentally relative-pricing problem. 是吗 APT is also a second source of inspiration for the factors in multifactor models. 00:03:42.126738 p171 the discount factor interpretation has been a matter of aesthetics 00:03:42.126739 This is only the beginning. The beauty of a discount factor framework is that it is easy to add all these restrictions and more together., *pcb=20578 00:03:42.126773 clipWinTxtToUtf8: pwszSrc= 00:03:42.126794 00:03:42.126794 Tapiero2010 00:03:42.126795 00:03:42.126795 2016-11-27 09:20 Tapiero2010 Risk Finance and Asset Pricing Value Measurements and Markets.pdf p165 00:03:42.126797 00:03:42.126797 1 =E((1+R_{i})M₁)=E((1+R_{i})(a+bR_{m})) 00:03:42.126798 =E(1+R_{i})E(a+bR_{m})+cov(1+R_{i},a+bR_{m}) 00:03:42.126799 00:03:42.126799 Let R_{i}=R_{f}, by 1=E((1+R_{i})M₁) 00:03:42.126800 00:03:42.126801 E(a+bR_{m})=(1/(1+R_{f})) 00:03:42.126801 00:03:42.126802 and 1=E((1+R_{m})(a+bR_{m})) 00:03:42.126802 00:03:42.126803 1=(1/(1+R_{f}))+aE(R_{m})+bE(R_{m}²)=(1/(1+R_{f}))+aE(R_{m})+bvar(R_{m})+bE(R_{m})² 00:03:42.126804 00:03:42.126804 thus 00:03:42.126805 00:03:42.126805 var(R_{m})=((R_{f})/(1+R_{f}))-E(R_{m})(a+bE(R_{m}))=((R_{f})/(1+R_{f}))-((E(R_{m}))/(1+R_{f})) 00:03:42.126807 00:03:42.126807 讨论 CAPM-cn.tex中 00:03:42.126808 00:03:42.126808 R_{M}=(1/(b-aR₀))(1+c-bR₀-((1+h(R₀))/(R₀))R_{:}) 00:03:42.126809 00:03:42.126809 00:03:42.126810 R_{:}=((R₀)/(1+h(R₀)))(1+c-bR₀-(b-aR₀)R_{M}) 00:03:42.126811 00:03:42.126811 是为R_{M}的线性 00:03:42.126812 00:03:42.126812 R_{:}=η+ζR_{M} 00:03:42.126812 00:03:42.126813 00:03:42.126813 HensRieger2010 00:03:42.126814 00:03:42.126814 2016-12-01 14:36 HensRieger2010 Financial Economics: A Concise Introduction to Classical and Behavioral Finance 00:03:42.126816 往mm命题靠,整了个很庞大的经济系统,一般均衡分析方法,资产的供给总说不清 00:03:42.126817 p267 "The great difference between the industry of today as compared to that of yesterday is what might be referred to as the necessity of the scientific approach, the elimination of operation by hunches." Alfred P. Sloan 00:03:42.126820 p268 no arbitrage condition (NAC) positive cash-flow in at least one state, but non-negative cash-flow in every state. 00:03:42.126823 p274 While in the traditional view, the shareholder value of a firm depends on its debt-equity ratio, Modigliani and Miller show that under well defined conditions the funding of a firm is irrelevant. Their proof is based on an intuitive arbitrage argument 00:03:42.126827 00:03:42.126827 Culp2004 00:03:42.126827 00:03:42.126828 2016-12-01 14:49 Culp2004 Risk Transfer: Derivatives in Theory and Practice 00:03:42.126829 p144 Off-market derivatives, by contrast, do involve an initial payment by one counterparty to the other of an amount equal to the price of the contract---its expected discounted payoff. Off-market derivatives include options, prepaid forwards, and certain traditional forwards and swaps that are deliberately negotiated "off" the current market price. 00:03:42.126835 In general, "asset pricing" is all about solving for discounted expected payoff to get a price. 00:03:42.126836 For at-market derivatives, however, the task of "pricing" is instead the task of solving for the fixed rate or price that equates the discounted expected payoff to zero. 00:03:42.126839 In this context, the phrase "derivatives pricing" thus very misleadingly refers to the determination of the fixed purchase price f_{t,T} that equates the discounted expected payoff to zero. 00:03:42.126842 p146 For at-market derivatives, "pricing" means finding the fixed rate or price specified in the contract on the trade date that equates the true initial price of the contract to zero. For off-market derivatives, "pricing" requires actually computing the expected discounted payoff of the contract as of the trade date for a given fixed rate or price. 00:03:42.126847 p147 In absolute pricing often called equilibrium asset-pricing models 00:03:42.126849 In relative pricing, by contrast, we ask what we can learn about one asset's value given the prices of some other assets. 00:03:42.126851 Relative pricing offers simplicity and tractability 00:03:42.126852 p148 Investors do not value money directly. the consumption that money can buy is what really matters 00:03:42.126854 p149 用无套利得到如下式子更方便 00:03:42.126854 00:03:42.126855 p_{t}^{}=E_{t}(m_{t+1}z_{t+1}) 00:03:42.126855 00:03:42.126856 and one that relates the stochastic discount factor m_{t+1} to the intertemporal marginal rate of substitution (IMRS), by analogy with simple present value rules. 00:03:42.126858 p150 In finance, we commonly do not think too much about consumption and utility functions. The stochastic discount factor remains an index of bad times (strictly speaking, growth in bad times). Finance theorists tend to think directly about discount factor models in which data such as the market return are used as indicators of bad versus good times. 00:03:42.126864 As usual, unification came after the fact. 00:03:42.126865 In applications to stocks and portfolios, it is often convenient to think about rates of return rather than prices. 思考 00:03:42.126867 00:03:42.126867 ∙ E(R)改变时,通常当前价格也要改变 00:03:42.126868 ∙ 感觉用期望收益率,还是资本成本的旧思想 00:03:42.126868 ∙ 好处:比较平稳 00:03:42.126869 ∙ 毛收益率全部位于价格为1的超平面上 00:03:42.126870 00:03:42.126870 1=E_{t}(m_{t+1}R_{t+1}) 00:03:42.126871 00:03:42.126871 因此没有价值创造(投入为1,产出的现值为1) 区别于投入到生产中,有价值创造 00:03:42.126872 00:03:42.126872 p151 Similarly, if we want to work with returns in excess of the risk-free rate R_{t+1}^{e}=R_{t+1}-R_{f} then (7.4) becomes 00:03:42.126874 00:03:42.126875 0=E_{t}(m_{t+1}R_{t+1}^{e}) 00:03:42.126875 00:03:42.126876 超额收益率可以是任意两资产间,可以是两个风险资产间。 00:03:42.126877 The expected excess return of each asset should be proportional to its beta. 提醒,beta 可不是由自己决定哦 00:03:42.126878 p152 Risk aversion is the same thing as overestimating the probability of bad events. 00:03:42.126880 Systematic versus Idiosyncratic Risk A central and classic idea in asset pricing is that only systematic risk generates a premium. Idiosyncratic risks are "not priced," meaning that you earn no more than the interest rate for holding them. 注:我感觉只是收益率的分解,并不是什么溢价 00:03:42.126884 p153 Insurance is a terrible investment. The average return is negative Yet people willingly buy insurance. Why? Because insurance pays off well in bad times---just as the house stops smoldering, here comes a check in the mail. 00:03:42.126887 2016-12-01 19:53 00:03:42.126888 The volatility of the asset's cash flow per se is completely irrelevant to its risk premium 00:03:42.126890 The systematic part of any risk is that part that is perfectly correlated with the discount factor The idiosyncratic part of any risk is that part that is uncorrelated with the discount factor. It generates no premium 00:03:42.126893 p154 The CAPM, for example, is one special case of the general theory. It specifies that the discount factor is linearly related to the market return m_{t+1}=a-br_{t+1}^{} (more on this later). 00:03:42.126896 In many portfolio management applications, "systematic" and "diversifiable" components are defined with multiple regressions on style portfolios, including size, book to market value, and industry groupings as well as the market portfolio. Implicitly, these definitions correspond to models that the discount factor is a function of these portfolio groupings. These specifications are fine, but they are special cases and they reflect lots of hidden assumptions. Other specifications may be useful. 00:03:42.126904 For very little portfolio changes, covariance matters more than variance. 00:03:42.126905 p155 We often call idiosyncratic risks "diversifiable" because they largely disappear in welldiversified portfolios. 00:03:42.126907 Risks correlated with the business or company stock will be systematic for this investor, albeit not necessarily for the market as a whole. 00:03:42.126910 idiosyncratic risk does matter for asset pricing. Most of these circumstances involve some form of "market incompleteness," such as institutional restrictions on the portfolio decisions of certain special investors, the nonmarketability of financial claims 00:03:42.126913 p157 Historically, the CCAPM came last, in order to repair those problems. 00:03:42.126915 The CAPM is mathematically identical to a specification of the discount factor linear in the market return, rather than linear in consumption growth 00:03:42.126917 p158 Efforts to find theoretically purer proxies for the market portfolio of world invested wealth (Roll1977) have not helped 脱离模型设定了 00:03:42.126920 The CAPM discount factor model is a sensible approximation. a linear function of the market return is a completely sufficient indicator of good and bad times 00:03:42.126922 The CAPM (and all following models) is not an alternative to the consumption-based model; it is a special case. 00:03:42.126924 In addition, all investors in a CAPM world must hold the same portfolio of assets---the market portfolio 00:03:42.126926 p159 Technically, this model generalizes the CAPM assumption that the market return is independent over time. 问题:CAPM 本来是单期模型啊,怎么会有此假设 00:03:42.126928 p160 What are the additional sources of risk about which investors are economically concerned? 00:03:42.126930 what fundamental macroeconomic risks are behind the value effect, not just understand a set of mimicking portfolios that capture them for empirical work. 00:03:42.126933 问题:FF3 有什么用途? 00:03:42.126933 p161 in which the discount factor is only a function of the market return and state variables) by presuming that investors have no jobs or other assets; they simply live off their portfolios of financial assets. 我觉得不是定价,是风险分解 00:03:42.126937 The grandfather of all of these is the ChenRR1986 multifactor model 00:03:42.126938 PastorStambaugh2003 are finally documenting the importance of liquidity. 00:03:42.126940 p162 In principle, valuing a bond is easier than valuing other securities, because the payoff is fixed. 00:03:42.126942 p164 selected for empirical fit (in sample) rather than even armchair theorizing about good and bad states. 00:03:42.126944 To find the value of a McDonald's hamburger, absolute pricing starts thinking about how much it costs to feed a cow. Relative pricing looks at the price of a hamburger at Burger King. 00:03:42.126947 p165 The relative pricing approach uses information from other asset prices in order to construct a discount factor useful for pricing a given asset. 00:03:42.126949 "Arbitrage pricing" is the purest case of relative pricing, neatly cuts short the endless discussion over what are the true risk factors, market price of risk, and so on. 00:03:42.126952 Arbitrage pricing should really be called "Law of One Price pricing," and probably would be if the latter were not so ugly a name. 错! 00:03:42.126954 p166 every asset pricing model posits that there is some discount factor, 00:03:42.126955 Arbitrage pricing, however, is not completely assumption-free. It assumes that there is some discount factor. 错!市场完全时,完全可以找出来,而不是假设出来 00:03:42.126958 The Law of One Price is routinely violated in retail stores 这不是金融市场 00:03:42.126959 even a textbook-perfect hedge is exposed to some risk arising from institutional frictions, transaction costs, illiquidity, and so forth. More often, there is no textbook-perfect hedge, due to nonmarketed risks such as changing volatility, shifting interest rates, asset specific liquidity premiums, nonmarketed fundamental securities, and so on. 00:03:42.126964 p167 The weakest thing we can say in general (beyond existence) is that investors always like more over less 00:03:42.126966 p168 (APT) is the first such mixture of a little absolute pricing into a fundamentally relative-pricing problem. 是吗 APT is also a second source of inspiration for the factors in multifactor models. 00:03:42.126969 p171 the discount factor interpretation has been a matter of aesthetics 00:03:42.126971 This is only the beginning. The beauty of a discount factor framework is that it is easy to add all these restrictions and more together., cbSrc=20578 00:03:42.127037 clipWinTxtToUtf8: returning VINF_SUCCESS 00:03:42.127040 clipWinTxtToUtf8: converted string is 00:03:42.127048 00:03:42.127049 Tapiero2010 00:03:42.127049 00:03:42.127049 2016-11-27 09:20 Tapiero2010 Risk Finance and Asset Pricing Value Measurements and Markets.pdf p165 00:03:42.127050 00:03:42.127050 1 =E((1+R_{i})M₁)=E((1+R_{i})(a+bR_{m})) 00:03:42.127050 =E(1+R_{i})E(a+bR_{m})+cov(1+R_{i},a+bR_{m}) 00:03:42.127051 00:03:42.127051 Let R_{i}=R_{f}, by 1=E((1+R_{i})M₁) 00:03:42.127051 00:03:42.127052 E(a+bR_{m})=(1/(1+R_{f})) 00:03:42.127052 00:03:42.127052 and 1=E((1+R_{m})(a+bR_{m})) 00:03:42.127053 00:03:42.127053 1=(1/(1+R_{f}))+aE(R_{m})+bE(R_{m}²)=(1/(1+R_{f}))+aE(R_{m})+bvar(R_{m})+bE(R_{m})² 00:03:42.127053 00:03:42.127054 thus 00:03:42.127054 00:03:42.127054 var(R_{m})=((R_{f})/(1+R_{f}))-E(R_{m})(a+bE(R_{m}))=((R_{f})/(1+R_{f}))-((E(R_{m}))/(1+R_{f})) 00:03:42.127055 00:03:42.127055 讨论 CAPM-cn.tex中 00:03:42.127055 00:03:42.127056 R_{M}=(1/(b-aR₀))(1+c-bR₀-((1+h(R₀))/(R₀))R_{:}) 00:03:42.127056 00:03:42.127056 00:03:42.127057 R_{:}=((R₀)/(1+h(R₀)))(1+c-bR₀-(b-aR₀)R_{M}) 00:03:42.127057 00:03:42.127057 是为R_{M}的线性 00:03:42.127057 00:03:42.127058 R_{:}=η+ζR_{M} 00:03:42.127058 00:03:42.127058 00:03:42.127059 HensRieger2010 00:03:42.127059 00:03:42.127059 2016-12-01 14:36 HensRieger2010 Financial Economics: A Concise Introduction to Classical and Behavioral Finance 00:03:42.127060 往mm命题靠,整了个很庞大的经济系统,一般均衡分析方法,资产的供给总说不清 00:03:42.127060 p267 "The great difference between the industry of today as compared to that of yesterday is what might be referred to as the necessity of the scientific approach, the elimination of operation by hunches." Alfred P. Sloan 00:03:42.127060 p268 no arbitrage condition (NAC) positive cash-flow in at least one state, but non-negative cash-flow in every state. 00:03:42.127061 p274 While in the traditional view, the shareholder value of a firm depends on its debt-equity ratio, Modigliani and Miller show that under well defined conditions the funding of a firm is irrelevant. Their proof is based on an intuitive arbitrage argument 00:03:42.127061 00:03:42.127062 Culp2004 00:03:42.127062 00:03:42.127062 2016-12-01 14:49 Culp2004 Risk Transfer: Derivatives in Theory and Practice 00:03:42.127062 p144 Off-market derivatives, by contrast, do involve an initial payment by one counterparty to the other of an amount equal to the price of the contract---its expected discounted payoff. Off-market derivatives include options, prepaid forwards, and certain traditional forwards and swaps that are deliberately negotiated "off" the current market price. 00:03:42.127063 In general, "asset pricing" is all about solving for discounted expected payoff to get a price. 00:03:42.127063 For at-market derivatives, however, the task of "pricing" is instead the task of solving for the fixed rate or price that equates the discounted expected payoff to zero. 00:03:42.127064 In this context, the phrase "derivatives pricing" thus very misleadingly refers to the determination of the fixed purchase price f_{t,T} that equates the discounted expected payoff to zero. 00:03:42.127064 p146 For at-market derivatives, "pricing" means finding the fixed rate or price specified in the contract on the trade date that equates the true initial price of the contract to zero. For off-market derivatives, "pricing" requires actually computing the expected discounted payoff of the contract as of the trade date for a given fixed rate or price. 00:03:42.127064 p147 In absolute pricing often called equilibrium asset-pricing models 00:03:42.127065 In relative pricing, by contrast, we ask what we can learn about one asset's value given the prices of some other assets. 00:03:42.127065 Relative pricing offers simplicity and tractability 00:03:42.127065 p148 Investors do not value money directly. the consumption that money can buy is what really matters 00:03:42.127066 p149 用无套利得到如下式子更方便 00:03:42.127066 00:03:42.127066 p_{t}^{}=E_{t}(m_{t+1}z_{t+1}) 00:03:42.127066 00:03:42.127067 and one that relates the stochastic discount factor m_{t+1} to the intertemporal marginal rate of substitution (IMRS), by analogy with simple present value rules. 00:03:42.127067 p150 In finance, we commonly do not think too much about consumption and utility functions. The stochastic discount factor remains an index of bad times (strictly speaking, growth in bad times). Finance theorists tend to think directly about discount factor models in which data such as the market return are used as indicators of bad versus good times. 00:03:42.127068 As usual, unification came after the fact. 00:03:42.127068 In applications to stocks and portfolios, it is often convenient to think about rates of return rather than prices. 思考 00:03:42.127068 00:03:42.127069 ∙ E(R)改变时,通常当前价格也要改变 00:03:42.127069 ∙ 感觉用期望收益率,还是资本成本的旧思想 00:03:42.127069 ∙ 好处:比较平稳 00:03:42.127070 ∙ 毛收益率全部位于价格为1的超平面上 00:03:42.127070 00:03:42.127070 1=E_{t}(m_{t+1}R_{t+1}) 00:03:42.127070 00:03:42.127071 因此没有价值创造(投入为1,产出的现值为1) 区别于投入到生产中,有价值创造 00:03:42.127071 00:03:42.127071 p151 Similarly, if we want to work with returns in excess of the risk-free rate R_{t+1}^{e}=R_{t+1}-R_{f} then (7.4) becomes 00:03:42.127072 00:03:42.127072 0=E_{t}(m_{t+1}R_{t+1}^{e}) 00:03:42.127072 00:03:42.127073 超额收益率可以是任意两资产间,可以是两个风险资产间。 00:03:42.127073 The expected excess return of each asset should be proportional to its beta. 提醒,beta 可不是由自己决定哦 00:03:42.127073 p152 Risk aversion is the same thing as overestimating the probability of bad events. 00:03:42.127074 Systematic versus Idiosyncratic Risk A central and classic idea in asset pricing is that only systematic risk generates a premium. Idiosyncratic risks are "not priced," meaning that you earn no more than the interest rate for holding them. 注:我感觉只是收益率的分解,并不是什么溢价 00:03:42.127074 p153 Insurance is a terrible investment. The average return is negative Yet people willingly buy insurance. Why? Because insurance pays off well in bad times---just as the house stops smoldering, here comes a check in the mail. 00:03:42.127074 2016-12-01 19:53 00:03:42.127075 The volatility of the asset's cash flow per se is completely irrelevant to its risk premium 00:03:42.127075 The systematic part of any risk is that part that is perfectly correlated with the discount factor The idiosyncratic part of any risk is that part that is uncorrelated with the discount factor. It generates no premium 00:03:42.127075 p154 The CAPM, for example, is one special case of the general theory. It specifies that the discount factor is linearly related to the market return m_{t+1}=a-br_{t+1}^{} (more on this later). 00:03:42.127076 In many portfolio management applications, "systematic" and "diversifiable" components are defined with multiple regressions on style portfolios, including size, book to market value, and industry groupings as well as the market portfolio. Implicitly, these definitions correspond to models that the discount factor is a function of these portfolio groupings. These specifications are fine, but they are special cases and they reflect lots of hidden assumptions. Other specifications may be useful. 00:03:42.127076 For very little portfolio changes, covariance matters more than variance. 00:03:42.127076 p155 We often call idiosyncratic risks "diversifiable" because they largely disappear in welldiversified portfolios. 00:03:42.127077 Risks correlated with the business or company stock will be systematic for this investor, albeit not necessarily for the market as a whole. 00:03:42.127077 idiosyncratic risk does matter for asset pricing. Most of these circumstances involve some form of "market incompleteness," such as institutional restrictions on the portfolio decisions of certain special investors, the nonmarketability of financial claims 00:03:42.127077 p157 Historically, the CCAPM came last, in order to repair those problems. 00:03:42.127078 The CAPM is mathematically identical to a specification of the discount factor linear in the market return, rather than linear in consumption growth 00:03:42.127078 p158 Efforts to find theoretically purer proxies for the market portfolio of world invested wealth (Roll1977) have not helped 脱离模型设定了 00:03:42.127078 The CAPM discount factor model is a sensible approximation. a linear function of the market return is a completely sufficient indicator of good and bad times 00:03:42.127079 The CAPM (and all following models) is not an alternative to the consumption-based model; it is a special case. 00:03:42.127079 In addition, all investors in a CAPM world must hold the same portfolio of assets---the market portfolio 00:03:42.127079 p159 Technically, this model generalizes the CAPM assumption that the market return is independent over time. 问题:CAPM 本来是单期模型啊,怎么会有此假设 00:03:42.127080 p160 What are the additional sources of risk about which investors are economically concerned? 00:03:42.127080 what fundamental macroeconomic risks are behind the value effect, not just understand a set of mimicking portfolios that capture them for empirical work. 00:03:42.127080 问题:FF3 有什么用途? 00:03:42.127081 p161 in which the discount factor is only a function of the market return and state variables) by presuming that investors have no jobs or other assets; they simply live off their portfolios of financial assets. 我觉得不是定价,是风险分解 00:03:42.127081 The grandfather of all of these is the ChenRR1986 multifactor model 00:03:42.127081 PastorStambaugh2003 are finally documenting the importance of liquidity. 00:03:42.127082 p162 In principle, valuing a bond is easier than valuing other securities, because the payoff is fixed. 00:03:42.127082 p164 selected for empirical fit (in sample) rather than even armchair theorizing about good and bad states. 00:03:42.127082 To find the value of a McDonald's hamburger, absolute pricing starts thinking about how much it costs to feed a cow. Relative pricing looks at the price of a hamburger at Burger King. 00:03:42.127083 p165 The relative pricing approach uses information from other asset prices in order to construct a discount factor useful for pricing a given asset. 00:03:42.127083 "Arbitrage pricing" is the purest case of relative pricing, neatly cuts short the endless discussion over what are the true risk factors, market price of risk, and so on. 00:03:42.127083 Arbitrage pricing should really be called "Law of One Price pricing," and probably would be if the latter were not so ugly a name. 错! 00:03:42.127084 p166 every asset pricing model posits that there is some discount factor, 00:03:42.127084 Arbitrage pricing, however, is not completely assumption-free. It assumes that there is some discount factor. 错!市场完全时,完全可以找出来,而不是假设出来 00:03:42.127084 The Law of One Price is routinely violated in retail stores 这不是金融市场 00:03:42.127085 even a textbook-perfect hedge is exposed to some risk arising from institutional frictions, transaction costs, illiquidity, and so forth. More often, there is no textbook-perfect hedge, due to nonmarketed risks such as changing volatility, shifting interest rates, asset specific liquidity premiums, nonmarketed fundamental securities, and so on. 00:03:42.127085 p167 The weakest thing we can say in general (beyond existence) is that investors always like more over less 00:03:42.127085 p168 (APT) is the first such mixture of a little absolute pricing into a fundamentally relative-pricing problem. 是吗 APT is also a second source of inspiration for the factors in multifactor models. 00:03:42.127086 p171 the discount factor interpretation has been a matter of aesthetics 00:03:42.127086 This is only the beginning. The beauty of a discount factor framework is that it is easy to add all these restrictions and more together.. Returning. 00:03:42.127094 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:03:42.127420 clipXtConvertSelectionProc: 00:03:42.127431 clipCreateX11Targets: called 00:03:42.127435 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:03:42.127667 clipXtConvertSelectionProc: 00:03:42.127674 clipCreateX11Targets: called 00:03:42.127678 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:03:42.127784 clipXtConvertSelectionProc: 00:03:42.127787 clipCreateX11Targets: called 00:03:42.127789 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:03:42.127843 clipXtConvertSelectionProc: 00:03:42.127852 clipCreateX11Targets: called 00:03:42.127855 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:03:42.127895 clipXtConvertSelectionProc: 00:03:42.127899 clipCreateX11Targets: called 00:03:42.127902 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:03:42.127953 clipXtConvertSelectionProc: 00:03:42.127959 clipCreateX11Targets: called 00:03:42.127962 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:03:42.128018 clipXtConvertSelectionProc: 00:03:42.128021 clipCreateX11Targets: called 00:03:42.128024 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:03:42.128089 clipXtConvertSelectionProc: 00:03:42.128093 clipCreateX11Targets: called 00:03:42.128095 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:03:42.128189 clipXtConvertSelectionProc: 00:03:42.128193 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:03:42.128200 clipReadVBoxClipboard: returning VINF_SUCCESS 00:03:42.128202 clipReadVBoxClipboard: *ppv= 00:03:42.128223 00:03:42.128224 Tapiero2010 00:03:42.128224 00:03:42.128224 2016-11-27 09:20 Tapiero2010 Risk Finance and Asset Pricing Value Measurements and Markets.pdf p165 00:03:42.128227 00:03:42.128227 1 =E((1+R_{i})M₁)=E((1+R_{i})(a+bR_{m})) 00:03:42.128228 =E(1+R_{i})E(a+bR_{m})+cov(1+R_{i},a+bR_{m}) 00:03:42.128229 00:03:42.128229 Let R_{i}=R_{f}, by 1=E((1+R_{i})M₁) 00:03:42.128230 00:03:42.128230 E(a+bR_{m})=(1/(1+R_{f})) 00:03:42.128231 00:03:42.128231 and 1=E((1+R_{m})(a+bR_{m})) 00:03:42.128232 00:03:42.128232 1=(1/(1+R_{f}))+aE(R_{m})+bE(R_{m}²)=(1/(1+R_{f}))+aE(R_{m})+bvar(R_{m})+bE(R_{m})² 00:03:42.128234 00:03:42.128234 thus 00:03:42.128235 00:03:42.128235 var(R_{m})=((R_{f})/(1+R_{f}))-E(R_{m})(a+bE(R_{m}))=((R_{f})/(1+R_{f}))-((E(R_{m}))/(1+R_{f})) 00:03:42.128237 00:03:42.128237 讨论 CAPM-cn.tex中 00:03:42.128238 00:03:42.128238 R_{M}=(1/(b-aR₀))(1+c-bR₀-((1+h(R₀))/(R₀))R_{:}) 00:03:42.128239 00:03:42.128239 00:03:42.128240 R_{:}=((R₀)/(1+h(R₀)))(1+c-bR₀-(b-aR₀)R_{M}) 00:03:42.128241 00:03:42.128241 是为R_{M}的线性 00:03:42.128241 00:03:42.128242 R_{:}=η+ζR_{M} 00:03:42.128242 00:03:42.128243 00:03:42.128243 HensRieger2010 00:03:42.128243 00:03:42.128244 2016-12-01 14:36 HensRieger2010 Financial Economics: A Concise Introduction to Classical and Behavioral Finance 00:03:42.128246 往mm命题靠,整了个很庞大的经济系统,一般均衡分析方法,资产的供给总说不清 00:03:42.128247 p267 "The great difference between the industry of today as compared to that of yesterday is what might be referred to as the necessity of the scientific approach, the elimination of operation by hunches." Alfred P. Sloan 00:03:42.128250 p268 no arbitrage condition (NAC) positive cash-flow in at least one state, but non-negative cash-flow in every state. 00:03:42.128253 p274 While in the traditional view, the shareholder value of a firm depends on its debt-equity ratio, Modigliani and Miller show that under well defined conditions the funding of a firm is irrelevant. Their proof is based on an intuitive arbitrage argument 00:03:42.128257 00:03:42.128257 Culp2004 00:03:42.128257 00:03:42.128258 2016-12-01 14:49 Culp2004 Risk Transfer: Derivatives in Theory and Practice 00:03:42.128259 p144 Off-market derivatives, by contrast, do involve an initial payment by one counterparty to the other of an amount equal to the price of the contract---its expected discounted payoff. Off-market derivatives include options, prepaid forwards, and certain traditional forwards and swaps that are deliberately negotiated "off" the current market price. 00:03:42.128265 In general, "asset pricing" is all about solving for discounted expected payoff to get a price. 00:03:42.128266 For at-market derivatives, however, the task of "pricing" is instead the task of solving for the fixed rate or price that equates the discounted expected payoff to zero. 00:03:42.128269 In this context, the phrase "derivatives pricing" thus very misleadingly refers to the determination of the fixed purchase price f_{t,T} that equates the discounted expected payoff to zero. 00:03:42.128272 p146 For at-market derivatives, "pricing" means finding the fixed rate or price specified in the contract on the trade date that equates the true initial price of the contract to zero. For off-market derivatives, "pricing" requires actually computing the expected discounted payoff of the contract as of the trade date for a given fixed rate or price. 00:03:42.128277 p147 In absolute pricing often called equilibrium asset-pricing models 00:03:42.128279 In relative pricing, by contrast, we ask what we can learn about one asset's value given the prices of some other assets. 00:03:42.128281 Relative pricing offers simplicity and tractability 00:03:42.128282 p148 Investors do not value money directly. the consumption that money can buy is what really matters 00:03:42.128284 p149 用无套利得到如下式子更方便 00:03:42.128284 00:03:42.128285 p_{t}^{}=E_{t}(m_{t+1}z_{t+1}) 00:03:42.128286 00:03:42.128286 and one that relates the stochastic discount factor m_{t+1} to the intertemporal marginal rate of substitution (IMRS), by analogy with simple present value rules. 00:03:42.128288 p150 In finance, we commonly do not think too much about consumption and utility functions. The stochastic discount factor remains an index of bad times (strictly speaking, growth in bad times). Finance theorists tend to think directly about discount factor models in which data such as the market return are used as indicators of bad versus good times. 00:03:42.128294 As usual, unification came after the fact. 00:03:42.128295 In applications to stocks and portfolios, it is often convenient to think about rates of return rather than prices. 思考 00:03:42.128297 00:03:42.128297 ∙ E(R)改变时,通常当前价格也要改变 00:03:42.128298 ∙ 感觉用期望收益率,还是资本成本的旧思想 00:03:42.128299 ∙ 好处:比较平稳 00:03:42.128299 ∙ 毛收益率全部位于价格为1的超平面上 00:03:42.128300 00:03:42.128300 1=E_{t}(m_{t+1}R_{t+1}) 00:03:42.128301 00:03:42.128301 因此没有价值创造(投入为1,产出的现值为1) 区别于投入到生产中,有价值创造 00:03:42.128302 00:03:42.128303 p151 Similarly, if we want to work with returns in excess of the risk-free rate R_{t+1}^{e}=R_{t+1}-R_{f} then (7.4) becomes 00:03:42.128305 00:03:42.128305 0=E_{t}(m_{t+1}R_{t+1}^{e}) 00:03:42.128306 00:03:42.128306 超额收益率可以是任意两资产间,可以是两个风险资产间。 00:03:42.128307 The expected excess return of each asset should be proportional to its beta. 提醒,beta 可不是由自己决定哦 00:03:42.128309 p152 Risk aversion is the same thing as overestimating the probability of bad events. 00:03:42.128310 Systematic versus Idiosyncratic Risk A central and classic idea in asset pricing is that only systematic risk generates a premium. Idiosyncratic risks are "not priced," meaning that you earn no more than the interest rate for holding them. 注:我感觉只是收益率的分解,并不是什么溢价 00:03:42.128314 p153 Insurance is a terrible investment. The average return is negative Yet people willingly buy insurance. Why? Because insurance pays off well in bad times---just as the house stops smoldering, here comes a check in the mail. 00:03:42.128318 2016-12-01 19:53 00:03:42.128318 The volatility of the asset's cash flow per se is completely irrelevant to its risk premium 00:03:42.128320 The systematic part of any risk is that part that is perfectly correlated with the discount factor The idiosyncratic part of any risk is that part that is uncorrelated with the discount factor. It generates no premium 00:03:42.128323 p154 The CAPM, for example, is one special case of the general theory. It specifies that the discount factor is linearly related to the market return m_{t+1}=a-br_{t+1}^{} (more on this later). 00:03:42.128327 In many portfolio management applications, "systematic" and "diversifiable" components are defined with multiple regressions on style portfolios, including size, book to market value, and industry groupings as well as the market portfolio. Implicitly, these definitions correspond to models that the discount factor is a function of these portfolio groupings. These specifications are fine, but they are special cases and they reflect lots of hidden assumptions. Other specifications may be useful. 00:03:42.128334 For very little portfolio changes, covariance matters more than variance. 00:03:42.128335 p155 We often call idiosyncratic risks "diversifiable" because they largely disappear in welldiversified portfolios. 00:03:42.128337 Risks correlated with the business or company stock will be systematic for this investor, albeit not necessarily for the market as a whole. 00:03:42.128339 idiosyncratic risk does matter for asset pricing. Most of these circumstances involve some form of "market incompleteness," such as institutional restrictions on the portfolio decisions of certain special investors, the nonmarketability of financial claims 00:03:42.128343 p157 Historically, the CCAPM came last, in order to repair those problems. 00:03:42.128345 The CAPM is mathematically identical to a specification of the discount factor linear in the market return, rather than linear in consumption growth 00:03:42.128347 p158 Efforts to find theoretically purer proxies for the market portfolio of world invested wealth (Roll1977) have not helped 脱离模型设定了 00:03:42.128350 The CAPM discount factor model is a sensible approximation. a linear function of the market return is a completely sufficient indicator of good and bad times 00:03:42.128352 The CAPM (and all following models) is not an alternative to the consumption-based model; it is a special case. 00:03:42.128354 In addition, all investors in a CAPM world must hold the same portfolio of assets---the market portfolio 00:03:42.128356 p159 Technically, this model generalizes the CAPM assumption that the market return is independent over time. 问题:CAPM 本来是单期模型啊,怎么会有此假设 00:03:42.128358 p160 What are the additional sources of risk about which investors are economically concerned? 00:03:42.128360 what fundamental macroeconomic risks are behind the value effect, not just understand a set of mimicking portfolios that capture them for empirical work. 00:03:42.128363 问题:FF3 有什么用途? 00:03:42.128363 p161 in which the discount factor is only a function of the market return and state variables) by presuming that investors have no jobs or other assets; they simply live off their portfolios of financial assets. 我觉得不是定价,是风险分解 00:03:42.128367 The grandfather of all of these is the ChenRR1986 multifactor model 00:03:42.128368 PastorStambaugh2003 are finally documenting the importance of liquidity. 00:03:42.128370 p162 In principle, valuing a bond is easier than valuing other securities, because the payoff is fixed. 00:03:42.128372 p164 selected for empirical fit (in sample) rather than even armchair theorizing about good and bad states. 00:03:42.128374 To find the value of a McDonald's hamburger, absolute pricing starts thinking about how much it costs to feed a cow. Relative pricing looks at the price of a hamburger at Burger King. 00:03:42.128377 p165 The relative pricing approach uses information from other asset prices in order to construct a discount factor useful for pricing a given asset. 00:03:42.128379 "Arbitrage pricing" is the purest case of relative pricing, neatly cuts short the endless discussion over what are the true risk factors, market price of risk, and so on. 00:03:42.128382 Arbitrage pricing should really be called "Law of One Price pricing," and probably would be if the latter were not so ugly a name. 错! 00:03:42.128384 p166 every asset pricing model posits that there is some discount factor, 00:03:42.128385 Arbitrage pricing, however, is not completely assumption-free. It assumes that there is some discount factor. 错!市场完全时,完全可以找出来,而不是假设出来 00:03:42.128388 The Law of One Price is routinely violated in retail stores 这不是金融市场 00:03:42.128389 even a textbook-perfect hedge is exposed to some risk arising from institutional frictions, transaction costs, illiquidity, and so forth. More often, there is no textbook-perfect hedge, due to nonmarketed risks such as changing volatility, shifting interest rates, asset specific liquidity premiums, nonmarketed fundamental securities, and so on. 00:03:42.128394 p167 The weakest thing we can say in general (beyond existence) is that investors always like more over less 00:03:42.128396 p168 (APT) is the first such mixture of a little absolute pricing into a fundamentally relative-pricing problem. 是吗 APT is also a second source of inspiration for the factors in multifactor models. 00:03:42.128399 p171 the discount factor interpretation has been a matter of aesthetics 00:03:42.128401 This is only the beginning. The beauty of a discount factor framework is that it is easy to add all these restrictions and more together., *pcb=20578 00:03:42.128428 clipWinTxtToUtf8: pwszSrc= 00:03:42.128449 00:03:42.128449 Tapiero2010 00:03:42.128449 00:03:42.128450 2016-11-27 09:20 Tapiero2010 Risk Finance and Asset Pricing Value Measurements and Markets.pdf p165 00:03:42.128452 00:03:42.128452 1 =E((1+R_{i})M₁)=E((1+R_{i})(a+bR_{m})) 00:03:42.128453 =E(1+R_{i})E(a+bR_{m})+cov(1+R_{i},a+bR_{m}) 00:03:42.128454 00:03:42.128454 Let R_{i}=R_{f}, by 1=E((1+R_{i})M₁) 00:03:42.128455 00:03:42.128455 E(a+bR_{m})=(1/(1+R_{f})) 00:03:42.128456 00:03:42.128456 and 1=E((1+R_{m})(a+bR_{m})) 00:03:42.128457 00:03:42.128457 1=(1/(1+R_{f}))+aE(R_{m})+bE(R_{m}²)=(1/(1+R_{f}))+aE(R_{m})+bvar(R_{m})+bE(R_{m})² 00:03:42.128459 00:03:42.128459 thus 00:03:42.128460 00:03:42.128460 var(R_{m})=((R_{f})/(1+R_{f}))-E(R_{m})(a+bE(R_{m}))=((R_{f})/(1+R_{f}))-((E(R_{m}))/(1+R_{f})) 00:03:42.128462 00:03:42.128462 讨论 CAPM-cn.tex中 00:03:42.128463 00:03:42.128463 R_{M}=(1/(b-aR₀))(1+c-bR₀-((1+h(R₀))/(R₀))R_{:}) 00:03:42.128464 00:03:42.128464 00:03:42.128465 R_{:}=((R₀)/(1+h(R₀)))(1+c-bR₀-(b-aR₀)R_{M}) 00:03:42.128465 00:03:42.128466 是为R_{M}的线性 00:03:42.128466 00:03:42.128467 R_{:}=η+ζR_{M} 00:03:42.128467 00:03:42.128467 00:03:42.128468 HensRieger2010 00:03:42.128468 00:03:42.128469 2016-12-01 14:36 HensRieger2010 Financial Economics: A Concise Introduction to Classical and Behavioral Finance 00:03:42.128471 往mm命题靠,整了个很庞大的经济系统,一般均衡分析方法,资产的供给总说不清 00:03:42.128472 p267 "The great difference between the industry of today as compared to that of yesterday is what might be referred to as the necessity of the scientific approach, the elimination of operation by hunches." Alfred P. Sloan 00:03:42.128475 p268 no arbitrage condition (NAC) positive cash-flow in at least one state, but non-negative cash-flow in every state. 00:03:42.128477 p274 While in the traditional view, the shareholder value of a firm depends on its debt-equity ratio, Modigliani and Miller show that under well defined conditions the funding of a firm is irrelevant. Their proof is based on an intuitive arbitrage argument 00:03:42.128481 00:03:42.128482 Culp2004 00:03:42.128482 00:03:42.128482 2016-12-01 14:49 Culp2004 Risk Transfer: Derivatives in Theory and Practice 00:03:42.128484 p144 Off-market derivatives, by contrast, do involve an initial payment by one counterparty to the other of an amount equal to the price of the contract---its expected discounted payoff. Off-market derivatives include options, prepaid forwards, and certain traditional forwards and swaps that are deliberately negotiated "off" the current market price. 00:03:42.128489 In general, "asset pricing" is all about solving for discounted expected payoff to get a price. 00:03:42.128491 For at-market derivatives, however, the task of "pricing" is instead the task of solving for the fixed rate or price that equates the discounted expected payoff to zero. 00:03:42.128494 In this context, the phrase "derivatives pricing" thus very misleadingly refers to the determination of the fixed purchase price f_{t,T} that equates the discounted expected payoff to zero. 00:03:42.128497 p146 For at-market derivatives, "pricing" means finding the fixed rate or price specified in the contract on the trade date that equates the true initial price of the contract to zero. For off-market derivatives, "pricing" requires actually computing the expected discounted payoff of the contract as of the trade date for a given fixed rate or price. 00:03:42.128502 p147 In absolute pricing often called equilibrium asset-pricing models 00:03:42.128503 In relative pricing, by contrast, we ask what we can learn about one asset's value given the prices of some other assets. 00:03:42.128505 Relative pricing offers simplicity and tractability 00:03:42.128507 p148 Investors do not value money directly. the consumption that money can buy is what really matters 00:03:42.128508 p149 用无套利得到如下式子更方便 00:03:42.128509 00:03:42.128509 p_{t}^{}=E_{t}(m_{t+1}z_{t+1}) 00:03:42.128510 00:03:42.128510 and one that relates the stochastic discount factor m_{t+1} to the intertemporal marginal rate of substitution (IMRS), by analogy with simple present value rules. 00:03:42.128513 p150 In finance, we commonly do not think too much about consumption and utility functions. The stochastic discount factor remains an index of bad times (strictly speaking, growth in bad times). Finance theorists tend to think directly about discount factor models in which data such as the market return are used as indicators of bad versus good times. 00:03:42.128518 As usual, unification came after the fact. 00:03:42.128519 In applications to stocks and portfolios, it is often convenient to think about rates of return rather than prices. 思考 00:03:42.128521 00:03:42.128522 ∙ E(R)改变时,通常当前价格也要改变 00:03:42.128522 ∙ 感觉用期望收益率,还是资本成本的旧思想 00:03:42.128523 ∙ 好处:比较平稳 00:03:42.128524 ∙ 毛收益率全部位于价格为1的超平面上 00:03:42.128524 00:03:42.128525 1=E_{t}(m_{t+1}R_{t+1}) 00:03:42.128525 00:03:42.128526 因此没有价值创造(投入为1,产出的现值为1) 区别于投入到生产中,有价值创造 00:03:42.128527 00:03:42.128527 p151 Similarly, if we want to work with returns in excess of the risk-free rate R_{t+1}^{e}=R_{t+1}-R_{f} then (7.4) becomes 00:03:42.128529 00:03:42.128530 0=E_{t}(m_{t+1}R_{t+1}^{e}) 00:03:42.128530 00:03:42.128531 超额收益率可以是任意两资产间,可以是两个风险资产间。 00:03:42.128531 The expected excess return of each asset should be proportional to its beta. 提醒,beta 可不是由自己决定哦 00:03:42.128533 p152 Risk aversion is the same thing as overestimating the probability of bad events. 00:03:42.128535 Systematic versus Idiosyncratic Risk A central and classic idea in asset pricing is that only systematic risk generates a premium. Idiosyncratic risks are "not priced," meaning that you earn no more than the interest rate for holding them. 注:我感觉只是收益率的分解,并不是什么溢价 00:03:42.128539 p153 Insurance is a terrible investment. The average return is negative Yet people willingly buy insurance. Why? Because insurance pays off well in bad times---just as the house stops smoldering, here comes a check in the mail. 00:03:42.128542 2016-12-01 19:53 00:03:42.128543 The volatility of the asset's cash flow per se is completely irrelevant to its risk premium 00:03:42.128545 The systematic part of any risk is that part that is perfectly correlated with the discount factor The idiosyncratic part of any risk is that part that is uncorrelated with the discount factor. It generates no premium 00:03:42.128548 p154 The CAPM, for example, is one special case of the general theory. It specifies that the discount factor is linearly related to the market return m_{t+1}=a-br_{t+1}^{} (more on this later). 00:03:42.128551 In many portfolio management applications, "systematic" and "diversifiable" components are defined with multiple regressions on style portfolios, including size, book to market value, and industry groupings as well as the market portfolio. Implicitly, these definitions correspond to models that the discount factor is a function of these portfolio groupings. These specifications are fine, but they are special cases and they reflect lots of hidden assumptions. Other specifications may be useful. 00:03:42.128558 For very little portfolio changes, covariance matters more than variance. 00:03:42.128560 p155 We often call idiosyncratic risks "diversifiable" because they largely disappear in welldiversified portfolios. 00:03:42.128562 Risks correlated with the business or company stock will be systematic for this investor, albeit not necessarily for the market as a whole. 00:03:42.128564 idiosyncratic risk does matter for asset pricing. Most of these circumstances involve some form of "market incompleteness," such as institutional restrictions on the portfolio decisions of certain special investors, the nonmarketability of financial claims 00:03:42.128568 p157 Historically, the CCAPM came last, in order to repair those problems. 00:03:42.128569 The CAPM is mathematically identical to a specification of the discount factor linear in the market return, rather than linear in consumption growth 00:03:42.128572 p158 Efforts to find theoretically purer proxies for the market portfolio of world invested wealth (Roll1977) have not helped 脱离模型设定了 00:03:42.128574 The CAPM discount factor model is a sensible approximation. a linear function of the market return is a completely sufficient indicator of good and bad times 00:03:42.128577 The CAPM (and all following models) is not an alternative to the consumption-based model; it is a special case. 00:03:42.128579 In addition, all investors in a CAPM world must hold the same portfolio of assets---the market portfolio 00:03:42.128581 p159 Technically, this model generalizes the CAPM assumption that the market return is independent over time. 问题:CAPM 本来是单期模型啊,怎么会有此假设 00:03:42.128583 p160 What are the additional sources of risk about which investors are economically concerned? 00:03:42.128585 what fundamental macroeconomic risks are behind the value effect, not just understand a set of mimicking portfolios that capture them for empirical work. 00:03:42.128587 问题:FF3 有什么用途? 00:03:42.128588 p161 in which the discount factor is only a function of the market return and state variables) by presuming that investors have no jobs or other assets; they simply live off their portfolios of financial assets. 我觉得不是定价,是风险分解 00:03:42.128591 The grandfather of all of these is the ChenRR1986 multifactor model 00:03:42.128593 PastorStambaugh2003 are finally documenting the importance of liquidity. 00:03:42.128595 p162 In principle, valuing a bond is easier than valuing other securities, because the payoff is fixed. 00:03:42.128596 p164 selected for empirical fit (in sample) rather than even armchair theorizing about good and bad states. 00:03:42.128598 To find the value of a McDonald's hamburger, absolute pricing starts thinking about how much it costs to feed a cow. Relative pricing looks at the price of a hamburger at Burger King. 00:03:42.128601 p165 The relative pricing approach uses information from other asset prices in order to construct a discount factor useful for pricing a given asset. 00:03:42.128604 "Arbitrage pricing" is the purest case of relative pricing, neatly cuts short the endless discussion over what are the true risk factors, market price of risk, and so on. 00:03:42.128606 Arbitrage pricing should really be called "Law of One Price pricing," and probably would be if the latter were not so ugly a name. 错! 00:03:42.128609 p166 every asset pricing model posits that there is some discount factor, 00:03:42.128610 Arbitrage pricing, however, is not completely assumption-free. It assumes that there is some discount factor. 错!市场完全时,完全可以找出来,而不是假设出来 00:03:42.128612 The Law of One Price is routinely violated in retail stores 这不是金融市场 00:03:42.128614 even a textbook-perfect hedge is exposed to some risk arising from institutional frictions, transaction costs, illiquidity, and so forth. More often, there is no textbook-perfect hedge, due to nonmarketed risks such as changing volatility, shifting interest rates, asset specific liquidity premiums, nonmarketed fundamental securities, and so on. 00:03:42.128619 p167 The weakest thing we can say in general (beyond existence) is that investors always like more over less 00:03:42.128621 p168 (APT) is the first such mixture of a little absolute pricing into a fundamentally relative-pricing problem. 是吗 APT is also a second source of inspiration for the factors in multifactor models. 00:03:42.128624 p171 the discount factor interpretation has been a matter of aesthetics 00:03:42.128626 This is only the beginning. The beauty of a discount factor framework is that it is easy to add all these restrictions and more together., cbSrc=20578 00:03:42.128692 clipWinTxtToUtf8: returning VINF_SUCCESS 00:03:42.128694 clipWinTxtToUtf8: converted string is 00:03:42.128703 00:03:42.128703 Tapiero2010 00:03:42.128704 00:03:42.128704 2016-11-27 09:20 Tapiero2010 Risk Finance and Asset Pricing Value Measurements and Markets.pdf p165 00:03:42.128704 00:03:42.128705 1 =E((1+R_{i})M₁)=E((1+R_{i})(a+bR_{m})) 00:03:42.128705 =E(1+R_{i})E(a+bR_{m})+cov(1+R_{i},a+bR_{m}) 00:03:42.128705 00:03:42.128706 Let R_{i}=R_{f}, by 1=E((1+R_{i})M₁) 00:03:42.128706 00:03:42.128706 E(a+bR_{m})=(1/(1+R_{f})) 00:03:42.128707 00:03:42.128707 and 1=E((1+R_{m})(a+bR_{m})) 00:03:42.128707 00:03:42.128707 1=(1/(1+R_{f}))+aE(R_{m})+bE(R_{m}²)=(1/(1+R_{f}))+aE(R_{m})+bvar(R_{m})+bE(R_{m})² 00:03:42.128708 00:03:42.128708 thus 00:03:42.128708 00:03:42.128709 var(R_{m})=((R_{f})/(1+R_{f}))-E(R_{m})(a+bE(R_{m}))=((R_{f})/(1+R_{f}))-((E(R_{m}))/(1+R_{f})) 00:03:42.128709 00:03:42.128709 讨论 CAPM-cn.tex中 00:03:42.128710 00:03:42.128710 R_{M}=(1/(b-aR₀))(1+c-bR₀-((1+h(R₀))/(R₀))R_{:}) 00:03:42.128710 00:03:42.128711 00:03:42.128711 R_{:}=((R₀)/(1+h(R₀)))(1+c-bR₀-(b-aR₀)R_{M}) 00:03:42.128711 00:03:42.128712 是为R_{M}的线性 00:03:42.128712 00:03:42.128712 R_{:}=η+ζR_{M} 00:03:42.128713 00:03:42.128713 00:03:42.128713 HensRieger2010 00:03:42.128714 00:03:42.128714 2016-12-01 14:36 HensRieger2010 Financial Economics: A Concise Introduction to Classical and Behavioral Finance 00:03:42.128714 往mm命题靠,整了个很庞大的经济系统,一般均衡分析方法,资产的供给总说不清 00:03:42.128715 p267 "The great difference between the industry of today as compared to that of yesterday is what might be referred to as the necessity of the scientific approach, the elimination of operation by hunches." Alfred P. Sloan 00:03:42.128715 p268 no arbitrage condition (NAC) positive cash-flow in at least one state, but non-negative cash-flow in every state. 00:03:42.128715 p274 While in the traditional view, the shareholder value of a firm depends on its debt-equity ratio, Modigliani and Miller show that under well defined conditions the funding of a firm is irrelevant. Their proof is based on an intuitive arbitrage argument 00:03:42.128716 00:03:42.128716 Culp2004 00:03:42.128716 00:03:42.128717 2016-12-01 14:49 Culp2004 Risk Transfer: Derivatives in Theory and Practice 00:03:42.128717 p144 Off-market derivatives, by contrast, do involve an initial payment by one counterparty to the other of an amount equal to the price of the contract---its expected discounted payoff. Off-market derivatives include options, prepaid forwards, and certain traditional forwards and swaps that are deliberately negotiated "off" the current market price. 00:03:42.128717 In general, "asset pricing" is all about solving for discounted expected payoff to get a price. 00:03:42.128718 For at-market derivatives, however, the task of "pricing" is instead the task of solving for the fixed rate or price that equates the discounted expected payoff to zero. 00:03:42.128718 In this context, the phrase "derivatives pricing" thus very misleadingly refers to the determination of the fixed purchase price f_{t,T} that equates the discounted expected payoff to zero. 00:03:42.128718 p146 For at-market derivatives, "pricing" means finding the fixed rate or price specified in the contract on the trade date that equates the true initial price of the contract to zero. For off-market derivatives, "pricing" requires actually computing the expected discounted payoff of the contract as of the trade date for a given fixed rate or price. 00:03:42.128719 p147 In absolute pricing often called equilibrium asset-pricing models 00:03:42.128719 In relative pricing, by contrast, we ask what we can learn about one asset's value given the prices of some other assets. 00:03:42.128719 Relative pricing offers simplicity and tractability 00:03:42.128720 p148 Investors do not value money directly. the consumption that money can buy is what really matters 00:03:42.128720 p149 用无套利得到如下式子更方便 00:03:42.128720 00:03:42.128721 p_{t}^{}=E_{t}(m_{t+1}z_{t+1}) 00:03:42.128721 00:03:42.128721 and one that relates the stochastic discount factor m_{t+1} to the intertemporal marginal rate of substitution (IMRS), by analogy with simple present value rules. 00:03:42.128722 p150 In finance, we commonly do not think too much about consumption and utility functions. The stochastic discount factor remains an index of bad times (strictly speaking, growth in bad times). Finance theorists tend to think directly about discount factor models in which data such as the market return are used as indicators of bad versus good times. 00:03:42.128722 As usual, unification came after the fact. 00:03:42.128722 In applications to stocks and portfolios, it is often convenient to think about rates of return rather than prices. 思考 00:03:42.128723 00:03:42.128723 ∙ E(R)改变时,通常当前价格也要改变 00:03:42.128723 ∙ 感觉用期望收益率,还是资本成本的旧思想 00:03:42.128724 ∙ 好处:比较平稳 00:03:42.128724 ∙ 毛收益率全部位于价格为1的超平面上 00:03:42.128724 00:03:42.128725 1=E_{t}(m_{t+1}R_{t+1}) 00:03:42.128725 00:03:42.128725 因此没有价值创造(投入为1,产出的现值为1) 区别于投入到生产中,有价值创造 00:03:42.128725 00:03:42.128726 p151 Similarly, if we want to work with returns in excess of the risk-free rate R_{t+1}^{e}=R_{t+1}-R_{f} then (7.4) becomes 00:03:42.128726 00:03:42.128726 0=E_{t}(m_{t+1}R_{t+1}^{e}) 00:03:42.128727 00:03:42.128727 超额收益率可以是任意两资产间,可以是两个风险资产间。 00:03:42.128727 The expected excess return of each asset should be proportional to its beta. 提醒,beta 可不是由自己决定哦 00:03:42.128728 p152 Risk aversion is the same thing as overestimating the probability of bad events. 00:03:42.128728 Systematic versus Idiosyncratic Risk A central and classic idea in asset pricing is that only systematic risk generates a premium. Idiosyncratic risks are "not priced," meaning that you earn no more than the interest rate for holding them. 注:我感觉只是收益率的分解,并不是什么溢价 00:03:42.128728 p153 Insurance is a terrible investment. The average return is negative Yet people willingly buy insurance. Why? Because insurance pays off well in bad times---just as the house stops smoldering, here comes a check in the mail. 00:03:42.128729 2016-12-01 19:53 00:03:42.128729 The volatility of the asset's cash flow per se is completely irrelevant to its risk premium 00:03:42.128729 The systematic part of any risk is that part that is perfectly correlated with the discount factor The idiosyncratic part of any risk is that part that is uncorrelated with the discount factor. It generates no premium 00:03:42.128730 p154 The CAPM, for example, is one special case of the general theory. It specifies that the discount factor is linearly related to the market return m_{t+1}=a-br_{t+1}^{} (more on this later). 00:03:42.128730 In many portfolio management applications, "systematic" and "diversifiable" components are defined with multiple regressions on style portfolios, including size, book to market value, and industry groupings as well as the market portfolio. Implicitly, these definitions correspond to models that the discount factor is a function of these portfolio groupings. These specifications are fine, but they are special cases and they reflect lots of hidden assumptions. Other specifications may be useful. 00:03:42.128730 For very little portfolio changes, covariance matters more than variance. 00:03:42.128731 p155 We often call idiosyncratic risks "diversifiable" because they largely disappear in welldiversified portfolios. 00:03:42.128731 Risks correlated with the business or company stock will be systematic for this investor, albeit not necessarily for the market as a whole. 00:03:42.128731 idiosyncratic risk does matter for asset pricing. Most of these circumstances involve some form of "market incompleteness," such as institutional restrictions on the portfolio decisions of certain special investors, the nonmarketability of financial claims 00:03:42.128732 p157 Historically, the CCAPM came last, in order to repair those problems. 00:03:42.128732 The CAPM is mathematically identical to a specification of the discount factor linear in the market return, rather than linear in consumption growth 00:03:42.128732 p158 Efforts to find theoretically purer proxies for the market portfolio of world invested wealth (Roll1977) have not helped 脱离模型设定了 00:03:42.128733 The CAPM discount factor model is a sensible approximation. a linear function of the market return is a completely sufficient indicator of good and bad times 00:03:42.128733 The CAPM (and all following models) is not an alternative to the consumption-based model; it is a special case. 00:03:42.128733 In addition, all investors in a CAPM world must hold the same portfolio of assets---the market portfolio 00:03:42.128734 p159 Technically, this model generalizes the CAPM assumption that the market return is independent over time. 问题:CAPM 本来是单期模型啊,怎么会有此假设 00:03:42.128734 p160 What are the additional sources of risk about which investors are economically concerned? 00:03:42.128734 what fundamental macroeconomic risks are behind the value effect, not just understand a set of mimicking portfolios that capture them for empirical work. 00:03:42.128735 问题:FF3 有什么用途? 00:03:42.128735 p161 in which the discount factor is only a function of the market return and state variables) by presuming that investors have no jobs or other assets; they simply live off their portfolios of financial assets. 我觉得不是定价,是风险分解 00:03:42.128735 The grandfather of all of these is the ChenRR1986 multifactor model 00:03:42.128736 PastorStambaugh2003 are finally documenting the importance of liquidity. 00:03:42.128736 p162 In principle, valuing a bond is easier than valuing other securities, because the payoff is fixed. 00:03:42.128736 p164 selected for empirical fit (in sample) rather than even armchair theorizing about good and bad states. 00:03:42.128737 To find the value of a McDonald's hamburger, absolute pricing starts thinking about how much it costs to feed a cow. Relative pricing looks at the price of a hamburger at Burger King. 00:03:42.128737 p165 The relative pricing approach uses information from other asset prices in order to construct a discount factor useful for pricing a given asset. 00:03:42.128737 "Arbitrage pricing" is the purest case of relative pricing, neatly cuts short the endless discussion over what are the true risk factors, market price of risk, and so on. 00:03:42.128738 Arbitrage pricing should really be called "Law of One Price pricing," and probably would be if the latter were not so ugly a name. 错! 00:03:42.128738 p166 every asset pricing model posits that there is some discount factor, 00:03:42.128738 Arbitrage pricing, however, is not completely assumption-free. It assumes that there is some discount factor. 错!市场完全时,完全可以找出来,而不是假设出来 00:03:42.128739 The Law of One Price is routinely violated in retail stores 这不是金融市场 00:03:42.128739 even a textbook-perfect hedge is exposed to some risk arising from institutional frictions, transaction costs, illiquidity, and so forth. More often, there is no textbook-perfect hedge, due to nonmarketed risks such as changing volatility, shifting interest rates, asset specific liquidity premiums, nonmarketed fundamental securities, and so on. 00:03:42.128740 p167 The weakest thing we can say in general (beyond existence) is that investors always like more over less 00:03:42.128740 p168 (APT) is the first such mixture of a little absolute pricing into a fundamentally relative-pricing problem. 是吗 APT is also a second source of inspiration for the factors in multifactor models. 00:03:42.128740 p171 the discount factor interpretation has been a matter of aesthetics 00:03:42.128741 This is only the beginning. The beauty of a discount factor framework is that it is easy to add all these restrictions and more together.. Returning. 00:03:42.128748 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:03:42.129034 clipXtConvertSelectionProc: 00:03:42.129041 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:03:42.129047 clipReadVBoxClipboard: returning VINF_SUCCESS 00:03:42.129050 clipReadVBoxClipboard: *ppv= 00:03:42.129071 00:03:42.129071 Tapiero2010 00:03:42.129072 00:03:42.129072 2016-11-27 09:20 Tapiero2010 Risk Finance and Asset Pricing Value Measurements and Markets.pdf p165 00:03:42.129074 00:03:42.129075 1 =E((1+R_{i})M₁)=E((1+R_{i})(a+bR_{m})) 00:03:42.129076 =E(1+R_{i})E(a+bR_{m})+cov(1+R_{i},a+bR_{m}) 00:03:42.129077 00:03:42.129077 Let R_{i}=R_{f}, by 1=E((1+R_{i})M₁) 00:03:42.129078 00:03:42.129078 E(a+bR_{m})=(1/(1+R_{f})) 00:03:42.129079 00:03:42.129079 and 1=E((1+R_{m})(a+bR_{m})) 00:03:42.129080 00:03:42.129080 1=(1/(1+R_{f}))+aE(R_{m})+bE(R_{m}²)=(1/(1+R_{f}))+aE(R_{m})+bvar(R_{m})+bE(R_{m})² 00:03:42.129082 00:03:42.129082 thus 00:03:42.129082 00:03:42.129083 var(R_{m})=((R_{f})/(1+R_{f}))-E(R_{m})(a+bE(R_{m}))=((R_{f})/(1+R_{f}))-((E(R_{m}))/(1+R_{f})) 00:03:42.129084 00:03:42.129085 讨论 CAPM-cn.tex中 00:03:42.129085 00:03:42.129086 R_{M}=(1/(b-aR₀))(1+c-bR₀-((1+h(R₀))/(R₀))R_{:}) 00:03:42.129087 00:03:42.129087 00:03:42.129087 R_{:}=((R₀)/(1+h(R₀)))(1+c-bR₀-(b-aR₀)R_{M}) 00:03:42.129088 00:03:42.129089 是为R_{M}的线性 00:03:42.129089 00:03:42.129089 R_{:}=η+ζR_{M} 00:03:42.129090 00:03:42.129090 00:03:42.129091 HensRieger2010 00:03:42.129091 00:03:42.129092 2016-12-01 14:36 HensRieger2010 Financial Economics: A Concise Introduction to Classical and Behavioral Finance 00:03:42.129094 往mm命题靠,整了个很庞大的经济系统,一般均衡分析方法,资产的供给总说不清 00:03:42.129095 p267 "The great difference between the industry of today as compared to that of yesterday is what might be referred to as the necessity of the scientific approach, the elimination of operation by hunches." Alfred P. Sloan 00:03:42.129098 p268 no arbitrage condition (NAC) positive cash-flow in at least one state, but non-negative cash-flow in every state. 00:03:42.129100 p274 While in the traditional view, the shareholder value of a firm depends on its debt-equity ratio, Modigliani and Miller show that under well defined conditions the funding of a firm is irrelevant. Their proof is based on an intuitive arbitrage argument 00:03:42.129104 00:03:42.129105 Culp2004 00:03:42.129105 00:03:42.129105 2016-12-01 14:49 Culp2004 Risk Transfer: Derivatives in Theory and Practice 00:03:42.129107 p144 Off-market derivatives, by contrast, do involve an initial payment by one counterparty to the other of an amount equal to the price of the contract---its expected discounted payoff. Off-market derivatives include options, prepaid forwards, and certain traditional forwards and swaps that are deliberately negotiated "off" the current market price. 00:03:42.129112 In general, "asset pricing" is all about solving for discounted expected payoff to get a price. 00:03:42.129114 For at-market derivatives, however, the task of "pricing" is instead the task of solving for the fixed rate or price that equates the discounted expected payoff to zero. 00:03:42.129117 In this context, the phrase "derivatives pricing" thus very misleadingly refers to the determination of the fixed purchase price f_{t,T} that equates the discounted expected payoff to zero. 00:03:42.129120 p146 For at-market derivatives, "pricing" means finding the fixed rate or price specified in the contract on the trade date that equates the true initial price of the contract to zero. For off-market derivatives, "pricing" requires actually computing the expected discounted payoff of the contract as of the trade date for a given fixed rate or price. 00:03:42.129125 p147 In absolute pricing often called equilibrium asset-pricing models 00:03:42.129127 In relative pricing, by contrast, we ask what we can learn about one asset's value given the prices of some other assets. 00:03:42.129129 Relative pricing offers simplicity and tractability 00:03:42.129130 p148 Investors do not value money directly. the consumption that money can buy is what really matters 00:03:42.129132 p149 用无套利得到如下式子更方便 00:03:42.129132 00:03:42.129133 p_{t}^{}=E_{t}(m_{t+1}z_{t+1}) 00:03:42.129133 00:03:42.129134 and one that relates the stochastic discount factor m_{t+1} to the intertemporal marginal rate of substitution (IMRS), by analogy with simple present value rules. 00:03:42.129136 p150 In finance, we commonly do not think too much about consumption and utility functions. The stochastic discount factor remains an index of bad times (strictly speaking, growth in bad times). Finance theorists tend to think directly about discount factor models in which data such as the market return are used as indicators of bad versus good times. 00:03:42.129142 As usual, unification came after the fact. 00:03:42.129143 In applications to stocks and portfolios, it is often convenient to think about rates of return rather than prices. 思考 00:03:42.129145 00:03:42.129145 ∙ E(R)改变时,通常当前价格也要改变 00:03:42.129146 ∙ 感觉用期望收益率,还是资本成本的旧思想 00:03:42.129146 ∙ 好处:比较平稳 00:03:42.129147 ∙ 毛收益率全部位于价格为1的超平面上 00:03:42.129148 00:03:42.129148 1=E_{t}(m_{t+1}R_{t+1}) 00:03:42.129149 00:03:42.129149 因此没有价值创造(投入为1,产出的现值为1) 区别于投入到生产中,有价值创造 00:03:42.129150 00:03:42.129150 p151 Similarly, if we want to work with returns in excess of the risk-free rate R_{t+1}^{e}=R_{t+1}-R_{f} then (7.4) becomes 00:03:42.129152 00:03:42.129153 0=E_{t}(m_{t+1}R_{t+1}^{e}) 00:03:42.129153 00:03:42.129154 超额收益率可以是任意两资产间,可以是两个风险资产间。 00:03:42.129155 The expected excess return of each asset should be proportional to its beta. 提醒,beta 可不是由自己决定哦 00:03:42.129156 p152 Risk aversion is the same thing as overestimating the probability of bad events. 00:03:42.129158 Systematic versus Idiosyncratic Risk A central and classic idea in asset pricing is that only systematic risk generates a premium. Idiosyncratic risks are "not priced," meaning that you earn no more than the interest rate for holding them. 注:我感觉只是收益率的分解,并不是什么溢价 00:03:42.129162 p153 Insurance is a terrible investment. The average return is negative Yet people willingly buy insurance. Why? Because insurance pays off well in bad times---just as the house stops smoldering, here comes a check in the mail. 00:03:42.129166 2016-12-01 19:53 00:03:42.129166 The volatility of the asset's cash flow per se is completely irrelevant to its risk premium 00:03:42.129168 The systematic part of any risk is that part that is perfectly correlated with the discount factor The idiosyncratic part of any risk is that part that is uncorrelated with the discount factor. It generates no premium 00:03:42.129171 p154 The CAPM, for example, is one special case of the general theory. It specifies that the discount factor is linearly related to the market return m_{t+1}=a-br_{t+1}^{} (more on this later). 00:03:42.129174 In many portfolio management applications, "systematic" and "diversifiable" components are defined with multiple regressions on style portfolios, including size, book to market value, and industry groupings as well as the market portfolio. Implicitly, these definitions correspond to models that the discount factor is a function of these portfolio groupings. These specifications are fine, but they are special cases and they reflect lots of hidden assumptions. Other specifications may be useful. 00:03:42.129182 For very little portfolio changes, covariance matters more than variance. 00:03:42.129183 p155 We often call idiosyncratic risks "diversifiable" because they largely disappear in welldiversified portfolios. 00:03:42.129185 Risks correlated with the business or company stock will be systematic for this investor, albeit not necessarily for the market as a whole. 00:03:42.129187 idiosyncratic risk does matter for asset pricing. Most of these circumstances involve some form of "market incompleteness," such as institutional restrictions on the portfolio decisions of certain special investors, the nonmarketability of financial claims 00:03:42.129191 p157 Historically, the CCAPM came last, in order to repair those problems. 00:03:42.129193 The CAPM is mathematically identical to a specification of the discount factor linear in the market return, rather than linear in consumption growth 00:03:42.129195 p158 Efforts to find theoretically purer proxies for the market portfolio of world invested wealth (Roll1977) have not helped 脱离模型设定了 00:03:42.129198 The CAPM discount factor model is a sensible approximation. a linear function of the market return is a completely sufficient indicator of good and bad times 00:03:42.129200 The CAPM (and all following models) is not an alternative to the consumption-based model; it is a special case. 00:03:42.129202 In addition, all investors in a CAPM world must hold the same portfolio of assets---the market portfolio 00:03:42.129204 p159 Technically, this model generalizes the CAPM assumption that the market return is independent over time. 问题:CAPM 本来是单期模型啊,怎么会有此假设 00:03:42.129206 p160 What are the additional sources of risk about which investors are economically concerned? 00:03:42.129208 what fundamental macroeconomic risks are behind the value effect, not just understand a set of mimicking portfolios that capture them for empirical work. 00:03:42.129211 问题:FF3 有什么用途? 00:03:42.129211 p161 in which the discount factor is only a function of the market return and state variables) by presuming that investors have no jobs or other assets; they simply live off their portfolios of financial assets. 我觉得不是定价,是风险分解 00:03:42.129215 The grandfather of all of these is the ChenRR1986 multifactor model 00:03:42.129216 PastorStambaugh2003 are finally documenting the importance of liquidity. 00:03:42.129218 p162 In principle, valuing a bond is easier than valuing other securities, because the payoff is fixed. 00:03:42.129220 p164 selected for empirical fit (in sample) rather than even armchair theorizing about good and bad states. 00:03:42.129222 To find the value of a McDonald's hamburger, absolute pricing starts thinking about how much it costs to feed a cow. Relative pricing looks at the price of a hamburger at Burger King. 00:03:42.129224 p165 The relative pricing approach uses information from other asset prices in order to construct a discount factor useful for pricing a given asset. 00:03:42.129227 "Arbitrage pricing" is the purest case of relative pricing, neatly cuts short the endless discussion over what are the true risk factors, market price of risk, and so on. 00:03:42.129230 Arbitrage pricing should really be called "Law of One Price pricing," and probably would be if the latter were not so ugly a name. 错! 00:03:42.129232 p166 every asset pricing model posits that there is some discount factor, 00:03:42.129233 Arbitrage pricing, however, is not completely assumption-free. It assumes that there is some discount factor. 错!市场完全时,完全可以找出来,而不是假设出来 00:03:42.129236 The Law of One Price is routinely violated in retail stores 这不是金融市场 00:03:42.129237 even a textbook-perfect hedge is exposed to some risk arising from institutional frictions, transaction costs, illiquidity, and so forth. More often, there is no textbook-perfect hedge, due to nonmarketed risks such as changing volatility, shifting interest rates, asset specific liquidity premiums, nonmarketed fundamental securities, and so on. 00:03:42.129242 p167 The weakest thing we can say in general (beyond existence) is that investors always like more over less 00:03:42.129244 p168 (APT) is the first such mixture of a little absolute pricing into a fundamentally relative-pricing problem. 是吗 APT is also a second source of inspiration for the factors in multifactor models. 00:03:42.129247 p171 the discount factor interpretation has been a matter of aesthetics 00:03:42.129249 This is only the beginning. The beauty of a discount factor framework is that it is easy to add all these restrictions and more together., *pcb=20578 00:03:42.129275 clipWinTxtToUtf8: pwszSrc= 00:03:42.129296 00:03:42.129296 Tapiero2010 00:03:42.129297 00:03:42.129297 2016-11-27 09:20 Tapiero2010 Risk Finance and Asset Pricing Value Measurements and Markets.pdf p165 00:03:42.129299 00:03:42.129299 1 =E((1+R_{i})M₁)=E((1+R_{i})(a+bR_{m})) 00:03:42.129300 =E(1+R_{i})E(a+bR_{m})+cov(1+R_{i},a+bR_{m}) 00:03:42.129301 00:03:42.129302 Let R_{i}=R_{f}, by 1=E((1+R_{i})M₁) 00:03:42.129302 00:03:42.129303 E(a+bR_{m})=(1/(1+R_{f})) 00:03:42.129303 00:03:42.129304 and 1=E((1+R_{m})(a+bR_{m})) 00:03:42.129304 00:03:42.129305 1=(1/(1+R_{f}))+aE(R_{m})+bE(R_{m}²)=(1/(1+R_{f}))+aE(R_{m})+bvar(R_{m})+bE(R_{m})² 00:03:42.129306 00:03:42.129307 thus 00:03:42.129307 00:03:42.129307 var(R_{m})=((R_{f})/(1+R_{f}))-E(R_{m})(a+bE(R_{m}))=((R_{f})/(1+R_{f}))-((E(R_{m}))/(1+R_{f})) 00:03:42.129309 00:03:42.129309 讨论 CAPM-cn.tex中 00:03:42.129310 00:03:42.129310 R_{M}=(1/(b-aR₀))(1+c-bR₀-((1+h(R₀))/(R₀))R_{:}) 00:03:42.129311 00:03:42.129312 00:03:42.129312 R_{:}=((R₀)/(1+h(R₀)))(1+c-bR₀-(b-aR₀)R_{M}) 00:03:42.129313 00:03:42.129313 是为R_{M}的线性 00:03:42.129314 00:03:42.129314 R_{:}=η+ζR_{M} 00:03:42.129315 00:03:42.129315 00:03:42.129315 HensRieger2010 00:03:42.129316 00:03:42.129316 2016-12-01 14:36 HensRieger2010 Financial Economics: A Concise Introduction to Classical and Behavioral Finance 00:03:42.129318 往mm命题靠,整了个很庞大的经济系统,一般均衡分析方法,资产的供给总说不清 00:03:42.129319 p267 "The great difference between the industry of today as compared to that of yesterday is what might be referred to as the necessity of the scientific approach, the elimination of operation by hunches." Alfred P. Sloan 00:03:42.129323 p268 no arbitrage condition (NAC) positive cash-flow in at least one state, but non-negative cash-flow in every state. 00:03:42.129325 p274 While in the traditional view, the shareholder value of a firm depends on its debt-equity ratio, Modigliani and Miller show that under well defined conditions the funding of a firm is irrelevant. Their proof is based on an intuitive arbitrage argument 00:03:42.129329 00:03:42.129329 Culp2004 00:03:42.129329 00:03:42.129330 2016-12-01 14:49 Culp2004 Risk Transfer: Derivatives in Theory and Practice 00:03:42.129331 p144 Off-market derivatives, by contrast, do involve an initial payment by one counterparty to the other of an amount equal to the price of the contract---its expected discounted payoff. Off-market derivatives include options, prepaid forwards, and certain traditional forwards and swaps that are deliberately negotiated "off" the current market price. 00:03:42.129337 In general, "asset pricing" is all about solving for discounted expected payoff to get a price. 00:03:42.129338 For at-market derivatives, however, the task of "pricing" is instead the task of solving for the fixed rate or price that equates the discounted expected payoff to zero. 00:03:42.129341 In this context, the phrase "derivatives pricing" thus very misleadingly refers to the determination of the fixed purchase price f_{t,T} that equates the discounted expected payoff to zero. 00:03:42.129344 p146 For at-market derivatives, "pricing" means finding the fixed rate or price specified in the contract on the trade date that equates the true initial price of the contract to zero. For off-market derivatives, "pricing" requires actually computing the expected discounted payoff of the contract as of the trade date for a given fixed rate or price. 00:03:42.129349 p147 In absolute pricing often called equilibrium asset-pricing models 00:03:42.129351 In relative pricing, by contrast, we ask what we can learn about one asset's value given the prices of some other assets. 00:03:42.129353 Relative pricing offers simplicity and tractability 00:03:42.129354 p148 Investors do not value money directly. the consumption that money can buy is what really matters 00:03:42.129356 p149 用无套利得到如下式子更方便 00:03:42.129357 00:03:42.129357 p_{t}^{}=E_{t}(m_{t+1}z_{t+1}) 00:03:42.129358 00:03:42.129358 and one that relates the stochastic discount factor m_{t+1} to the intertemporal marginal rate of substitution (IMRS), by analogy with simple present value rules. 00:03:42.129361 p150 In finance, we commonly do not think too much about consumption and utility functions. The stochastic discount factor remains an index of bad times (strictly speaking, growth in bad times). Finance theorists tend to think directly about discount factor models in which data such as the market return are used as indicators of bad versus good times. 00:03:42.129366 As usual, unification came after the fact. 00:03:42.129367 In applications to stocks and portfolios, it is often convenient to think about rates of return rather than prices. 思考 00:03:42.129369 00:03:42.129369 ∙ E(R)改变时,通常当前价格也要改变 00:03:42.129370 ∙ 感觉用期望收益率,还是资本成本的旧思想 00:03:42.129371 ∙ 好处:比较平稳 00:03:42.129371 ∙ 毛收益率全部位于价格为1的超平面上 00:03:42.129372 00:03:42.129372 1=E_{t}(m_{t+1}R_{t+1}) 00:03:42.129373 00:03:42.129373 因此没有价值创造(投入为1,产出的现值为1) 区别于投入到生产中,有价值创造 00:03:42.129374 00:03:42.129375 p151 Similarly, if we want to work with returns in excess of the risk-free rate R_{t+1}^{e}=R_{t+1}-R_{f} then (7.4) becomes 00:03:42.129377 00:03:42.129377 0=E_{t}(m_{t+1}R_{t+1}^{e}) 00:03:42.129378 00:03:42.129378 超额收益率可以是任意两资产间,可以是两个风险资产间。 00:03:42.129379 The expected excess return of each asset should be proportional to its beta. 提醒,beta 可不是由自己决定哦 00:03:42.129381 p152 Risk aversion is the same thing as overestimating the probability of bad events. 00:03:42.129382 Systematic versus Idiosyncratic Risk A central and classic idea in asset pricing is that only systematic risk generates a premium. Idiosyncratic risks are "not priced," meaning that you earn no more than the interest rate for holding them. 注:我感觉只是收益率的分解,并不是什么溢价 00:03:42.129386 p153 Insurance is a terrible investment. The average return is negative Yet people willingly buy insurance. Why? Because insurance pays off well in bad times---just as the house stops smoldering, here comes a check in the mail. 00:03:42.129390 2016-12-01 19:53 00:03:42.129390 The volatility of the asset's cash flow per se is completely irrelevant to its risk premium 00:03:42.129392 The systematic part of any risk is that part that is perfectly correlated with the discount factor The idiosyncratic part of any risk is that part that is uncorrelated with the discount factor. It generates no premium 00:03:42.129395 p154 The CAPM, for example, is one special case of the general theory. It specifies that the discount factor is linearly related to the market return m_{t+1}=a-br_{t+1}^{} (more on this later). 00:03:42.129399 In many portfolio management applications, "systematic" and "diversifiable" components are defined with multiple regressions on style portfolios, including size, book to market value, and industry groupings as well as the market portfolio. Implicitly, these definitions correspond to models that the discount factor is a function of these portfolio groupings. These specifications are fine, but they are special cases and they reflect lots of hidden assumptions. Other specifications may be useful. 00:03:42.129406 For very little portfolio changes, covariance matters more than variance. 00:03:42.129407 p155 We often call idiosyncratic risks "diversifiable" because they largely disappear in welldiversified portfolios. 00:03:42.129409 Risks correlated with the business or company stock will be systematic for this investor, albeit not necessarily for the market as a whole. 00:03:42.129412 idiosyncratic risk does matter for asset pricing. Most of these circumstances involve some form of "market incompleteness," such as institutional restrictions on the portfolio decisions of certain special investors, the nonmarketability of financial claims 00:03:42.129415 p157 Historically, the CCAPM came last, in order to repair those problems. 00:03:42.129417 The CAPM is mathematically identical to a specification of the discount factor linear in the market return, rather than linear in consumption growth 00:03:42.129419 p158 Efforts to find theoretically purer proxies for the market portfolio of world invested wealth (Roll1977) have not helped 脱离模型设定了 00:03:42.129422 The CAPM discount factor model is a sensible approximation. a linear function of the market return is a completely sufficient indicator of good and bad times 00:03:42.129424 The CAPM (and all following models) is not an alternative to the consumption-based model; it is a special case. 00:03:42.129426 In addition, all investors in a CAPM world must hold the same portfolio of assets---the market portfolio 00:03:42.129428 p159 Technically, this model generalizes the CAPM assumption that the market return is independent over time. 问题:CAPM 本来是单期模型啊,怎么会有此假设 00:03:42.129430 p160 What are the additional sources of risk about which investors are economically concerned? 00:03:42.129432 what fundamental macroeconomic risks are behind the value effect, not just understand a set of mimicking portfolios that capture them for empirical work. 00:03:42.129435 问题:FF3 有什么用途? 00:03:42.129435 p161 in which the discount factor is only a function of the market return and state variables) by presuming that investors have no jobs or other assets; they simply live off their portfolios of financial assets. 我觉得不是定价,是风险分解 00:03:42.129439 The grandfather of all of these is the ChenRR1986 multifactor model 00:03:42.129440 PastorStambaugh2003 are finally documenting the importance of liquidity. 00:03:42.129442 p162 In principle, valuing a bond is easier than valuing other securities, because the payoff is fixed. 00:03:42.129444 p164 selected for empirical fit (in sample) rather than even armchair theorizing about good and bad states. 00:03:42.129446 To find the value of a McDonald's hamburger, absolute pricing starts thinking about how much it costs to feed a cow. Relative pricing looks at the price of a hamburger at Burger King. 00:03:42.129449 p165 The relative pricing approach uses information from other asset prices in order to construct a discount factor useful for pricing a given asset. 00:03:42.129451 "Arbitrage pricing" is the purest case of relative pricing, neatly cuts short the endless discussion over what are the true risk factors, market price of risk, and so on. 00:03:42.129454 Arbitrage pricing should really be called "Law of One Price pricing," and probably would be if the latter were not so ugly a name. 错! 00:03:42.129456 p166 every asset pricing model posits that there is some discount factor, 00:03:42.129457 Arbitrage pricing, however, is not completely assumption-free. It assumes that there is some discount factor. 错!市场完全时,完全可以找出来,而不是假设出来 00:03:42.129460 The Law of One Price is routinely violated in retail stores 这不是金融市场 00:03:42.129461 even a textbook-perfect hedge is exposed to some risk arising from institutional frictions, transaction costs, illiquidity, and so forth. More often, there is no textbook-perfect hedge, due to nonmarketed risks such as changing volatility, shifting interest rates, asset specific liquidity premiums, nonmarketed fundamental securities, and so on. 00:03:42.129466 p167 The weakest thing we can say in general (beyond existence) is that investors always like more over less 00:03:42.129468 p168 (APT) is the first such mixture of a little absolute pricing into a fundamentally relative-pricing problem. 是吗 APT is also a second source of inspiration for the factors in multifactor models. 00:03:42.129471 p171 the discount factor interpretation has been a matter of aesthetics 00:03:42.129473 This is only the beginning. The beauty of a discount factor framework is that it is easy to add all these restrictions and more together., cbSrc=20578 00:03:42.129536 clipWinTxtToUtf8: returning VINF_SUCCESS 00:03:42.129538 clipWinTxtToUtf8: converted string is 00:03:42.129547 00:03:42.129547 Tapiero2010 00:03:42.129547 00:03:42.129548 2016-11-27 09:20 Tapiero2010 Risk Finance and Asset Pricing Value Measurements and Markets.pdf p165 00:03:42.129548 00:03:42.129548 1 =E((1+R_{i})M₁)=E((1+R_{i})(a+bR_{m})) 00:03:42.129549 =E(1+R_{i})E(a+bR_{m})+cov(1+R_{i},a+bR_{m}) 00:03:42.129549 00:03:42.129549 Let R_{i}=R_{f}, by 1=E((1+R_{i})M₁) 00:03:42.129550 00:03:42.129550 E(a+bR_{m})=(1/(1+R_{f})) 00:03:42.129550 00:03:42.129551 and 1=E((1+R_{m})(a+bR_{m})) 00:03:42.129551 00:03:42.129551 1=(1/(1+R_{f}))+aE(R_{m})+bE(R_{m}²)=(1/(1+R_{f}))+aE(R_{m})+bvar(R_{m})+bE(R_{m})² 00:03:42.129552 00:03:42.129552 thus 00:03:42.129552 00:03:42.129553 var(R_{m})=((R_{f})/(1+R_{f}))-E(R_{m})(a+bE(R_{m}))=((R_{f})/(1+R_{f}))-((E(R_{m}))/(1+R_{f})) 00:03:42.129553 00:03:42.129553 讨论 CAPM-cn.tex中 00:03:42.129554 00:03:42.129554 R_{M}=(1/(b-aR₀))(1+c-bR₀-((1+h(R₀))/(R₀))R_{:}) 00:03:42.129554 00:03:42.129554 00:03:42.129555 R_{:}=((R₀)/(1+h(R₀)))(1+c-bR₀-(b-aR₀)R_{M}) 00:03:42.129555 00:03:42.129555 是为R_{M}的线性 00:03:42.129556 00:03:42.129556 R_{:}=η+ζR_{M} 00:03:42.129556 00:03:42.129557 00:03:42.129557 HensRieger2010 00:03:42.129557 00:03:42.129558 2016-12-01 14:36 HensRieger2010 Financial Economics: A Concise Introduction to Classical and Behavioral Finance 00:03:42.129558 往mm命题靠,整了个很庞大的经济系统,一般均衡分析方法,资产的供给总说不清 00:03:42.129558 p267 "The great difference between the industry of today as compared to that of yesterday is what might be referred to as the necessity of the scientific approach, the elimination of operation by hunches." Alfred P. Sloan 00:03:42.129559 p268 no arbitrage condition (NAC) positive cash-flow in at least one state, but non-negative cash-flow in every state. 00:03:42.129559 p274 While in the traditional view, the shareholder value of a firm depends on its debt-equity ratio, Modigliani and Miller show that under well defined conditions the funding of a firm is irrelevant. Their proof is based on an intuitive arbitrage argument 00:03:42.129559 00:03:42.129560 Culp2004 00:03:42.129560 00:03:42.129560 2016-12-01 14:49 Culp2004 Risk Transfer: Derivatives in Theory and Practice 00:03:42.129561 p144 Off-market derivatives, by contrast, do involve an initial payment by one counterparty to the other of an amount equal to the price of the contract---its expected discounted payoff. Off-market derivatives include options, prepaid forwards, and certain traditional forwards and swaps that are deliberately negotiated "off" the current market price. 00:03:42.129561 In general, "asset pricing" is all about solving for discounted expected payoff to get a price. 00:03:42.129561 For at-market derivatives, however, the task of "pricing" is instead the task of solving for the fixed rate or price that equates the discounted expected payoff to zero. 00:03:42.129562 In this context, the phrase "derivatives pricing" thus very misleadingly refers to the determination of the fixed purchase price f_{t,T} that equates the discounted expected payoff to zero. 00:03:42.129562 p146 For at-market derivatives, "pricing" means finding the fixed rate or price specified in the contract on the trade date that equates the true initial price of the contract to zero. For off-market derivatives, "pricing" requires actually computing the expected discounted payoff of the contract as of the trade date for a given fixed rate or price. 00:03:42.129562 p147 In absolute pricing often called equilibrium asset-pricing models 00:03:42.129563 In relative pricing, by contrast, we ask what we can learn about one asset's value given the prices of some other assets. 00:03:42.129563 Relative pricing offers simplicity and tractability 00:03:42.129563 p148 Investors do not value money directly. the consumption that money can buy is what really matters 00:03:42.129564 p149 用无套利得到如下式子更方便 00:03:42.129564 00:03:42.129564 p_{t}^{}=E_{t}(m_{t+1}z_{t+1}) 00:03:42.129565 00:03:42.129565 and one that relates the stochastic discount factor m_{t+1} to the intertemporal marginal rate of substitution (IMRS), by analogy with simple present value rules. 00:03:42.129565 p150 In finance, we commonly do not think too much about consumption and utility functions. The stochastic discount factor remains an index of bad times (strictly speaking, growth in bad times). Finance theorists tend to think directly about discount factor models in which data such as the market return are used as indicators of bad versus good times. 00:03:42.129566 As usual, unification came after the fact. 00:03:42.129566 In applications to stocks and portfolios, it is often convenient to think about rates of return rather than prices. 思考 00:03:42.129566 00:03:42.129567 ∙ E(R)改变时,通常当前价格也要改变 00:03:42.129567 ∙ 感觉用期望收益率,还是资本成本的旧思想 00:03:42.129567 ∙ 好处:比较平稳 00:03:42.129568 ∙ 毛收益率全部位于价格为1的超平面上 00:03:42.129568 00:03:42.129568 1=E_{t}(m_{t+1}R_{t+1}) 00:03:42.129569 00:03:42.129569 因此没有价值创造(投入为1,产出的现值为1) 区别于投入到生产中,有价值创造 00:03:42.129569 00:03:42.129570 p151 Similarly, if we want to work with returns in excess of the risk-free rate R_{t+1}^{e}=R_{t+1}-R_{f} then (7.4) becomes 00:03:42.129570 00:03:42.129570 0=E_{t}(m_{t+1}R_{t+1}^{e}) 00:03:42.129571 00:03:42.129571 超额收益率可以是任意两资产间,可以是两个风险资产间。 00:03:42.129571 The expected excess return of each asset should be proportional to its beta. 提醒,beta 可不是由自己决定哦 00:03:42.129572 p152 Risk aversion is the same thing as overestimating the probability of bad events. 00:03:42.129572 Systematic versus Idiosyncratic Risk A central and classic idea in asset pricing is that only systematic risk generates a premium. Idiosyncratic risks are "not priced," meaning that you earn no more than the interest rate for holding them. 注:我感觉只是收益率的分解,并不是什么溢价 00:03:42.129572 p153 Insurance is a terrible investment. The average return is negative Yet people willingly buy insurance. Why? Because insurance pays off well in bad times---just as the house stops smoldering, here comes a check in the mail. 00:03:42.129573 2016-12-01 19:53 00:03:42.129573 The volatility of the asset's cash flow per se is completely irrelevant to its risk premium 00:03:42.129573 The systematic part of any risk is that part that is perfectly correlated with the discount factor The idiosyncratic part of any risk is that part that is uncorrelated with the discount factor. It generates no premium 00:03:42.129574 p154 The CAPM, for example, is one special case of the general theory. It specifies that the discount factor is linearly related to the market return m_{t+1}=a-br_{t+1}^{} (more on this later). 00:03:42.129574 In many portfolio management applications, "systematic" and "diversifiable" components are defined with multiple regressions on style portfolios, including size, book to market value, and industry groupings as well as the market portfolio. Implicitly, these definitions correspond to models that the discount factor is a function of these portfolio groupings. These specifications are fine, but they are special cases and they reflect lots of hidden assumptions. Other specifications may be useful. 00:03:42.129574 For very little portfolio changes, covariance matters more than variance. 00:03:42.129575 p155 We often call idiosyncratic risks "diversifiable" because they largely disappear in welldiversified portfolios. 00:03:42.129575 Risks correlated with the business or company stock will be systematic for this investor, albeit not necessarily for the market as a whole. 00:03:42.129575 idiosyncratic risk does matter for asset pricing. Most of these circumstances involve some form of "market incompleteness," such as institutional restrictions on the portfolio decisions of certain special investors, the nonmarketability of financial claims 00:03:42.129576 p157 Historically, the CCAPM came last, in order to repair those problems. 00:03:42.129576 The CAPM is mathematically identical to a specification of the discount factor linear in the market return, rather than linear in consumption growth 00:03:42.129576 p158 Efforts to find theoretically purer proxies for the market portfolio of world invested wealth (Roll1977) have not helped 脱离模型设定了 00:03:42.129577 The CAPM discount factor model is a sensible approximation. a linear function of the market return is a completely sufficient indicator of good and bad times 00:03:42.129577 The CAPM (and all following models) is not an alternative to the consumption-based model; it is a special case. 00:03:42.129577 In addition, all investors in a CAPM world must hold the same portfolio of assets---the market portfolio 00:03:42.129578 p159 Technically, this model generalizes the CAPM assumption that the market return is independent over time. 问题:CAPM 本来是单期模型啊,怎么会有此假设 00:03:42.129578 p160 What are the additional sources of risk about which investors are economically concerned? 00:03:42.129578 what fundamental macroeconomic risks are behind the value effect, not just understand a set of mimicking portfolios that capture them for empirical work. 00:03:42.129579 问题:FF3 有什么用途? 00:03:42.129579 p161 in which the discount factor is only a function of the market return and state variables) by presuming that investors have no jobs or other assets; they simply live off their portfolios of financial assets. 我觉得不是定价,是风险分解 00:03:42.129579 The grandfather of all of these is the ChenRR1986 multifactor model 00:03:42.129580 PastorStambaugh2003 are finally documenting the importance of liquidity. 00:03:42.129580 p162 In principle, valuing a bond is easier than valuing other securities, because the payoff is fixed. 00:03:42.129580 p164 selected for empirical fit (in sample) rather than even armchair theorizing about good and bad states. 00:03:42.129581 To find the value of a McDonald's hamburger, absolute pricing starts thinking about how much it costs to feed a cow. Relative pricing looks at the price of a hamburger at Burger King. 00:03:42.129581 p165 The relative pricing approach uses information from other asset prices in order to construct a discount factor useful for pricing a given asset. 00:03:42.129581 "Arbitrage pricing" is the purest case of relative pricing, neatly cuts short the endless discussion over what are the true risk factors, market price of risk, and so on. 00:03:42.129582 Arbitrage pricing should really be called "Law of One Price pricing," and probably would be if the latter were not so ugly a name. 错! 00:03:42.129582 p166 every asset pricing model posits that there is some discount factor, 00:03:42.129582 Arbitrage pricing, however, is not completely assumption-free. It assumes that there is some discount factor. 错!市场完全时,完全可以找出来,而不是假设出来 00:03:42.129583 The Law of One Price is routinely violated in retail stores 这不是金融市场 00:03:42.129583 even a textbook-perfect hedge is exposed to some risk arising from institutional frictions, transaction costs, illiquidity, and so forth. More often, there is no textbook-perfect hedge, due to nonmarketed risks such as changing volatility, shifting interest rates, asset specific liquidity premiums, nonmarketed fundamental securities, and so on. 00:03:42.129583 p167 The weakest thing we can say in general (beyond existence) is that investors always like more over less 00:03:42.129584 p168 (APT) is the first such mixture of a little absolute pricing into a fundamentally relative-pricing problem. 是吗 APT is also a second source of inspiration for the factors in multifactor models. 00:03:42.129584 p171 the discount factor interpretation has been a matter of aesthetics 00:03:42.129584 This is only the beginning. The beauty of a discount factor framework is that it is easy to add all these restrictions and more together.. Returning. 00:03:42.129593 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:03:42.129689 clipXtConvertSelectionProc: 00:03:42.129695 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:03:42.129719 clipXtConvertSelectionProc: 00:03:42.129723 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:03:42.129745 clipXtConvertSelectionProc: 00:03:42.129747 clipCreateX11Targets: called 00:03:42.129750 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:03:42.129793 clipXtConvertSelectionProc: 00:03:42.129796 clipCreateX11Targets: called 00:03:42.129798 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:03:42.129883 clipXtConvertSelectionProc: 00:03:42.129887 clipCreateX11Targets: called 00:03:42.129890 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:03:42.129983 clipXtConvertSelectionProc: 00:03:42.129987 clipCreateX11Targets: called 00:03:42.129990 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:03:42.130054 clipXtConvertSelectionProc: 00:03:42.130058 clipCreateX11Targets: called 00:03:42.130061 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:03:42.130196 clipXtConvertSelectionProc: 00:03:42.130201 clipCreateX11Targets: called 00:03:42.130203 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:03:42.130240 clipXtConvertSelectionProc: 00:03:42.130244 clipCreateX11Targets: called 00:03:42.130250 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:03:42.130329 clipXtConvertSelectionProc: 00:03:42.130334 clipCreateX11Targets: called 00:03:42.130336 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:03:45.059358 clipXtConvertSelectionProc: 00:03:45.059382 clipCreateX11Targets: called 00:03:45.059387 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:03:47.238695 clipXtConvertSelectionProc: 00:03:47.238695 clipCreateX11Targets: called 00:03:47.238695 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:03:50.225712 clipXtConvertSelectionProc: 00:03:50.225763 clipCreateX11Targets: called 00:03:50.225776 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:03:52.394082 clipXtConvertSelectionProc: 00:03:52.394121 clipCreateX11Targets: called 00:03:52.394136 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:03:54.551770 clipXtConvertSelectionProc: 00:03:54.551794 clipCreateX11Targets: called 00:03:54.551800 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:03:56.732934 clipXtConvertSelectionProc: 00:03:56.732962 clipCreateX11Targets: called 00:03:56.732968 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:03:58.915137 clipXtConvertSelectionProc: 00:03:58.915190 clipCreateX11Targets: called 00:03:58.915203 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:01.044147 clipXtConvertSelectionProc: 00:04:01.044179 clipCreateX11Targets: called 00:04:01.044183 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:03.203287 clipXtConvertSelectionProc: 00:04:03.203311 clipCreateX11Targets: called 00:04:03.203316 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:05.388183 clipXtConvertSelectionProc: 00:04:05.388222 clipCreateX11Targets: called 00:04:05.388231 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:07.572217 clipXtConvertSelectionProc: 00:04:07.572267 clipCreateX11Targets: called 00:04:07.572280 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:09.736190 clipXtConvertSelectionProc: 00:04:09.736232 clipCreateX11Targets: called 00:04:09.736242 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:11.919578 clipXtConvertSelectionProc: 00:04:11.919638 clipCreateX11Targets: called 00:04:11.919652 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:14.095613 clipXtConvertSelectionProc: 00:04:14.095643 clipCreateX11Targets: called 00:04:14.095650 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:16.277364 clipXtConvertSelectionProc: 00:04:16.277401 clipCreateX11Targets: called 00:04:16.277410 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:18.459688 clipXtConvertSelectionProc: 00:04:18.459726 clipCreateX11Targets: called 00:04:18.459735 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:20.628767 clipXtConvertSelectionProc: 00:04:20.628787 clipCreateX11Targets: called 00:04:20.628791 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:22.806367 clipXtConvertSelectionProc: 00:04:22.806402 clipCreateX11Targets: called 00:04:22.806411 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:24.991894 clipXtConvertSelectionProc: 00:04:24.991951 clipCreateX11Targets: called 00:04:24.991965 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:27.123393 clipXtConvertSelectionProc: 00:04:27.123411 clipCreateX11Targets: called 00:04:27.123415 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:29.291329 clipXtConvertSelectionProc: 00:04:29.291351 clipCreateX11Targets: called 00:04:29.291356 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:31.458022 clipXtConvertSelectionProc: 00:04:31.458047 clipCreateX11Targets: called 00:04:31.458061 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:33.641149 clipXtConvertSelectionProc: 00:04:33.641176 clipCreateX11Targets: called 00:04:33.641183 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:34.275035 clipXtConvertSelectionProc: 00:04:34.275053 clipCreateX11Targets: called 00:04:34.275057 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:34.275736 clipXtConvertSelectionProc: 00:04:34.275752 clipCreateX11Targets: called 00:04:34.275760 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:36.594732 clipXtConvertSelectionProc: 00:04:36.594732 clipCreateX11Targets: called 00:04:36.594732 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:38.749894 clipXtConvertSelectionProc: 00:04:38.749920 clipCreateX11Targets: called 00:04:38.749926 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:40.934072 clipXtConvertSelectionProc: 00:04:40.934120 clipCreateX11Targets: called 00:04:40.934131 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:43.118163 clipXtConvertSelectionProc: 00:04:43.118211 clipCreateX11Targets: called 00:04:43.118223 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:45.291821 clipXtConvertSelectionProc: 00:04:45.292041 clipCreateX11Targets: called 00:04:45.292117 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:47.275222 svcCall: u32ClientID = 16, fn = 2, cParms = 1, pparms = -1403801416 00:04:47.275273 svcCall: VBOX_SHARED_CLIPBOARD_FN_FORMATS 00:04:47.275282 vboxClipboardFormatAnnounce: called. pClient=00007fc1b0005930, u32Formats=01 00:04:47.275294 clipQueueToEventThread: proc=00007fc1c1947190, client_data=00007fc1a4013a20 00:04:47.275316 svcCall: rc = VINF_SUCCESS 00:04:47.275352 clipNewVBoxFormatsWorker: u32Formats=1 00:04:47.275370 clipNewVBoxFormatsWorker: returning 00:04:47.275406 clipDrainWakeupPipe: called 00:04:47.276413 clipXtConvertSelectionProc: 00:04:47.276438 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:04:47.276450 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:04:47.276463 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:04:47.276472 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:04:47.276480 vboxSvcClipboardReportMsg: ReadData 01 00:04:47.276487 vboxSvcClipboardReturnMsg: ReadData 01 00:04:47.276493 vboxSvcClipboardReportMsg: CallComplete 00:04:47.276980 svcCall: u32ClientID = 16, fn = 4, cParms = 2, pparms = -1404178152 00:04:47.277026 svcCall: VBOX_SHARED_CLIPBOARD_FN_WRITE_DATA 00:04:47.277034 vboxClipboardWriteData: called. pClient=00007fc1b0005930, pv=00007fc1ac4df148 (principle), cb=20, u32Format=01 00:04:47.277057 svcCall: rc = VINF_SUCCESS 00:04:47.277088 svcCall: u32ClientID = 16, fn = 1, cParms = 2, pparms = -1404177480 00:04:47.277102 svcCall: VBOX_SHARED_CLIPBOARD_FN_GET_HOST_MSG 00:04:47.277108 vboxSvcClipboardReturnMsg: no message 00:04:47.277139 svcCall: async. 00:04:47.277150 svcCall: rc = VINF_SUCCESS 00:04:47.277172 clipWaitForDataFromVBox: returning VINF_SUCCESS 00:04:47.277206 clipRequestDataFromVBox: returning VINF_SUCCESS 00:04:47.277217 ClipRequestDataForX11: returning VINF_SUCCESS 00:04:47.277223 ClipRequestDataForX11: *ppv=principle, *pcb=20 00:04:47.277234 clipReadVBoxClipboard: returning VINF_SUCCESS 00:04:47.277241 clipReadVBoxClipboard: *ppv=principle, *pcb=20 00:04:47.277250 clipWinTxtToUtf8: pwszSrc=principle, cbSrc=20 00:04:47.277260 clipWinTxtToUtf8: returning VINF_SUCCESS 00:04:47.277266 clipWinTxtToUtf8: converted string is principle. Returning. 00:04:47.277274 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:47.279153 clipXtConvertSelectionProc: 00:04:47.279183 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:04:47.279215 clipReadVBoxClipboard: returning VINF_SUCCESS 00:04:47.279225 clipReadVBoxClipboard: *ppv=principle, *pcb=20 00:04:47.279235 clipWinTxtToUtf8: pwszSrc=principle, cbSrc=20 00:04:47.279244 clipWinTxtToUtf8: returning VINF_SUCCESS 00:04:47.279251 clipWinTxtToUtf8: converted string is principle. Returning. 00:04:47.279258 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:47.279397 clipXtConvertSelectionProc: 00:04:47.279423 clipCreateX11Targets: called 00:04:47.279434 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:47.280311 clipXtConvertSelectionProc: 00:04:47.280342 clipCreateX11Targets: called 00:04:47.280353 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:47.281446 clipXtConvertSelectionProc: 00:04:47.281472 clipCreateX11Targets: called 00:04:47.281483 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:47.281999 clipXtConvertSelectionProc: 00:04:47.282030 clipCreateX11Targets: called 00:04:47.282041 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:47.282256 clipXtConvertSelectionProc: 00:04:47.282268 clipCreateX11Targets: called 00:04:47.282276 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:47.282396 clipXtConvertSelectionProc: 00:04:47.282407 clipCreateX11Targets: called 00:04:47.282415 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:47.282634 clipXtConvertSelectionProc: 00:04:47.282679 clipCreateX11Targets: called 00:04:47.282691 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:47.282861 clipXtConvertSelectionProc: 00:04:47.282875 clipCreateX11Targets: called 00:04:47.282883 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:50.260997 clipXtConvertSelectionProc: 00:04:50.261044 clipCreateX11Targets: called 00:04:50.261057 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:50.504339 clipXtConvertSelectionProc: 00:04:50.504359 clipCreateX11Targets: called 00:04:50.504363 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:50.504802 clipXtConvertSelectionProc: 00:04:50.504813 clipCreateX11Targets: called 00:04:50.504817 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:53.242566 clipXtConvertSelectionProc: 00:04:53.242598 clipCreateX11Targets: called 00:04:53.242607 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:54.363949 clipXtConvertSelectionProc: 00:04:54.363997 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:04:54.364863 clipXtConvertSelectionProc: 00:04:54.364904 clipCreateX11Targets: called 00:04:54.364916 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:54.366067 clipXtConvertSelectionProc: 00:04:54.366100 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:04:54.366115 clipReadVBoxClipboard: returning VINF_SUCCESS 00:04:54.366123 clipReadVBoxClipboard: *ppv=principle, *pcb=20 00:04:54.366134 clipWinTxtToUtf8: pwszSrc=principle, cbSrc=20 00:04:54.366144 clipWinTxtToUtf8: returning VINF_SUCCESS 00:04:54.366151 clipWinTxtToUtf8: converted string is principle. Returning. 00:04:54.366159 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:57.305566 clipXtConvertSelectionProc: 00:04:57.305594 clipCreateX11Targets: called 00:04:57.305600 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:04:57.499995 void clipQueryX11CBFormats(CLIPBACKEND*): requesting the targets that the X11 clipboard offers 00:04:57.501639 clipConvertX11Targets: pValue=00007fc1dc0058e0, *pcLen=12, *atomType=4 00:04:57.501710 clipUpdateX11Targets: called 00:04:57.501721 clipReportFormatsToVBox: clipReportFormatsToVBox format: 1 00:04:57.501729 clipReportFormatsToVBox: clipReportFormatsToVBox txt: 1, bitm: 0, html:0, u32VBoxFormats: 1 00:04:57.501754 ClipReportX11Formats: called. pCtx=00007fc1a4001af0, u32Formats=01 00:04:57.501764 vboxSvcClipboardReportMsg: Formats 01 00:04:57.501771 vboxSvcClipboardReturnMsg: Formats 01 00:04:57.501777 vboxSvcClipboardReportMsg: CallComplete 00:04:57.502581 svcCall: u32ClientID = 16, fn = 1, cParms = 2, pparms = -1404177480 00:04:57.502626 svcCall: VBOX_SHARED_CLIPBOARD_FN_GET_HOST_MSG 00:04:57.502634 vboxSvcClipboardReturnMsg: no message 00:04:57.502641 svcCall: async. 00:04:57.502647 svcCall: rc = VINF_SUCCESS 00:06:37.775560 svcCall: u32ClientID = 16, fn = 2, cParms = 1, pparms = -1404179704 00:06:37.775641 svcCall: VBOX_SHARED_CLIPBOARD_FN_FORMATS 00:06:37.775653 vboxClipboardFormatAnnounce: called. pClient=00007fc1b0005930, u32Formats=00 00:06:37.775669 clipQueueToEventThread: proc=00007fc1c1947190, client_data=00007fc1a4013930 00:06:37.775700 svcCall: rc = VINF_SUCCESS 00:06:37.775726 clipNewVBoxFormatsWorker: u32Formats=0 00:06:37.777070 clipNewVBoxFormatsWorker: returning 00:06:37.777111 clipDrainWakeupPipe: called 00:06:37.777143 clipXtConvertSelectionProc: 00:06:37.777153 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:37.777401 clipXtConvertSelectionProc: 00:06:37.777416 clipCreateX11Targets: called 00:06:37.777424 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:37.777781 clipXtConvertSelectionProc: 00:06:37.777799 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:37.777955 clipXtConvertSelectionProc: 00:06:37.777969 clipCreateX11Targets: called 00:06:37.777977 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:37.778084 clipXtConvertSelectionProc: 00:06:37.778095 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:37.778465 clipXtConvertSelectionProc: 00:06:37.778491 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:37.778856 clipXtConvertSelectionProc: 00:06:37.778885 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:37.779097 clipXtConvertSelectionProc: 00:06:37.779116 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:37.782091 clipXtConvertSelectionProc: 00:06:37.782126 clipCreateX11Targets: called 00:06:37.782136 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:37.785409 clipXtConvertSelectionProc: 00:06:37.785443 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:37.785620 clipXtConvertSelectionProc: 00:06:37.785638 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:37.787409 clipXtConvertSelectionProc: 00:06:37.787446 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:37.788139 clipXtConvertSelectionProc: 00:06:37.788161 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:37.788358 clipXtConvertSelectionProc: 00:06:37.788375 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:37.788506 clipXtConvertSelectionProc: 00:06:37.788537 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:37.788817 clipXtConvertSelectionProc: 00:06:37.788831 clipCreateX11Targets: called 00:06:37.788840 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:37.789105 clipXtConvertSelectionProc: 00:06:37.789122 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:37.789245 clipXtConvertSelectionProc: 00:06:37.789259 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:37.789703 clipXtConvertSelectionProc: 00:06:37.789716 clipCreateX11Targets: called 00:06:37.789724 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:37.789918 clipXtConvertSelectionProc: 00:06:37.789931 clipCreateX11Targets: called 00:06:37.789939 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:37.790100 clipXtConvertSelectionProc: 00:06:37.790132 clipCreateX11Targets: called 00:06:37.790140 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:37.790278 clipXtConvertSelectionProc: 00:06:37.790289 clipCreateX11Targets: called 00:06:37.790295 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:37.791442 clipXtConvertSelectionProc: 00:06:37.791472 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:37.791655 clipXtConvertSelectionProc: 00:06:37.791670 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:37.792332 clipXtConvertSelectionProc: 00:06:37.792350 clipCreateX11Targets: called 00:06:37.792357 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:37.792546 clipXtConvertSelectionProc: 00:06:37.792559 clipCreateX11Targets: called 00:06:37.792566 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:37.792758 clipXtConvertSelectionProc: 00:06:37.792773 clipCreateX11Targets: called 00:06:37.792780 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:37.793778 clipXtConvertSelectionProc: 00:06:37.793798 clipCreateX11Targets: called 00:06:37.793805 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:37.794188 clipXtConvertSelectionProc: 00:06:37.794206 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:37.794366 clipXtConvertSelectionProc: 00:06:37.794380 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:37.794500 clipXtConvertSelectionProc: 00:06:37.794509 clipCreateX11Targets: called 00:06:37.794516 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:37.794704 clipXtConvertSelectionProc: 00:06:37.794718 clipCreateX11Targets: called 00:06:37.794725 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:37.795000 clipXtConvertSelectionProc: 00:06:37.795017 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:37.795394 clipXtConvertSelectionProc: 00:06:37.795414 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:37.795902 clipXtConvertSelectionProc: 00:06:37.795920 clipCreateX11Targets: called 00:06:37.795927 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:37.796151 clipXtConvertSelectionProc: 00:06:37.796184 clipCreateX11Targets: called 00:06:37.796194 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:37.796299 clipXtConvertSelectionProc: 00:06:37.796311 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:37.796767 clipXtConvertSelectionProc: 00:06:37.796785 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:37.796897 clipXtConvertSelectionProc: 00:06:37.796907 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:37.796975 clipXtConvertSelectionProc: 00:06:37.796985 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:37.797054 clipXtConvertSelectionProc: 00:06:37.797064 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:37.797134 clipXtConvertSelectionProc: 00:06:37.797143 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:37.797212 clipXtConvertSelectionProc: 00:06:37.797221 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:37.797348 clipXtConvertSelectionProc: 00:06:37.797361 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:37.807120 svcCall: u32ClientID = 16, fn = 2, cParms = 1, pparms = -1404177080 00:06:37.807149 svcCall: VBOX_SHARED_CLIPBOARD_FN_FORMATS 00:06:37.807155 vboxClipboardFormatAnnounce: called. pClient=00007fc1b0005930, u32Formats=01 00:06:37.807163 clipQueueToEventThread: proc=00007fc1c1947190, client_data=00007fc1a4013910 00:06:37.807180 svcCall: rc = VINF_SUCCESS 00:06:37.807218 clipNewVBoxFormatsWorker: u32Formats=1 00:06:37.807244 clipNewVBoxFormatsWorker: returning 00:06:37.807270 clipDrainWakeupPipe: called 00:06:37.807746 svcCall: u32ClientID = 16, fn = 2, cParms = 1, pparms = -1404177080 00:06:37.807764 svcCall: VBOX_SHARED_CLIPBOARD_FN_FORMATS 00:06:37.807770 vboxClipboardFormatAnnounce: called. pClient=00007fc1b0005930, u32Formats=01 00:06:37.807778 clipQueueToEventThread: proc=00007fc1c1947190, client_data=00007fc1a4013910 00:06:37.807789 svcCall: rc = VINF_SUCCESS 00:06:37.807831 clipNewVBoxFormatsWorker: u32Formats=1 00:06:37.807856 clipNewVBoxFormatsWorker: returning 00:06:37.807877 clipDrainWakeupPipe: called 00:06:37.808882 clipXtConvertSelectionProc: 00:06:37.808903 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:37.808913 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:06:37.808921 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:06:37.808927 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:06:37.808933 vboxSvcClipboardReportMsg: ReadData 01 00:06:37.808937 vboxSvcClipboardReturnMsg: ReadData 01 00:06:37.808941 vboxSvcClipboardReportMsg: CallComplete 00:06:37.809397 svcCall: u32ClientID = 16, fn = 2, cParms = 1, pparms = -1404177080 00:06:37.809413 svcCall: VBOX_SHARED_CLIPBOARD_FN_FORMATS 00:06:37.809419 vboxClipboardFormatAnnounce: called. pClient=00007fc1b0005930, u32Formats=01 00:06:37.809425 clipQueueToEventThread: proc=00007fc1c1947190, client_data=00007fc1a4013910 00:06:42.808996 clipWaitForDataFromVBox: returning VERR_TIMEOUT 00:06:42.809048 clipRequestDataFromVBox: returning VERR_TIMEOUT 00:06:42.809061 ClipRequestDataForX11: returning VERR_TIMEOUT 00:06:42.809069 clipReadVBoxClipboard: returning VERR_TIMEOUT 00:06:42.809077 clipXtConvertSelectionProc: returning, internal status code VERR_TIMEOUT 00:06:42.809327 clipXtConvertSelectionProc: 00:06:42.809355 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:42.809370 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:06:42.809382 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:06:42.809391 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:06:42.809400 vboxSvcClipboardReportMsg: ReadData 01 00:06:47.809536 clipWaitForDataFromVBox: returning VERR_TIMEOUT 00:06:47.809584 clipRequestDataFromVBox: returning VERR_TIMEOUT 00:06:47.809596 ClipRequestDataForX11: returning VERR_TIMEOUT 00:06:47.809604 clipReadVBoxClipboard: returning VERR_TIMEOUT 00:06:47.809670 clipXtConvertSelectionProc: returning, internal status code VERR_TIMEOUT 00:06:47.809922 clipXtConvertSelectionProc: 00:06:47.809946 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:47.809961 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:06:47.809974 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:06:47.809983 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:06:47.809992 vboxSvcClipboardReportMsg: ReadData 01 00:06:52.810131 clipWaitForDataFromVBox: returning VERR_TIMEOUT 00:06:52.810181 clipRequestDataFromVBox: returning VERR_TIMEOUT 00:06:52.810194 ClipRequestDataForX11: returning VERR_TIMEOUT 00:06:52.810208 clipReadVBoxClipboard: returning VERR_TIMEOUT 00:06:52.810226 clipXtConvertSelectionProc: returning, internal status code VERR_TIMEOUT 00:06:52.810447 clipXtConvertSelectionProc: 00:06:52.810531 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:52.810579 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:06:52.810599 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:06:52.810625 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:06:52.810635 vboxSvcClipboardReportMsg: ReadData 01 00:06:57.810730 clipWaitForDataFromVBox: returning VERR_TIMEOUT 00:06:57.811097 clipRequestDataFromVBox: returning VERR_TIMEOUT 00:06:57.811181 ClipRequestDataForX11: returning VERR_TIMEOUT 00:06:57.811259 clipReadVBoxClipboard: returning VERR_TIMEOUT 00:06:57.811288 clipXtConvertSelectionProc: returning, internal status code VERR_TIMEOUT 00:06:57.811677 clipXtConvertSelectionProc: 00:06:57.811704 clipCreateX11Targets: called 00:06:57.811716 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.812039 clipXtConvertSelectionProc: 00:06:57.812065 clipCreateX11Targets: called 00:06:57.812077 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.812307 clipXtConvertSelectionProc: 00:06:57.812334 clipCreateX11Targets: called 00:06:57.812346 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.812709 clipXtConvertSelectionProc: 00:06:57.812737 clipCreateX11Targets: called 00:06:57.812748 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.813112 clipXtConvertSelectionProc: 00:06:57.813130 clipCreateX11Targets: called 00:06:57.813140 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.813830 clipXtConvertSelectionProc: 00:06:57.813857 clipCreateX11Targets: called 00:06:57.813869 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.814209 svcCall: rc = VINF_SUCCESS 00:06:57.814268 svcCall: u32ClientID = 16, fn = 1, cParms = 2, pparms = -1404177480 00:06:57.814282 svcCall: VBOX_SHARED_CLIPBOARD_FN_GET_HOST_MSG 00:06:57.814289 vboxSvcClipboardReturnMsg: ReadData 01 00:06:57.814297 svcCall: rc = VINF_SUCCESS 00:06:57.814340 clipNewVBoxFormatsWorker: u32Formats=1 00:06:57.814381 clipNewVBoxFormatsWorker: returning 00:06:57.814395 clipDrainWakeupPipe: called 00:06:57.814419 clipXtConvertSelectionProc: 00:06:57.814428 clipCreateX11Targets: called 00:06:57.814438 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.814823 clipXtConvertSelectionProc: 00:06:57.814844 clipCreateX11Targets: called 00:06:57.814854 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.815069 svcCall: u32ClientID = 16, fn = 2, cParms = 1, pparms = -1404177080 00:06:57.815106 svcCall: VBOX_SHARED_CLIPBOARD_FN_FORMATS 00:06:57.815116 vboxClipboardFormatAnnounce: called. pClient=00007fc1b0005930, u32Formats=01 00:06:57.815129 clipQueueToEventThread: proc=00007fc1c1947190, client_data=00007fc1a4013910 00:06:57.817257 clipXtConvertSelectionProc: 00:06:57.817291 clipCreateX11Targets: called 00:06:57.817302 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.818190 clipXtConvertSelectionProc: 00:06:57.818226 clipCreateX11Targets: called 00:06:57.818238 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.818435 clipXtConvertSelectionProc: 00:06:57.818449 clipCreateX11Targets: called 00:06:57.818459 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.818582 clipXtConvertSelectionProc: 00:06:57.818594 clipCreateX11Targets: called 00:06:57.818603 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.818771 clipXtConvertSelectionProc: 00:06:57.818787 clipCreateX11Targets: called 00:06:57.818796 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.819005 clipXtConvertSelectionProc: 00:06:57.819020 clipCreateX11Targets: called 00:06:57.819029 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.819199 clipXtConvertSelectionProc: 00:06:57.819212 clipCreateX11Targets: called 00:06:57.819220 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.819340 clipXtConvertSelectionProc: 00:06:57.819352 clipCreateX11Targets: called 00:06:57.819460 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.819589 clipXtConvertSelectionProc: 00:06:57.819601 clipCreateX11Targets: called 00:06:57.819609 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.819779 clipXtConvertSelectionProc: 00:06:57.819796 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:57.820069 clipXtConvertSelectionProc: 00:06:57.820087 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:57.820206 clipXtConvertSelectionProc: 00:06:57.820217 clipCreateX11Targets: called 00:06:57.820225 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.820863 clipXtConvertSelectionProc: 00:06:57.820894 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:57.821349 clipXtConvertSelectionProc: 00:06:57.821367 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:57.822153 svcCall: rc = VINF_SUCCESS 00:06:57.822211 clipXtConvertSelectionProc: 00:06:57.822252 clipCreateX11Targets: called 00:06:57.822270 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.822289 svcCall: u32ClientID = 16, fn = 1, cParms = 2, pparms = -1404177480 00:06:57.822307 svcCall: VBOX_SHARED_CLIPBOARD_FN_GET_HOST_MSG 00:06:57.822314 vboxSvcClipboardReturnMsg: no message 00:06:57.822319 svcCall: async. 00:06:57.822325 svcCall: rc = VINF_SUCCESS 00:06:57.822366 clipNewVBoxFormatsWorker: u32Formats=1 00:06:57.822381 clipNewVBoxFormatsWorker: returning 00:06:57.822389 clipDrainWakeupPipe: called 00:06:57.822409 clipXtConvertSelectionProc: 00:06:57.822419 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:57.822850 svcCall: u32ClientID = 16, fn = 4, cParms = 2, pparms = -1404181944 00:06:57.822867 svcCall: VBOX_SHARED_CLIPBOARD_FN_WRITE_DATA 00:06:57.822874 vboxClipboardWriteData: called. pClient=00007fc1b0005930, pv=00007fc1ac4de278 (The third direction is to allow for certain forms of 00:06:57.822885 market imperfections. This approach opens up many 00:06:57.822888 possibilities but goes beyond the neoclassical setting.), cb=322, u32Format=01 00:06:57.822899 svcCall: rc = VINF_SUCCESS 00:06:57.823380 clipXtConvertSelectionProc: 00:06:57.823400 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:57.823556 clipXtConvertSelectionProc: 00:06:57.823569 clipCreateX11Targets: called 00:06:57.823578 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.824141 svcCall: u32ClientID = 16, fn = 4, cParms = 2, pparms = -1404181944 00:06:57.824169 svcCall: VBOX_SHARED_CLIPBOARD_FN_WRITE_DATA 00:06:57.824177 vboxClipboardWriteData: called. pClient=00007fc1b0005930, pv=00007fc1ac4de278 (The third direction is to allow for certain forms of 00:06:57.824188 market imperfections. This approach opens up many 00:06:57.824191 possibilities but goes beyond the neoclassical setting.), cb=322, u32Format=01 00:06:57.824202 svcCall: rc = VINF_SUCCESS 00:06:57.824235 clipXtConvertSelectionProc: 00:06:57.824266 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:57.824361 clipXtConvertSelectionProc: 00:06:57.824373 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:06:57.825306 clipXtConvertSelectionProc: 00:06:57.825327 clipCreateX11Targets: called 00:06:57.825336 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.825686 clipXtConvertSelectionProc: 00:06:57.825704 clipCreateX11Targets: called 00:06:57.825713 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.825984 clipXtConvertSelectionProc: 00:06:57.825999 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.826013 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:06:57.826025 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:06:57.826051 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:06:57.826060 vboxSvcClipboardReportMsg: ReadData 01 00:06:57.826067 vboxSvcClipboardReturnMsg: ReadData 01 00:06:57.826073 vboxSvcClipboardReportMsg: CallComplete 00:06:57.827852 svcCall: u32ClientID = 16, fn = 4, cParms = 2, pparms = -1404181944 00:06:57.827880 svcCall: VBOX_SHARED_CLIPBOARD_FN_WRITE_DATA 00:06:57.827888 vboxClipboardWriteData: called. pClient=00007fc1b0005930, pv=00007fc1ac4de278 (The third direction is to allow for certain forms of 00:06:57.827898 market imperfections. This approach opens up many 00:06:57.827902 possibilities but goes beyond the neoclassical setting.), cb=322, u32Format=01 00:06:57.827924 svcCall: rc = VINF_SUCCESS 00:06:57.827953 svcCall: u32ClientID = 16, fn = 1, cParms = 2, pparms = -1404177480 00:06:57.827962 svcCall: VBOX_SHARED_CLIPBOARD_FN_GET_HOST_MSG 00:06:57.827968 vboxSvcClipboardReturnMsg: no message 00:06:57.827974 svcCall: async. 00:06:57.827980 svcCall: rc = VINF_SUCCESS 00:06:57.829233 clipWaitForDataFromVBox: returning VINF_SUCCESS 00:06:57.829256 clipRequestDataFromVBox: returning VINF_SUCCESS 00:06:57.829266 ClipRequestDataForX11: returning VINF_SUCCESS 00:06:57.829272 ClipRequestDataForX11: *ppv=The third direction is to allow for certain forms of 00:06:57.829279 market imperfections. This approach opens up many 00:06:57.829282 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.829294 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.829301 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.829306 market imperfections. This approach opens up many 00:06:57.829310 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.829321 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.829327 market imperfections. This approach opens up many 00:06:57.829330 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.829350 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.829356 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.829360 market imperfections. This approach opens up many 00:06:57.829361 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.829368 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.829531 clipXtConvertSelectionProc: 00:06:57.829552 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.829565 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.829573 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.829579 market imperfections. This approach opens up many 00:06:57.829583 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.829594 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.829600 market imperfections. This approach opens up many 00:06:57.829603 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.829619 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.829626 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.829629 market imperfections. This approach opens up many 00:06:57.829630 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.829637 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.829855 clipXtConvertSelectionProc: 00:06:57.829884 clipCreateX11Targets: called 00:06:57.829895 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.830053 clipXtConvertSelectionProc: 00:06:57.830066 clipCreateX11Targets: called 00:06:57.830075 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.831021 clipXtConvertSelectionProc: 00:06:57.831049 clipCreateX11Targets: called 00:06:57.831060 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.831669 clipXtConvertSelectionProc: 00:06:57.831696 clipCreateX11Targets: called 00:06:57.831707 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.832109 clipXtConvertSelectionProc: 00:06:57.832124 clipCreateX11Targets: called 00:06:57.832133 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.832228 clipXtConvertSelectionProc: 00:06:57.832238 clipCreateX11Targets: called 00:06:57.832246 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.832330 clipXtConvertSelectionProc: 00:06:57.832342 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.832356 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.832364 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.832370 market imperfections. This approach opens up many 00:06:57.832374 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.832385 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.832391 market imperfections. This approach opens up many 00:06:57.832394 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.832410 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.832417 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.832419 market imperfections. This approach opens up many 00:06:57.832421 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.832427 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.832932 clipXtConvertSelectionProc: 00:06:57.832949 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.832961 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.832969 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.832974 market imperfections. This approach opens up many 00:06:57.832978 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.832989 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.832994 market imperfections. This approach opens up many 00:06:57.832997 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.833012 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.833018 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.833021 market imperfections. This approach opens up many 00:06:57.833022 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.833029 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.833380 clipXtConvertSelectionProc: 00:06:57.833395 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.833406 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.833413 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.833419 market imperfections. This approach opens up many 00:06:57.833422 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.833433 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.833438 market imperfections. This approach opens up many 00:06:57.833442 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.833456 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.833462 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.833465 market imperfections. This approach opens up many 00:06:57.833466 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.833472 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.833811 clipXtConvertSelectionProc: 00:06:57.833826 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.833854 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.833862 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.833867 market imperfections. This approach opens up many 00:06:57.833871 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.833881 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.833887 market imperfections. This approach opens up many 00:06:57.833890 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.833904 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.833911 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.833913 market imperfections. This approach opens up many 00:06:57.833914 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.833920 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.834095 clipXtConvertSelectionProc: 00:06:57.834110 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.834120 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.834127 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.834133 market imperfections. This approach opens up many 00:06:57.834136 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.834146 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.834152 market imperfections. This approach opens up many 00:06:57.834155 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.834169 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.834175 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.834178 market imperfections. This approach opens up many 00:06:57.834179 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.834185 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.834429 clipXtConvertSelectionProc: 00:06:57.834459 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.834474 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.834483 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.834490 market imperfections. This approach opens up many 00:06:57.834493 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.834505 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.834511 market imperfections. This approach opens up many 00:06:57.834514 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.834530 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.834537 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.834539 market imperfections. This approach opens up many 00:06:57.834541 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.834548 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.834918 clipXtConvertSelectionProc: 00:06:57.834936 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.834948 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.834956 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.834961 market imperfections. This approach opens up many 00:06:57.834965 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.834976 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.834981 market imperfections. This approach opens up many 00:06:57.834984 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.834999 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.835006 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.835008 market imperfections. This approach opens up many 00:06:57.835009 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.835031 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.835221 clipXtConvertSelectionProc: 00:06:57.835235 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.835245 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.835252 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.835258 market imperfections. This approach opens up many 00:06:57.835261 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.835272 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.835277 market imperfections. This approach opens up many 00:06:57.835280 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.835294 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.835300 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.835302 market imperfections. This approach opens up many 00:06:57.835303 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.835310 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.835521 clipXtConvertSelectionProc: 00:06:57.835533 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.835543 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.835550 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.835556 market imperfections. This approach opens up many 00:06:57.835559 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.835569 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.835575 market imperfections. This approach opens up many 00:06:57.835578 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.835591 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.835598 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.835600 market imperfections. This approach opens up many 00:06:57.835601 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.835607 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.835706 clipXtConvertSelectionProc: 00:06:57.835718 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.835728 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.835735 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.835740 market imperfections. This approach opens up many 00:06:57.835743 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.835753 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.835759 market imperfections. This approach opens up many 00:06:57.835762 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.835776 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.835782 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.835784 market imperfections. This approach opens up many 00:06:57.835785 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.835791 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.835971 clipXtConvertSelectionProc: 00:06:57.835998 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.836013 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.836021 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.836027 market imperfections. This approach opens up many 00:06:57.836030 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.836042 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.836048 market imperfections. This approach opens up many 00:06:57.836052 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.836081 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.836088 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.836091 market imperfections. This approach opens up many 00:06:57.836092 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.836099 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.836299 clipXtConvertSelectionProc: 00:06:57.836313 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.836325 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.836332 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.836337 market imperfections. This approach opens up many 00:06:57.836341 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.836351 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.836357 market imperfections. This approach opens up many 00:06:57.836360 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.836374 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.836381 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.836383 market imperfections. This approach opens up many 00:06:57.836384 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.836390 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.836495 clipXtConvertSelectionProc: 00:06:57.836516 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.836528 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.836536 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.836541 market imperfections. This approach opens up many 00:06:57.836545 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.836556 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.836561 market imperfections. This approach opens up many 00:06:57.836565 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.836579 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.836586 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.836588 market imperfections. This approach opens up many 00:06:57.836589 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.836596 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.836806 clipXtConvertSelectionProc: 00:06:57.836817 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.836827 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.836834 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.836839 market imperfections. This approach opens up many 00:06:57.836843 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.836853 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.836858 market imperfections. This approach opens up many 00:06:57.836862 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.836875 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.836881 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.836883 market imperfections. This approach opens up many 00:06:57.836884 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.836890 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.837046 clipXtConvertSelectionProc: 00:06:57.837074 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.837104 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.837113 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.837120 market imperfections. This approach opens up many 00:06:57.837123 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.837135 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.837141 market imperfections. This approach opens up many 00:06:57.837144 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.837159 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.837166 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.837169 market imperfections. This approach opens up many 00:06:57.837170 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.837177 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.837301 clipXtConvertSelectionProc: 00:06:57.837354 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.837367 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.837374 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.837379 market imperfections. This approach opens up many 00:06:57.837383 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.837394 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.837399 market imperfections. This approach opens up many 00:06:57.837403 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.837417 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.837423 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.837425 market imperfections. This approach opens up many 00:06:57.837427 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.837433 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.837545 clipXtConvertSelectionProc: 00:06:57.837557 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.837567 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.837574 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.837580 market imperfections. This approach opens up many 00:06:57.837583 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.837593 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.837599 market imperfections. This approach opens up many 00:06:57.837602 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.837616 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.837622 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.837624 market imperfections. This approach opens up many 00:06:57.837625 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.837632 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.837838 clipXtConvertSelectionProc: 00:06:57.837850 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.837860 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.837867 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.837872 market imperfections. This approach opens up many 00:06:57.837876 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.837886 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.837891 market imperfections. This approach opens up many 00:06:57.837895 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.837908 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.837914 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.837916 market imperfections. This approach opens up many 00:06:57.837917 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.837933 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.838097 clipXtConvertSelectionProc: 00:06:57.838108 clipCreateX11Targets: called 00:06:57.838153 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.838260 clipXtConvertSelectionProc: 00:06:57.838282 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.838294 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.838301 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.838307 market imperfections. This approach opens up many 00:06:57.838311 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.838321 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.838327 market imperfections. This approach opens up many 00:06:57.838330 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.838345 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.838351 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.838354 market imperfections. This approach opens up many 00:06:57.838355 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.838361 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.838515 clipXtConvertSelectionProc: 00:06:57.838533 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.838544 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.838551 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.838557 market imperfections. This approach opens up many 00:06:57.838561 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.838571 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.838576 market imperfections. This approach opens up many 00:06:57.838580 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.838594 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.838600 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.838603 market imperfections. This approach opens up many 00:06:57.838604 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.838610 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.838882 clipXtConvertSelectionProc: 00:06:57.838899 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.838910 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.838917 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.838923 market imperfections. This approach opens up many 00:06:57.838926 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.838936 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.838942 market imperfections. This approach opens up many 00:06:57.838945 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.838959 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.838965 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.838967 market imperfections. This approach opens up many 00:06:57.838968 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.838974 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.839113 clipXtConvertSelectionProc: 00:06:57.839130 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.839141 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.839149 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.839154 market imperfections. This approach opens up many 00:06:57.839158 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.839181 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.839187 market imperfections. This approach opens up many 00:06:57.839190 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.839205 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.839212 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.839214 market imperfections. This approach opens up many 00:06:57.839215 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.839221 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.839410 clipXtConvertSelectionProc: 00:06:57.839422 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.839432 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.839439 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.839444 market imperfections. This approach opens up many 00:06:57.839448 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.839458 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.839463 market imperfections. This approach opens up many 00:06:57.839467 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.839480 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.839487 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.839489 market imperfections. This approach opens up many 00:06:57.839490 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.839496 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.839785 clipXtConvertSelectionProc: 00:06:57.839797 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.839807 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.839814 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.839819 market imperfections. This approach opens up many 00:06:57.839823 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.839833 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.839838 market imperfections. This approach opens up many 00:06:57.839842 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.839855 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.839862 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.839864 market imperfections. This approach opens up many 00:06:57.839865 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.839871 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.840039 clipXtConvertSelectionProc: 00:06:57.840061 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.840073 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.840081 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.840087 market imperfections. This approach opens up many 00:06:57.840091 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.840102 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.840107 market imperfections. This approach opens up many 00:06:57.840110 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.840125 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.840131 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.840134 market imperfections. This approach opens up many 00:06:57.840135 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.840159 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.840314 clipXtConvertSelectionProc: 00:06:57.840327 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.840337 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.840344 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.840350 market imperfections. This approach opens up many 00:06:57.840353 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.840364 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.840369 market imperfections. This approach opens up many 00:06:57.840372 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.840386 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.840392 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.840395 market imperfections. This approach opens up many 00:06:57.840396 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.840402 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.840519 clipXtConvertSelectionProc: 00:06:57.840530 clipCreateX11Targets: called 00:06:57.840539 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.840720 clipXtConvertSelectionProc: 00:06:57.840741 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.840752 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.840760 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.840766 market imperfections. This approach opens up many 00:06:57.840769 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.840780 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.840785 market imperfections. This approach opens up many 00:06:57.840789 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.840803 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.840810 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.840812 market imperfections. This approach opens up many 00:06:57.840813 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.840819 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.841257 clipXtConvertSelectionProc: 00:06:57.841274 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.841324 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.841335 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.841341 market imperfections. This approach opens up many 00:06:57.841344 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.841356 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.841361 market imperfections. This approach opens up many 00:06:57.841364 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.841379 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.841385 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.841388 market imperfections. This approach opens up many 00:06:57.841389 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.841395 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.841809 clipXtConvertSelectionProc: 00:06:57.841821 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.841831 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.841838 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.841844 market imperfections. This approach opens up many 00:06:57.841847 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.841872 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.841877 market imperfections. This approach opens up many 00:06:57.841880 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.841895 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.841901 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.841903 market imperfections. This approach opens up many 00:06:57.841904 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.841910 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.842186 clipXtConvertSelectionProc: 00:06:57.842202 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:06:57.842212 clipReadVBoxClipboard: returning VINF_SUCCESS 00:06:57.842219 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:06:57.842225 market imperfections. This approach opens up many 00:06:57.842228 possibilities but goes beyond the neoclassical setting., *pcb=322 00:06:57.842238 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:06:57.842244 market imperfections. This approach opens up many 00:06:57.842247 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:06:57.842261 clipWinTxtToUtf8: returning VINF_SUCCESS 00:06:57.842267 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:06:57.842269 market imperfections. This approach opens up many 00:06:57.842270 possibilities but goes beyond the neoclassical setting.. Returning. 00:06:57.842277 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.842500 clipXtConvertSelectionProc: 00:06:57.842515 clipCreateX11Targets: called 00:06:57.842523 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.842763 clipXtConvertSelectionProc: 00:06:57.842780 clipCreateX11Targets: called 00:06:57.842788 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.843057 clipXtConvertSelectionProc: 00:06:57.843074 clipCreateX11Targets: called 00:06:57.843082 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.844279 clipXtConvertSelectionProc: 00:06:57.844300 clipCreateX11Targets: called 00:06:57.844309 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.844470 clipXtConvertSelectionProc: 00:06:57.844482 clipCreateX11Targets: called 00:06:57.844490 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:06:57.844768 clipXtConvertSelectionProc: 00:06:57.844784 clipCreateX11Targets: called 00:06:57.844792 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:00.716006 clipXtConvertSelectionProc: 00:07:00.716058 clipCreateX11Targets: called 00:07:00.716070 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:02.819671 clipXtConvertSelectionProc: 00:07:02.819724 clipCreateX11Targets: called 00:07:02.819741 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:03.479184 clipXtConvertSelectionProc: 00:07:03.479203 clipCreateX11Targets: called 00:07:03.479206 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:03.479724 clipXtConvertSelectionProc: 00:07:03.479735 clipCreateX11Targets: called 00:07:03.479738 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:05.724206 clipXtConvertSelectionProc: 00:07:05.724259 clipCreateX11Targets: called 00:07:05.724272 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:06.515269 clipXtConvertSelectionProc: 00:07:06.515322 clipCreateX11Targets: called 00:07:06.515334 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:06.526632 clipXtConvertSelectionProc: 00:07:06.526677 clipCreateX11Targets: called 00:07:06.526685 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:07.643719 clipXtConvertSelectionProc: 00:07:07.643768 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:07:07.644877 clipXtConvertSelectionProc: 00:07:07.644914 clipCreateX11Targets: called 00:07:07.644926 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:07.645965 clipXtConvertSelectionProc: 00:07:07.646001 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:07:07.646018 clipReadVBoxClipboard: returning VINF_SUCCESS 00:07:07.646027 clipReadVBoxClipboard: *ppv=The third direction is to allow for certain forms of 00:07:07.646033 market imperfections. This approach opens up many 00:07:07.646037 possibilities but goes beyond the neoclassical setting., *pcb=322 00:07:07.646049 clipWinTxtToUtf8: pwszSrc=The third direction is to allow for certain forms of 00:07:07.646055 market imperfections. This approach opens up many 00:07:07.646058 possibilities but goes beyond the neoclassical setting., cbSrc=322 00:07:07.646073 clipWinTxtToUtf8: returning VINF_SUCCESS 00:07:07.646080 clipWinTxtToUtf8: converted string is The third direction is to allow for certain forms of 00:07:07.646083 market imperfections. This approach opens up many 00:07:07.646084 possibilities but goes beyond the neoclassical setting.. Returning. 00:07:07.646091 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:07.655789 clipXtConvertSelectionProc: 00:07:07.655828 clipCreateX11Targets: called 00:07:07.655839 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:07.656569 clipXtConvertSelectionProc: 00:07:07.656599 clipCreateX11Targets: called 00:07:07.656610 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:08.444683 clipXtConvertSelectionProc: 00:07:08.444734 clipCreateX11Targets: called 00:07:08.444747 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:08.445621 clipXtConvertSelectionProc: 00:07:08.445657 clipCreateX11Targets: called 00:07:08.445669 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:09.900845 clipXtConvertSelectionProc: 00:07:09.900897 clipCreateX11Targets: called 00:07:09.900910 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:09.901511 clipXtConvertSelectionProc: 00:07:09.901547 clipCreateX11Targets: called 00:07:09.901559 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:10.077191 clipXtConvertSelectionProc: 00:07:10.077243 clipCreateX11Targets: called 00:07:10.077256 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:10.077868 clipXtConvertSelectionProc: 00:07:10.077908 clipCreateX11Targets: called 00:07:10.077921 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:12.092997 clipXtConvertSelectionProc: 00:07:12.093048 clipCreateX11Targets: called 00:07:12.093061 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:12.093713 clipXtConvertSelectionProc: 00:07:12.093755 clipCreateX11Targets: called 00:07:12.093767 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:12.269184 clipXtConvertSelectionProc: 00:07:12.269233 clipCreateX11Targets: called 00:07:12.269246 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:12.270034 clipXtConvertSelectionProc: 00:07:12.270073 clipCreateX11Targets: called 00:07:12.270085 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:13.388795 clipXtConvertSelectionProc: 00:07:13.388848 clipCreateX11Targets: called 00:07:13.388862 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:13.389300 clipXtConvertSelectionProc: 00:07:13.389335 clipCreateX11Targets: called 00:07:13.389348 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:14.717641 clipXtConvertSelectionProc: 00:07:14.717934 clipCreateX11Targets: called 00:07:14.717990 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:16.980619 clipXtConvertSelectionProc: 00:07:16.980668 clipCreateX11Targets: called 00:07:16.980681 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:18.665534 clipXtConvertSelectionProc: 00:07:18.665551 clipCreateX11Targets: called 00:07:18.665555 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:20.768868 clipXtConvertSelectionProc: 00:07:20.768941 clipCreateX11Targets: called 00:07:20.768954 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:22.873188 clipXtConvertSelectionProc: 00:07:22.873239 clipCreateX11Targets: called 00:07:22.873251 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:24.977637 clipXtConvertSelectionProc: 00:07:24.977686 clipCreateX11Targets: called 00:07:24.977698 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:27.081159 clipXtConvertSelectionProc: 00:07:27.081210 clipCreateX11Targets: called 00:07:27.081222 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:29.185802 clipXtConvertSelectionProc: 00:07:29.185847 clipCreateX11Targets: called 00:07:29.185859 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:31.289766 clipXtConvertSelectionProc: 00:07:31.289821 clipCreateX11Targets: called 00:07:31.289834 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:33.393317 clipXtConvertSelectionProc: 00:07:33.393371 clipCreateX11Targets: called 00:07:33.393383 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:35.497338 clipXtConvertSelectionProc: 00:07:35.497389 clipCreateX11Targets: called 00:07:35.497401 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:37.601514 clipXtConvertSelectionProc: 00:07:37.601563 clipCreateX11Targets: called 00:07:37.601575 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:39.706361 clipXtConvertSelectionProc: 00:07:39.706416 clipCreateX11Targets: called 00:07:39.706429 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:41.810785 clipXtConvertSelectionProc: 00:07:41.810834 clipCreateX11Targets: called 00:07:41.810846 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:43.915847 clipXtConvertSelectionProc: 00:07:43.916051 clipCreateX11Targets: called 00:07:43.916131 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:46.821213 clipXtConvertSelectionProc: 00:07:46.821266 clipCreateX11Targets: called 00:07:46.821279 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:48.926165 clipXtConvertSelectionProc: 00:07:48.926218 clipCreateX11Targets: called 00:07:48.926232 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:51.029625 clipXtConvertSelectionProc: 00:07:51.029824 clipCreateX11Targets: called 00:07:51.029903 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:53.936259 clipXtConvertSelectionProc: 00:07:53.936312 clipCreateX11Targets: called 00:07:53.936325 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:56.040154 clipXtConvertSelectionProc: 00:07:56.040204 clipCreateX11Targets: called 00:07:56.040216 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:56.239308 svcCall: u32ClientID = 16, fn = 2, cParms = 1, pparms = -1404152088 00:07:56.239359 svcCall: VBOX_SHARED_CLIPBOARD_FN_FORMATS 00:07:56.239371 vboxClipboardFormatAnnounce: called. pClient=00007fc1b0005930, u32Formats=00 00:07:56.239383 clipQueueToEventThread: proc=00007fc1c1947190, client_data=00007fc1a4012200 00:07:56.239409 svcCall: rc = VINF_SUCCESS 00:07:56.239438 clipNewVBoxFormatsWorker: u32Formats=0 00:07:56.239875 clipNewVBoxFormatsWorker: returning 00:07:56.239912 clipDrainWakeupPipe: called 00:07:56.240407 clipXtConvertSelectionProc: 00:07:56.240431 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:07:56.243887 clipXtConvertSelectionProc: 00:07:56.243929 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:07:56.244140 clipXtConvertSelectionProc: 00:07:56.244153 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:07:56.244497 clipXtConvertSelectionProc: 00:07:56.244524 clipCreateX11Targets: called 00:07:56.244533 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:56.244673 clipXtConvertSelectionProc: 00:07:56.244686 clipCreateX11Targets: called 00:07:56.244692 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:56.245131 clipXtConvertSelectionProc: 00:07:56.245150 clipCreateX11Targets: called 00:07:56.245158 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:56.245572 clipXtConvertSelectionProc: 00:07:56.245589 clipCreateX11Targets: called 00:07:56.245597 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:56.245909 clipXtConvertSelectionProc: 00:07:56.245927 clipCreateX11Targets: called 00:07:56.245934 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:56.246053 clipXtConvertSelectionProc: 00:07:56.246066 clipCreateX11Targets: called 00:07:56.246073 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:56.246182 clipXtConvertSelectionProc: 00:07:56.246197 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:07:56.246262 clipXtConvertSelectionProc: 00:07:56.246274 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:07:56.246580 clipXtConvertSelectionProc: 00:07:56.246596 clipCreateX11Targets: called 00:07:56.246604 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:56.247177 clipXtConvertSelectionProc: 00:07:56.247199 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:07:56.247917 clipXtConvertSelectionProc: 00:07:56.247939 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:07:56.248013 clipXtConvertSelectionProc: 00:07:56.248025 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:07:56.248301 clipXtConvertSelectionProc: 00:07:56.248328 clipCreateX11Targets: called 00:07:56.248337 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:07:56.248655 clipXtConvertSelectionProc: 00:07:56.248672 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:07:56.248780 clipXtConvertSelectionProc: 00:07:56.248792 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:07:56.248860 clipXtConvertSelectionProc: 00:07:56.248871 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:07:56.249019 clipXtConvertSelectionProc: 00:07:56.249037 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:07:56.249301 clipXtConvertSelectionProc: 00:07:56.249313 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:07:56.249524 clipXtConvertSelectionProc: 00:07:56.249536 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:07:56.249663 clipXtConvertSelectionProc: 00:07:56.249676 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:07:56.249797 clipXtConvertSelectionProc: 00:07:56.249810 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:07:56.249903 clipXtConvertSelectionProc: 00:07:56.249915 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:07:56.258444 svcCall: u32ClientID = 16, fn = 2, cParms = 1, pparms = -1404152088 00:07:56.258493 svcCall: VBOX_SHARED_CLIPBOARD_FN_FORMATS 00:07:56.258501 vboxClipboardFormatAnnounce: called. pClient=00007fc1b0005930, u32Formats=01 00:07:56.258513 clipQueueToEventThread: proc=00007fc1c1947190, client_data=00007fc1a4012200 00:07:56.258540 svcCall: rc = VINF_SUCCESS 00:07:56.258597 clipNewVBoxFormatsWorker: u32Formats=1 00:07:56.258617 clipNewVBoxFormatsWorker: returning 00:07:56.258672 clipDrainWakeupPipe: called 00:07:56.259162 clipXtConvertSelectionProc: 00:07:56.259181 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:07:56.259193 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:07:56.259205 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:07:56.259214 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:07:56.259222 vboxSvcClipboardReportMsg: ReadData 01 00:07:56.259229 vboxSvcClipboardReturnMsg: ReadData 01 00:07:56.259235 vboxSvcClipboardReportMsg: CallComplete 00:07:56.259364 svcCall: u32ClientID = 16, fn = 2, cParms = 1, pparms = -1404177352 00:07:56.259379 svcCall: VBOX_SHARED_CLIPBOARD_FN_FORMATS 00:07:56.259385 vboxClipboardFormatAnnounce: called. pClient=00007fc1b0005930, u32Formats=01 00:07:56.259395 clipQueueToEventThread: proc=00007fc1c1947190, client_data=00007fc1a4012200 00:08:01.259396 clipWaitForDataFromVBox: returning VERR_TIMEOUT 00:08:01.259449 clipRequestDataFromVBox: returning VERR_TIMEOUT 00:08:01.259469 ClipRequestDataForX11: returning VERR_TIMEOUT 00:08:01.259477 clipReadVBoxClipboard: returning VERR_TIMEOUT 00:08:01.259484 clipXtConvertSelectionProc: returning, internal status code VERR_TIMEOUT 00:08:01.259753 clipXtConvertSelectionProc: 00:08:01.259791 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:08:01.259807 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:08:01.259819 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:08:01.259829 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:08:01.259837 vboxSvcClipboardReportMsg: ReadData 01 00:08:06.259976 clipWaitForDataFromVBox: returning VERR_TIMEOUT 00:08:06.260025 clipRequestDataFromVBox: returning VERR_TIMEOUT 00:08:06.260037 ClipRequestDataForX11: returning VERR_TIMEOUT 00:08:06.260045 clipReadVBoxClipboard: returning VERR_TIMEOUT 00:08:06.260061 clipXtConvertSelectionProc: returning, internal status code VERR_TIMEOUT 00:08:06.260312 clipXtConvertSelectionProc: 00:08:06.260349 clipCreateX11Targets: called 00:08:06.260362 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:08:06.260600 clipXtConvertSelectionProc: 00:08:06.260633 clipCreateX11Targets: called 00:08:06.260643 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:08:06.260979 clipXtConvertSelectionProc: 00:08:06.260993 clipCreateX11Targets: called 00:08:06.261002 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:08:06.261168 clipXtConvertSelectionProc: 00:08:06.261181 clipCreateX11Targets: called 00:08:06.261190 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:08:06.261317 clipXtConvertSelectionProc: 00:08:06.261328 clipCreateX11Targets: called 00:08:06.261336 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:08:06.261490 clipXtConvertSelectionProc: 00:08:06.261504 clipCreateX11Targets: called 00:08:06.261512 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:08:06.261836 clipXtConvertSelectionProc: 00:08:06.261848 clipCreateX11Targets: called 00:08:06.261856 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:08:06.262199 clipXtConvertSelectionProc: 00:08:06.262213 clipCreateX11Targets: called 00:08:06.262222 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:08:06.262936 clipXtConvertSelectionProc: 00:08:06.262958 clipCreateX11Targets: called 00:08:06.262966 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:08:06.263237 clipXtConvertSelectionProc: 00:08:06.263253 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:08:06.263497 clipXtConvertSelectionProc: 00:08:06.263526 clipCreateX11Targets: called 00:08:06.263538 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:08:06.263821 clipXtConvertSelectionProc: 00:08:06.263850 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:08:06.264118 clipXtConvertSelectionProc: 00:08:06.264133 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:08:06.264146 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:08:06.264158 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:08:06.264168 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:08:06.264176 vboxSvcClipboardReportMsg: ReadData 01 00:08:11.264264 clipWaitForDataFromVBox: returning VERR_TIMEOUT 00:08:11.264326 clipRequestDataFromVBox: returning VERR_TIMEOUT 00:08:11.264341 ClipRequestDataForX11: returning VERR_TIMEOUT 00:08:11.264367 clipReadVBoxClipboard: returning VERR_TIMEOUT 00:08:11.264378 clipXtConvertSelectionProc: returning, internal status code VERR_TIMEOUT 00:08:11.264734 clipXtConvertSelectionProc: 00:08:11.264781 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:08:11.264798 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:08:11.264812 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:08:11.264823 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:08:11.264832 vboxSvcClipboardReportMsg: ReadData 01 00:08:16.264934 clipWaitForDataFromVBox: returning VERR_TIMEOUT 00:08:16.264987 clipRequestDataFromVBox: returning VERR_TIMEOUT 00:08:16.265000 ClipRequestDataForX11: returning VERR_TIMEOUT 00:08:16.265022 clipReadVBoxClipboard: returning VERR_TIMEOUT 00:08:16.265030 clipXtConvertSelectionProc: returning, internal status code VERR_TIMEOUT 00:08:16.265284 clipXtConvertSelectionProc: 00:08:16.265321 clipCreateX11Targets: called 00:08:16.265334 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:08:16.265799 clipXtConvertSelectionProc: 00:08:16.265834 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:08:16.265962 clipXtConvertSelectionProc: 00:08:16.265978 clipCreateX11Targets: called 00:08:16.265989 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:08:16.266284 clipXtConvertSelectionProc: 00:08:16.266314 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:08:16.266610 svcCall: rc = VINF_SUCCESS 00:08:16.266740 svcCall: u32ClientID = 16, fn = 1, cParms = 2, pparms = -1404178152 00:08:16.266756 svcCall: VBOX_SHARED_CLIPBOARD_FN_GET_HOST_MSG 00:08:16.266764 vboxSvcClipboardReturnMsg: ReadData 01 00:08:16.266771 svcCall: rc = VINF_SUCCESS 00:08:16.266798 clipNewVBoxFormatsWorker: u32Formats=1 00:08:16.266826 clipNewVBoxFormatsWorker: returning 00:08:16.266849 clipDrainWakeupPipe: called 00:08:16.266881 clipXtConvertSelectionProc: 00:08:16.266890 clipCreateX11Targets: called 00:08:16.266899 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:08:16.267146 clipXtConvertSelectionProc: 00:08:16.267163 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:08:16.267177 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:08:16.267189 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:08:16.267199 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:08:16.267209 vboxSvcClipboardReportMsg: ReadData 01 00:08:16.267488 svcCall: u32ClientID = 16, fn = 2, cParms = 1, pparms = -1404177352 00:08:16.267517 svcCall: VBOX_SHARED_CLIPBOARD_FN_FORMATS 00:08:16.267527 vboxClipboardFormatAnnounce: called. pClient=00007fc1b0005930, u32Formats=01 00:08:16.267555 clipQueueToEventThread: proc=00007fc1c1947190, client_data=00007fc1a4012200 00:08:21.267307 clipWaitForDataFromVBox: returning VERR_TIMEOUT 00:08:21.267357 clipRequestDataFromVBox: returning VERR_TIMEOUT 00:08:21.267370 ClipRequestDataForX11: returning VERR_TIMEOUT 00:08:21.267378 clipReadVBoxClipboard: returning VERR_TIMEOUT 00:08:21.267403 clipXtConvertSelectionProc: returning, internal status code VERR_TIMEOUT 00:08:21.267757 clipXtConvertSelectionProc: 00:08:21.267797 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:08:21.267812 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:08:21.267825 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:08:21.267835 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:08:21.267843 vboxSvcClipboardReportMsg: ReadData 01 00:08:26.267982 clipWaitForDataFromVBox: returning VERR_TIMEOUT 00:08:26.268033 clipRequestDataFromVBox: returning VERR_TIMEOUT 00:08:26.268045 ClipRequestDataForX11: returning VERR_TIMEOUT 00:08:26.268059 clipReadVBoxClipboard: returning VERR_TIMEOUT 00:08:26.268077 clipXtConvertSelectionProc: returning, internal status code VERR_TIMEOUT 00:08:26.268459 clipXtConvertSelectionProc: 00:08:26.268496 clipCreateX11Targets: called 00:08:26.268508 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:08:26.268630 clipXtConvertSelectionProc: 00:08:26.268647 clipCreateX11Targets: called 00:08:26.268656 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:08:26.268899 clipXtConvertSelectionProc: 00:08:26.268929 clipCreateX11Targets: called 00:08:26.268940 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:08:26.269121 clipXtConvertSelectionProc: 00:08:26.269134 clipCreateX11Targets: called 00:08:26.269143 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:08:26.269331 clipXtConvertSelectionProc: 00:08:26.269357 clipCreateX11Targets: called 00:08:26.269368 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:08:26.269554 clipXtConvertSelectionProc: 00:08:26.269566 clipCreateX11Targets: called 00:08:26.269575 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:08:26.269681 clipXtConvertSelectionProc: 00:08:26.269691 clipCreateX11Targets: called 00:08:26.269699 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:08:26.269787 clipXtConvertSelectionProc: 00:08:26.269796 clipCreateX11Targets: called 00:08:26.269805 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:08:26.270044 clipXtConvertSelectionProc: 00:08:26.270057 clipCreateX11Targets: called 00:08:26.270065 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:08:26.270343 clipXtConvertSelectionProc: 00:08:26.270359 clipCreateX11Targets: called 00:08:26.270367 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:08:26.270467 clipXtConvertSelectionProc: 00:08:26.270480 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:08:26.270644 svcCall: rc = VINF_SUCCESS 00:08:26.270795 clipXtConvertSelectionProc: 00:08:26.270813 clipCreateX11Targets: called 00:08:26.270832 svcCall: u32ClientID = 16, fn = 1, cParms = 2, pparms = -1404177480 00:08:26.270904 svcCall: VBOX_SHARED_CLIPBOARD_FN_GET_HOST_MSG 00:08:26.270917 vboxSvcClipboardReturnMsg: ReadData 01 00:08:26.270929 svcCall: rc = VINF_SUCCESS 00:08:26.270947 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:08:26.271215 clipNewVBoxFormatsWorker: u32Formats=1 00:08:26.271238 clipNewVBoxFormatsWorker: returning 00:08:26.271246 clipDrainWakeupPipe: called 00:08:26.271266 clipXtConvertSelectionProc: 00:08:26.271273 clipCreateX11Targets: called 00:08:26.271281 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:08:26.271526 clipXtConvertSelectionProc: 00:08:26.271574 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:08:26.271736 svcCall: u32ClientID = 16, fn = 2, cParms = 1, pparms = -1404177352 00:08:26.271758 svcCall: VBOX_SHARED_CLIPBOARD_FN_FORMATS 00:08:26.271765 vboxClipboardFormatAnnounce: called. pClient=00007fc1b0005930, u32Formats=01 00:08:26.271776 clipQueueToEventThread: proc=00007fc1c1947190, client_data=00007fc1a4012200 00:08:26.271810 clipXtConvertSelectionProc: 00:08:26.271826 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:08:26.271839 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:08:26.271851 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:08:26.271860 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:08:26.271868 vboxSvcClipboardReportMsg: ReadData 01 00:08:31.271969 clipWaitForDataFromVBox: returning VERR_TIMEOUT 00:08:31.272019 clipRequestDataFromVBox: returning VERR_TIMEOUT 00:08:31.272031 ClipRequestDataForX11: returning VERR_TIMEOUT 00:08:31.272039 clipReadVBoxClipboard: returning VERR_TIMEOUT 00:08:31.272064 clipXtConvertSelectionProc: returning, internal status code VERR_TIMEOUT 00:08:31.272409 clipXtConvertSelectionProc: 00:08:31.272444 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:08:31.272460 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:08:31.272473 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:08:31.272483 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:08:31.272492 vboxSvcClipboardReportMsg: ReadData 01 00:08:36.272590 clipWaitForDataFromVBox: returning VERR_TIMEOUT 00:08:36.272642 clipRequestDataFromVBox: returning VERR_TIMEOUT 00:08:36.272664 ClipRequestDataForX11: returning VERR_TIMEOUT 00:08:36.272680 clipReadVBoxClipboard: returning VERR_TIMEOUT 00:08:36.272688 clipXtConvertSelectionProc: returning, internal status code VERR_TIMEOUT 00:08:36.272988 clipXtConvertSelectionProc: 00:08:36.273025 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:08:36.273041 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:08:36.273054 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:08:36.273063 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:08:36.273072 vboxSvcClipboardReportMsg: ReadData 01 00:08:41.273169 clipWaitForDataFromVBox: returning VERR_TIMEOUT 00:08:41.273218 clipRequestDataFromVBox: returning VERR_TIMEOUT 00:08:41.273231 ClipRequestDataForX11: returning VERR_TIMEOUT 00:08:41.273239 clipReadVBoxClipboard: returning VERR_TIMEOUT 00:08:41.273256 clipXtConvertSelectionProc: returning, internal status code VERR_TIMEOUT 00:08:41.274069 clipXtConvertSelectionProc: 00:08:41.274106 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:08:41.274123 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:08:41.274135 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:08:41.274145 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:08:41.274154 vboxSvcClipboardReportMsg: ReadData 01 00:08:46.274292 clipWaitForDataFromVBox: returning VERR_TIMEOUT 00:08:46.274346 clipRequestDataFromVBox: returning VERR_TIMEOUT 00:08:46.274359 ClipRequestDataForX11: returning VERR_TIMEOUT 00:08:46.274378 clipReadVBoxClipboard: returning VERR_TIMEOUT 00:08:46.274387 clipXtConvertSelectionProc: returning, internal status code VERR_TIMEOUT 00:08:46.274614 clipXtConvertSelectionProc: 00:08:46.274677 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:08:46.274717 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:08:46.274731 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:08:46.274741 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:08:46.274750 vboxSvcClipboardReportMsg: ReadData 01 00:08:51.274898 clipWaitForDataFromVBox: returning VERR_TIMEOUT 00:08:51.274949 clipRequestDataFromVBox: returning VERR_TIMEOUT 00:08:51.274961 ClipRequestDataForX11: returning VERR_TIMEOUT 00:08:51.274989 clipReadVBoxClipboard: returning VERR_TIMEOUT 00:08:51.275007 clipXtConvertSelectionProc: returning, internal status code VERR_TIMEOUT 00:08:51.275262 clipXtConvertSelectionProc: 00:08:51.275285 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:08:51.275299 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:08:51.275312 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:08:51.275321 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:08:51.275330 vboxSvcClipboardReportMsg: ReadData 01 00:08:56.275450 clipWaitForDataFromVBox: returning VERR_TIMEOUT 00:08:56.275667 clipRequestDataFromVBox: returning VERR_TIMEOUT 00:08:56.275792 ClipRequestDataForX11: returning VERR_TIMEOUT 00:08:56.275839 clipReadVBoxClipboard: returning VERR_TIMEOUT 00:08:56.275859 clipXtConvertSelectionProc: returning, internal status code VERR_TIMEOUT 00:08:56.276140 clipXtConvertSelectionProc: 00:08:56.276171 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:08:56.276184 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:08:56.276197 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:08:56.276206 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:08:56.276214 vboxSvcClipboardReportMsg: ReadData 01 00:09:01.276276 clipWaitForDataFromVBox: returning VERR_TIMEOUT 00:09:01.276328 clipRequestDataFromVBox: returning VERR_TIMEOUT 00:09:01.276341 ClipRequestDataForX11: returning VERR_TIMEOUT 00:09:01.276351 clipReadVBoxClipboard: returning VERR_TIMEOUT 00:09:01.276371 clipXtConvertSelectionProc: returning, internal status code VERR_TIMEOUT 00:09:01.276612 clipXtConvertSelectionProc: 00:09:01.276633 clipCreateX11Targets: called 00:09:01.276644 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.277012 svcCall: rc = VINF_SUCCESS 00:09:01.277062 clipNewVBoxFormatsWorker: u32Formats=1 00:09:01.277121 svcCall: u32ClientID = 16, fn = 1, cParms = 2, pparms = -1404177480 00:09:01.277155 clipNewVBoxFormatsWorker: returning 00:09:01.277173 svcCall: VBOX_SHARED_CLIPBOARD_FN_GET_HOST_MSG 00:09:01.277182 clipDrainWakeupPipe: called 00:09:01.277207 vboxSvcClipboardReturnMsg: ReadData 01 00:09:01.277217 clipXtConvertSelectionProc: 00:09:01.277226 svcCall: rc = VINF_SUCCESS 00:09:01.277252 clipCreateX11Targets: called 00:09:01.277263 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.277644 svcCall: u32ClientID = 16, fn = 2, cParms = 1, pparms = -1404177352 00:09:01.277662 svcCall: VBOX_SHARED_CLIPBOARD_FN_FORMATS 00:09:01.277669 vboxClipboardFormatAnnounce: called. pClient=00007fc1b0005930, u32Formats=01 00:09:01.277679 clipQueueToEventThread: proc=00007fc1c1947190, client_data=00007fc1a4012200 00:09:01.278443 clipXtConvertSelectionProc: 00:09:01.278465 clipCreateX11Targets: called 00:09:01.278474 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.278895 clipXtConvertSelectionProc: 00:09:01.278915 clipCreateX11Targets: called 00:09:01.278924 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.280491 svcCall: rc = VINF_SUCCESS 00:09:01.280525 clipNewVBoxFormatsWorker: u32Formats=1 00:09:01.280578 svcCall: u32ClientID = 16, fn = 1, cParms = 2, pparms = -1404177480 00:09:01.280612 clipNewVBoxFormatsWorker: returning 00:09:01.280627 svcCall: VBOX_SHARED_CLIPBOARD_FN_GET_HOST_MSG 00:09:01.280636 clipDrainWakeupPipe: called 00:09:01.280660 vboxSvcClipboardReturnMsg: no message 00:09:01.280669 clipXtConvertSelectionProc: 00:09:01.280678 svcCall: async. 00:09:01.280686 clipCreateX11Targets: called 00:09:01.280697 svcCall: rc = VINF_SUCCESS 00:09:01.280713 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.281077 svcCall: u32ClientID = 16, fn = 4, cParms = 2, pparms = -1404178152 00:09:01.281097 svcCall: VBOX_SHARED_CLIPBOARD_FN_WRITE_DATA 00:09:01.281104 vboxClipboardWriteData: called. pClient=00007fc1b0005930, pv=00007fc1ac4df148 (It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption.), cb=312, u32Format=01 00:09:01.281126 svcCall: rc = VINF_SUCCESS 00:09:01.282120 svcCall: u32ClientID = 16, fn = 4, cParms = 2, pparms = -1404178152 00:09:01.282141 svcCall: VBOX_SHARED_CLIPBOARD_FN_WRITE_DATA 00:09:01.282148 vboxClipboardWriteData: called. pClient=00007fc1b0005930, pv=00007fc1ac4df148 (It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption.), cb=312, u32Format=01 00:09:01.282168 svcCall: rc = VINF_SUCCESS 00:09:01.282690 svcCall: u32ClientID = 16, fn = 4, cParms = 2, pparms = -1404178152 00:09:01.282710 svcCall: VBOX_SHARED_CLIPBOARD_FN_WRITE_DATA 00:09:01.282717 vboxClipboardWriteData: called. pClient=00007fc1b0005930, pv=00007fc1ac4df148 (It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption.), cb=312, u32Format=01 00:09:01.282736 svcCall: rc = VINF_SUCCESS 00:09:01.282991 clipXtConvertSelectionProc: 00:09:01.283017 clipCreateX11Targets: called 00:09:01.283028 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.283175 svcCall: u32ClientID = 16, fn = 4, cParms = 2, pparms = -1404178152 00:09:01.283193 svcCall: VBOX_SHARED_CLIPBOARD_FN_WRITE_DATA 00:09:01.283200 vboxClipboardWriteData: called. pClient=00007fc1b0005930, pv=00007fc1ac4df148 (It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption.), cb=312, u32Format=01 00:09:01.283219 svcCall: rc = VINF_SUCCESS 00:09:01.283489 clipXtConvertSelectionProc: 00:09:01.283507 clipCreateX11Targets: called 00:09:01.283516 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.283620 clipXtConvertSelectionProc: 00:09:01.283631 clipCreateX11Targets: called 00:09:01.283639 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.284485 clipXtConvertSelectionProc: 00:09:01.284511 clipCreateX11Targets: called 00:09:01.284521 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.284721 clipXtConvertSelectionProc: 00:09:01.284733 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:09:01.286180 clipXtConvertSelectionProc: 00:09:01.286192 clipCreateX11Targets: called 00:09:01.286201 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.286928 clipXtConvertSelectionProc: 00:09:01.286945 clipCreateX11Targets: called 00:09:01.286953 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.287110 clipXtConvertSelectionProc: 00:09:01.287121 clipCreateX11Targets: called 00:09:01.287129 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.287264 clipXtConvertSelectionProc: 00:09:01.287275 clipCreateX11Targets: called 00:09:01.287283 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.287565 clipXtConvertSelectionProc: 00:09:01.287579 clipCreateX11Targets: called 00:09:01.287587 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.287749 clipXtConvertSelectionProc: 00:09:01.287760 clipCreateX11Targets: called 00:09:01.287768 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.287920 clipXtConvertSelectionProc: 00:09:01.287935 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:09:01.288149 clipXtConvertSelectionProc: 00:09:01.288175 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:09:01.290500 clipXtConvertSelectionProc: 00:09:01.290524 clipCreateX11Targets: called 00:09:01.290534 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.290885 clipXtConvertSelectionProc: 00:09:01.290905 clipCreateX11Targets: called 00:09:01.290914 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.291115 clipXtConvertSelectionProc: 00:09:01.291139 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:09:01.291691 clipXtConvertSelectionProc: 00:09:01.291706 clipCreateX11Targets: called 00:09:01.291714 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.292142 clipXtConvertSelectionProc: 00:09:01.292168 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:09:01.292182 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:09:01.292195 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:09:01.292204 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:09:01.292213 vboxSvcClipboardReportMsg: ReadData 01 00:09:01.292219 vboxSvcClipboardReturnMsg: ReadData 01 00:09:01.292226 vboxSvcClipboardReportMsg: CallComplete 00:09:01.292805 svcCall: u32ClientID = 16, fn = 4, cParms = 2, pparms = -1404178152 00:09:01.292833 svcCall: VBOX_SHARED_CLIPBOARD_FN_WRITE_DATA 00:09:01.292841 vboxClipboardWriteData: called. pClient=00007fc1b0005930, pv=00007fc1ac4df148 (It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption.), cb=312, u32Format=01 00:09:01.292872 svcCall: rc = VINF_SUCCESS 00:09:01.292906 svcCall: u32ClientID = 16, fn = 1, cParms = 2, pparms = -1404177480 00:09:01.292915 svcCall: VBOX_SHARED_CLIPBOARD_FN_GET_HOST_MSG 00:09:01.292921 vboxSvcClipboardReturnMsg: no message 00:09:01.292939 svcCall: async. 00:09:01.292950 svcCall: rc = VINF_SUCCESS 00:09:01.292969 clipWaitForDataFromVBox: returning VINF_SUCCESS 00:09:01.292997 clipRequestDataFromVBox: returning VINF_SUCCESS 00:09:01.293007 ClipRequestDataForX11: returning VINF_SUCCESS 00:09:01.293014 ClipRequestDataForX11: *ppv=It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption., *pcb=312 00:09:01.293033 clipReadVBoxClipboard: returning VINF_SUCCESS 00:09:01.293040 clipReadVBoxClipboard: *ppv=It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption., *pcb=312 00:09:01.293058 clipWinTxtToUtf8: pwszSrc=It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption., cbSrc=312 00:09:01.293081 clipWinTxtToUtf8: returning VINF_SUCCESS 00:09:01.293088 clipWinTxtToUtf8: converted string is It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption.. Returning. 00:09:01.293096 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.293961 clipXtConvertSelectionProc: 00:09:01.293989 clipCreateX11Targets: called 00:09:01.294000 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.294643 clipXtConvertSelectionProc: 00:09:01.294701 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:09:01.294738 clipReadVBoxClipboard: returning VINF_SUCCESS 00:09:01.294748 clipReadVBoxClipboard: *ppv=It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption., *pcb=312 00:09:01.294768 clipWinTxtToUtf8: pwszSrc=It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption., cbSrc=312 00:09:01.294790 clipWinTxtToUtf8: returning VINF_SUCCESS 00:09:01.294797 clipWinTxtToUtf8: converted string is It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption.. Returning. 00:09:01.294805 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.295180 clipXtConvertSelectionProc: 00:09:01.295208 clipCreateX11Targets: called 00:09:01.295219 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.295411 clipXtConvertSelectionProc: 00:09:01.295424 clipCreateX11Targets: called 00:09:01.295433 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.296075 clipXtConvertSelectionProc: 00:09:01.296103 clipCreateX11Targets: called 00:09:01.296113 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.296366 clipXtConvertSelectionProc: 00:09:01.296393 clipCreateX11Targets: called 00:09:01.296403 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.296634 clipXtConvertSelectionProc: 00:09:01.296644 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:09:01.296658 clipReadVBoxClipboard: returning VINF_SUCCESS 00:09:01.296665 clipReadVBoxClipboard: *ppv=It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption., *pcb=312 00:09:01.296684 clipWinTxtToUtf8: pwszSrc=It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption., cbSrc=312 00:09:01.296706 clipWinTxtToUtf8: returning VINF_SUCCESS 00:09:01.296713 clipWinTxtToUtf8: converted string is It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption.. Returning. 00:09:01.296721 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.297129 clipXtConvertSelectionProc: 00:09:01.297145 clipCreateX11Targets: called 00:09:01.297154 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.297290 clipXtConvertSelectionProc: 00:09:01.297300 clipCreateX11Targets: called 00:09:01.297308 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.297470 clipXtConvertSelectionProc: 00:09:01.297484 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:09:01.297496 clipReadVBoxClipboard: returning VINF_SUCCESS 00:09:01.297504 clipReadVBoxClipboard: *ppv=It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption., *pcb=312 00:09:01.297521 clipWinTxtToUtf8: pwszSrc=It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption., cbSrc=312 00:09:01.297542 clipWinTxtToUtf8: returning VINF_SUCCESS 00:09:01.297548 clipWinTxtToUtf8: converted string is It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption.. Returning. 00:09:01.297556 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.297842 clipXtConvertSelectionProc: 00:09:01.297859 clipCreateX11Targets: called 00:09:01.297867 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.298221 clipXtConvertSelectionProc: 00:09:01.298235 clipCreateX11Targets: called 00:09:01.298243 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.298357 clipXtConvertSelectionProc: 00:09:01.298378 clipCreateX11Targets: called 00:09:01.298388 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.299130 clipXtConvertSelectionProc: 00:09:01.299150 clipCreateX11Targets: called 00:09:01.299159 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.299273 clipXtConvertSelectionProc: 00:09:01.299284 clipCreateX11Targets: called 00:09:01.299292 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.299398 clipXtConvertSelectionProc: 00:09:01.299417 clipCreateX11Targets: called 00:09:01.299426 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.299859 clipXtConvertSelectionProc: 00:09:01.299872 clipCreateX11Targets: called 00:09:01.299880 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.300204 clipXtConvertSelectionProc: 00:09:01.300217 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:09:01.300229 clipReadVBoxClipboard: returning VINF_SUCCESS 00:09:01.300237 clipReadVBoxClipboard: *ppv=It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption., *pcb=312 00:09:01.300255 clipWinTxtToUtf8: pwszSrc=It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption., cbSrc=312 00:09:01.300276 clipWinTxtToUtf8: returning VINF_SUCCESS 00:09:01.300282 clipWinTxtToUtf8: converted string is It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption.. Returning. 00:09:01.300290 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.300582 clipXtConvertSelectionProc: 00:09:01.300594 clipCreateX11Targets: called 00:09:01.300602 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.300753 clipXtConvertSelectionProc: 00:09:01.300764 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:09:01.300775 clipReadVBoxClipboard: returning VINF_SUCCESS 00:09:01.300782 clipReadVBoxClipboard: *ppv=It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption., *pcb=312 00:09:01.300799 clipWinTxtToUtf8: pwszSrc=It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption., cbSrc=312 00:09:01.300818 clipWinTxtToUtf8: returning VINF_SUCCESS 00:09:01.300825 clipWinTxtToUtf8: converted string is It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption.. Returning. 00:09:01.300832 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.301038 clipXtConvertSelectionProc: 00:09:01.301051 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:09:01.301061 clipReadVBoxClipboard: returning VINF_SUCCESS 00:09:01.301068 clipReadVBoxClipboard: *ppv=It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption., *pcb=312 00:09:01.301084 clipWinTxtToUtf8: pwszSrc=It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption., cbSrc=312 00:09:01.301104 clipWinTxtToUtf8: returning VINF_SUCCESS 00:09:01.301111 clipWinTxtToUtf8: converted string is It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption.. Returning. 00:09:01.301132 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.301375 clipXtConvertSelectionProc: 00:09:01.301387 clipCreateX11Targets: called 00:09:01.301395 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.301633 clipXtConvertSelectionProc: 00:09:01.301645 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:09:01.301656 clipReadVBoxClipboard: returning VINF_SUCCESS 00:09:01.301663 clipReadVBoxClipboard: *ppv=It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption., *pcb=312 00:09:01.301680 clipWinTxtToUtf8: pwszSrc=It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption., cbSrc=312 00:09:01.301699 clipWinTxtToUtf8: returning VINF_SUCCESS 00:09:01.301706 clipWinTxtToUtf8: converted string is It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption.. Returning. 00:09:01.301713 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.301828 clipXtConvertSelectionProc: 00:09:01.301839 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:09:01.301849 clipReadVBoxClipboard: returning VINF_SUCCESS 00:09:01.301856 clipReadVBoxClipboard: *ppv=It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption., *pcb=312 00:09:01.301873 clipWinTxtToUtf8: pwszSrc=It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption., cbSrc=312 00:09:01.301892 clipWinTxtToUtf8: returning VINF_SUCCESS 00:09:01.301899 clipWinTxtToUtf8: converted string is It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption.. Returning. 00:09:01.301906 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:01.302000 clipXtConvertSelectionProc: 00:09:01.302011 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:09:01.302021 clipReadVBoxClipboard: returning VINF_SUCCESS 00:09:01.302028 clipReadVBoxClipboard: *ppv=It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption., *pcb=312 00:09:01.302045 clipWinTxtToUtf8: pwszSrc=It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption., cbSrc=312 00:09:01.302064 clipWinTxtToUtf8: returning VINF_SUCCESS 00:09:01.302071 clipWinTxtToUtf8: converted string is It is unclear how much the behaviour of major market participants, such as institutional investors and delegated money managers, is related to consumption.. Returning. 00:09:01.302078 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:03.254813 clipXtConvertSelectionProc: 00:09:03.254860 clipCreateX11Targets: called 00:09:03.254874 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:09:03.994436 void clipQueryX11CBFormats(CLIPBACKEND*): requesting the targets that the X11 clipboard offers 00:09:03.998594 clipConvertX11Targets: pValue=00007fc1dc006280, *pcLen=11, *atomType=4 00:09:03.998700 clipUpdateX11Targets: called 00:09:03.998716 clipReportFormatsToVBox: clipReportFormatsToVBox format: 1 00:09:03.998725 clipReportFormatsToVBox: clipReportFormatsToVBox txt: 1, bitm: 0, html:0, u32VBoxFormats: 1 00:09:03.998752 ClipReportX11Formats: called. pCtx=00007fc1a4001af0, u32Formats=01 00:09:03.998762 vboxSvcClipboardReportMsg: Formats 01 00:09:03.998769 vboxSvcClipboardReturnMsg: Formats 01 00:09:03.998775 vboxSvcClipboardReportMsg: CallComplete 00:09:03.999615 svcCall: u32ClientID = 16, fn = 1, cParms = 2, pparms = -1404177480 00:09:03.999647 svcCall: VBOX_SHARED_CLIPBOARD_FN_GET_HOST_MSG 00:09:03.999654 vboxSvcClipboardReturnMsg: no message 00:09:03.999660 svcCall: async. 00:09:03.999666 svcCall: rc = VINF_SUCCESS 00:10:09.002498 void clipQueryX11CBFormats(CLIPBACKEND*): requesting the targets that the X11 clipboard offers 00:10:09.006249 clipConvertX11Targets: pValue=00007fc1dc006280, *pcLen=11, *atomType=4 00:10:09.006327 clipUpdateX11Targets: called 00:10:09.006340 clipReportFormatsToVBox: clipReportFormatsToVBox format: 1 00:10:09.006349 clipReportFormatsToVBox: clipReportFormatsToVBox txt: 1, bitm: 0, html:0, u32VBoxFormats: 1 00:10:09.006360 ClipReportX11Formats: called. pCtx=00007fc1a4001af0, u32Formats=01 00:10:09.006370 vboxSvcClipboardReportMsg: Formats 01 00:10:09.006378 vboxSvcClipboardReturnMsg: Formats 01 00:10:09.006385 vboxSvcClipboardReportMsg: CallComplete 00:10:09.007181 svcCall: u32ClientID = 16, fn = 1, cParms = 2, pparms = -1404177480 00:10:09.007224 svcCall: VBOX_SHARED_CLIPBOARD_FN_GET_HOST_MSG 00:10:09.007233 vboxSvcClipboardReturnMsg: no message 00:10:09.007239 svcCall: async. 00:10:09.007246 svcCall: rc = VINF_SUCCESS 00:10:20.828306 clipReportFormatsToVBox: clipReportFormatsToVBox format: 0 00:10:20.828355 clipReportFormatsToVBox: clipReportFormatsToVBox txt: 0, bitm: 0, html:0, u32VBoxFormats: 0 00:10:20.828367 ClipReportX11Formats: called. pCtx=00007fc1a4001af0, u32Formats=00 00:10:20.828378 vboxSvcClipboardReportMsg: Formats 00 00:10:20.828385 vboxSvcClipboardReturnMsg: Formats 00 00:10:20.828392 vboxSvcClipboardReportMsg: CallComplete 00:10:20.829029 svcCall: u32ClientID = 16, fn = 1, cParms = 2, pparms = -1404177480 00:10:20.829054 svcCall: VBOX_SHARED_CLIPBOARD_FN_GET_HOST_MSG 00:10:20.829062 vboxSvcClipboardReturnMsg: no message 00:10:20.829068 svcCall: async. 00:10:20.829075 svcCall: rc = VINF_SUCCESS 00:11:59.595761 void clipQueryX11CBFormats(CLIPBACKEND*): requesting the targets that the X11 clipboard offers 00:11:59.603132 clipConvertX11Targets: pValue=00007fc1dc006280, *pcLen=12, *atomType=4 00:11:59.603203 clipUpdateX11Targets: called 00:11:59.603216 clipReportFormatsToVBox: clipReportFormatsToVBox format: 1 00:11:59.603224 clipReportFormatsToVBox: clipReportFormatsToVBox txt: 1, bitm: 0, html:0, u32VBoxFormats: 1 00:11:59.603233 ClipReportX11Formats: called. pCtx=00007fc1a4001af0, u32Formats=01 00:11:59.603243 vboxSvcClipboardReportMsg: Formats 01 00:11:59.603250 vboxSvcClipboardReturnMsg: Formats 01 00:11:59.603257 vboxSvcClipboardReportMsg: CallComplete 00:11:59.603896 svcCall: u32ClientID = 16, fn = 1, cParms = 2, pparms = -1404177480 00:11:59.603928 svcCall: VBOX_SHARED_CLIPBOARD_FN_GET_HOST_MSG 00:11:59.603936 vboxSvcClipboardReturnMsg: no message 00:11:59.603943 svcCall: async. 00:11:59.603950 svcCall: rc = VINF_SUCCESS 00:14:32.219888 void clipQueryX11CBFormats(CLIPBACKEND*): requesting the targets that the X11 clipboard offers 00:14:32.222322 clipConvertX11Targets: pValue=00007fc1dc006280, *pcLen=12, *atomType=4 00:14:32.222393 clipUpdateX11Targets: called 00:14:32.222406 clipReportFormatsToVBox: clipReportFormatsToVBox format: 1 00:14:32.222415 clipReportFormatsToVBox: clipReportFormatsToVBox txt: 1, bitm: 0, html:0, u32VBoxFormats: 1 00:14:32.222424 ClipReportX11Formats: called. pCtx=00007fc1a4001af0, u32Formats=01 00:14:32.222433 vboxSvcClipboardReportMsg: Formats 01 00:14:32.222441 vboxSvcClipboardReturnMsg: Formats 01 00:14:32.222448 vboxSvcClipboardReportMsg: CallComplete 00:14:32.223293 svcCall: u32ClientID = 16, fn = 1, cParms = 2, pparms = -1404177480 00:14:32.223335 svcCall: VBOX_SHARED_CLIPBOARD_FN_GET_HOST_MSG 00:14:32.223345 vboxSvcClipboardReturnMsg: no message 00:14:32.223352 svcCall: async. 00:14:32.223358 svcCall: rc = VINF_SUCCESS 00:16:35.554137 void clipQueryX11CBFormats(CLIPBACKEND*): requesting the targets that the X11 clipboard offers 00:16:35.555190 clipConvertX11Targets: pValue=00007fc1dc0047b0, *pcLen=8, *atomType=4 00:16:35.555255 clipUpdateX11Targets: called 00:16:35.555266 clipReportFormatsToVBox: clipReportFormatsToVBox format: 1 00:16:35.555274 clipReportFormatsToVBox: clipReportFormatsToVBox txt: 1, bitm: 0, html:0, u32VBoxFormats: 1 00:16:35.555282 ClipReportX11Formats: called. pCtx=00007fc1a4001af0, u32Formats=01 00:16:35.555291 vboxSvcClipboardReportMsg: Formats 01 00:16:35.555297 vboxSvcClipboardReturnMsg: Formats 01 00:16:35.555303 vboxSvcClipboardReportMsg: CallComplete 00:16:35.556020 svcCall: u32ClientID = 16, fn = 1, cParms = 2, pparms = -1404177480 00:16:35.556046 svcCall: VBOX_SHARED_CLIPBOARD_FN_GET_HOST_MSG 00:16:35.556054 vboxSvcClipboardReturnMsg: no message 00:16:35.556060 svcCall: async. 00:16:35.556065 svcCall: rc = VINF_SUCCESS 00:18:57.551109 void clipQueryX11CBFormats(CLIPBACKEND*): requesting the targets that the X11 clipboard offers 00:18:57.554681 clipConvertX11Targets: pValue=00007fc1dc0008c0, *pcLen=9, *atomType=4 00:18:57.554738 clipUpdateX11Targets: called 00:18:57.554748 clipReportFormatsToVBox: clipReportFormatsToVBox format: 5 00:18:57.554758 clipReportFormatsToVBox: clipReportFormatsToVBox txt: 1, bitm: 0, html:7, u32VBoxFormats: 5 00:18:57.554767 ClipReportX11Formats: called. pCtx=00007fc1a4001af0, u32Formats=05 00:18:57.554778 vboxSvcClipboardReportMsg: Formats 05 00:18:57.554785 vboxSvcClipboardReturnMsg: Formats 05 00:18:57.554792 vboxSvcClipboardReportMsg: CallComplete 00:18:57.555442 svcCall: u32ClientID = 16, fn = 1, cParms = 2, pparms = -1404177480 00:18:57.555477 svcCall: VBOX_SHARED_CLIPBOARD_FN_GET_HOST_MSG 00:18:57.555486 vboxSvcClipboardReturnMsg: no message 00:18:57.555492 svcCall: async. 00:18:57.555499 svcCall: rc = VINF_SUCCESS 00:19:42.965270 void clipQueryX11CBFormats(CLIPBACKEND*): requesting the targets that the X11 clipboard offers 00:19:42.982188 clipConvertX11Targets: pValue=00007fc1dc006280, *pcLen=12, *atomType=4 00:19:42.982263 clipUpdateX11Targets: called 00:19:42.982275 clipReportFormatsToVBox: clipReportFormatsToVBox format: 1 00:19:42.982283 clipReportFormatsToVBox: clipReportFormatsToVBox txt: 1, bitm: 0, html:0, u32VBoxFormats: 1 00:19:42.982292 ClipReportX11Formats: called. pCtx=00007fc1a4001af0, u32Formats=01 00:19:42.982301 vboxSvcClipboardReportMsg: Formats 01 00:19:42.982308 vboxSvcClipboardReturnMsg: Formats 01 00:19:42.982315 vboxSvcClipboardReportMsg: CallComplete 00:19:42.983116 svcCall: u32ClientID = 16, fn = 1, cParms = 2, pparms = -1404177480 00:19:42.983164 svcCall: VBOX_SHARED_CLIPBOARD_FN_GET_HOST_MSG 00:19:42.983173 vboxSvcClipboardReturnMsg: no message 00:19:42.983180 svcCall: async. 00:19:42.983186 svcCall: rc = VINF_SUCCESS 00:34:55.430974 svcCall: u32ClientID = 16, fn = 2, cParms = 1, pparms = -1403801416 00:34:55.431054 svcCall: VBOX_SHARED_CLIPBOARD_FN_FORMATS 00:34:55.431067 vboxClipboardFormatAnnounce: called. pClient=00007fc1b0005930, u32Formats=00 00:34:55.431081 clipQueueToEventThread: proc=00007fc1c1947190, client_data=00007fc1a4013840 00:34:55.431108 svcCall: rc = VINF_SUCCESS 00:34:55.431265 clipNewVBoxFormatsWorker: u32Formats=0 00:34:55.432849 clipNewVBoxFormatsWorker: returning 00:34:55.432889 clipDrainWakeupPipe: called 00:34:55.432924 clipXtConvertSelectionProc: 00:34:55.432934 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:34:55.433581 clipXtConvertSelectionProc: 00:34:55.433607 clipCreateX11Targets: called 00:34:55.433615 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:34:55.436408 clipXtConvertSelectionProc: 00:34:55.436448 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:34:55.436698 clipXtConvertSelectionProc: 00:34:55.436734 clipCreateX11Targets: called 00:34:55.436744 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:34:55.442774 clipXtConvertSelectionProc: 00:34:55.442809 clipCreateX11Targets: called 00:34:55.442819 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:34:55.444776 clipXtConvertSelectionProc: 00:34:55.444800 clipCreateX11Targets: called 00:34:55.444807 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:34:55.445369 clipXtConvertSelectionProc: 00:34:55.445388 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:34:55.446052 clipXtConvertSelectionProc: 00:34:55.446072 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:34:55.446240 clipXtConvertSelectionProc: 00:34:55.446256 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:34:55.446320 clipXtConvertSelectionProc: 00:34:55.446331 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:34:55.446409 clipXtConvertSelectionProc: 00:34:55.446418 clipCreateX11Targets: called 00:34:55.446426 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:34:55.446527 clipXtConvertSelectionProc: 00:34:55.446537 clipCreateX11Targets: called 00:34:55.446544 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:34:55.446721 clipXtConvertSelectionProc: 00:34:55.446735 clipCreateX11Targets: called 00:34:55.446742 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:34:55.446862 clipXtConvertSelectionProc: 00:34:55.446876 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:34:55.447103 clipXtConvertSelectionProc: 00:34:55.447121 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:34:55.448493 clipXtConvertSelectionProc: 00:34:55.448513 clipCreateX11Targets: called 00:34:55.448520 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:34:55.448658 clipXtConvertSelectionProc: 00:34:55.448670 clipCreateX11Targets: called 00:34:55.448677 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:34:55.448834 clipXtConvertSelectionProc: 00:34:55.448847 clipCreateX11Targets: called 00:34:55.448854 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:34:55.449273 clipXtConvertSelectionProc: 00:34:55.449290 clipCreateX11Targets: called 00:34:55.449297 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:34:55.449429 clipXtConvertSelectionProc: 00:34:55.449442 clipCreateX11Targets: called 00:34:55.449449 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:34:55.449999 clipXtConvertSelectionProc: 00:34:55.450015 clipCreateX11Targets: called 00:34:55.450022 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:34:55.450069 svcCall: u32ClientID = 16, fn = 2, cParms = 1, pparms = -1403801416 00:34:55.450080 svcCall: VBOX_SHARED_CLIPBOARD_FN_FORMATS 00:34:55.450087 vboxClipboardFormatAnnounce: called. pClient=00007fc1b0005930, u32Formats=01 00:34:55.450098 clipQueueToEventThread: proc=00007fc1c1947190, client_data=00007fc1a4013820 00:34:55.450595 clipXtConvertSelectionProc: 00:34:55.450625 clipCreateX11Targets: called 00:34:55.450634 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:34:55.452495 clipXtConvertSelectionProc: 00:34:55.452519 clipCreateX11Targets: called 00:34:55.452526 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:34:55.453321 clipXtConvertSelectionProc: 00:34:55.453338 clipCreateX11Targets: called 00:34:55.453346 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:34:55.453776 clipXtConvertSelectionProc: 00:34:55.453796 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:34:55.453975 clipXtConvertSelectionProc: 00:34:55.454010 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:34:55.454092 clipXtConvertSelectionProc: 00:34:55.454104 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:34:55.454313 clipXtConvertSelectionProc: 00:34:55.454329 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:34:55.454593 clipXtConvertSelectionProc: 00:34:55.454612 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:34:55.454731 clipXtConvertSelectionProc: 00:34:55.454746 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:34:55.454885 clipXtConvertSelectionProc: 00:34:55.454899 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:34:55.455039 clipXtConvertSelectionProc: 00:34:55.455072 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:34:55.455248 svcCall: rc = VINF_SUCCESS 00:34:55.455290 clipNewVBoxFormatsWorker: u32Formats=1 00:34:55.455326 clipNewVBoxFormatsWorker: returning 00:34:55.455339 clipDrainWakeupPipe: called 00:34:55.455363 clipXtConvertSelectionProc: 00:34:55.455372 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:34:55.455384 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:34:55.455397 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:34:55.455406 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:34:55.455415 vboxSvcClipboardReportMsg: ReadData 01 00:34:55.455422 vboxSvcClipboardReturnMsg: ReadData 01 00:34:55.455428 vboxSvcClipboardReportMsg: CallComplete 00:34:55.455723 svcCall: u32ClientID = 16, fn = 2, cParms = 1, pparms = -1403801416 00:34:55.455732 svcCall: VBOX_SHARED_CLIPBOARD_FN_FORMATS 00:34:55.455737 vboxClipboardFormatAnnounce: called. pClient=00007fc1b0005930, u32Formats=01 00:34:55.455744 clipQueueToEventThread: proc=00007fc1c1947190, client_data=00007fc1a4013820 00:35:00.455587 clipWaitForDataFromVBox: returning VERR_TIMEOUT 00:35:00.455637 clipRequestDataFromVBox: returning VERR_TIMEOUT 00:35:00.455649 ClipRequestDataForX11: returning VERR_TIMEOUT 00:35:00.455658 clipReadVBoxClipboard: returning VERR_TIMEOUT 00:35:00.455673 clipXtConvertSelectionProc: returning, internal status code VERR_TIMEOUT 00:35:00.456065 clipXtConvertSelectionProc: 00:35:00.456098 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:35:00.456113 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:35:00.456126 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:35:00.456135 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:35:00.456144 vboxSvcClipboardReportMsg: ReadData 01 00:35:05.456283 clipWaitForDataFromVBox: returning VERR_TIMEOUT 00:35:05.456332 clipRequestDataFromVBox: returning VERR_TIMEOUT 00:35:05.456344 ClipRequestDataForX11: returning VERR_TIMEOUT 00:35:05.456353 clipReadVBoxClipboard: returning VERR_TIMEOUT 00:35:05.456371 clipXtConvertSelectionProc: returning, internal status code VERR_TIMEOUT 00:35:05.456658 clipXtConvertSelectionProc: 00:35:05.456695 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:35:05.456710 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:35:05.456723 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:35:05.456732 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:35:05.456741 vboxSvcClipboardReportMsg: ReadData 01 00:35:10.456837 clipWaitForDataFromVBox: returning VERR_TIMEOUT 00:35:10.456886 clipRequestDataFromVBox: returning VERR_TIMEOUT 00:35:10.456899 ClipRequestDataForX11: returning VERR_TIMEOUT 00:35:10.456907 clipReadVBoxClipboard: returning VERR_TIMEOUT 00:35:10.456924 clipXtConvertSelectionProc: returning, internal status code VERR_TIMEOUT 00:35:10.457180 clipXtConvertSelectionProc: 00:35:10.457202 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:35:10.457216 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:35:10.457244 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:35:10.457255 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:35:10.457264 vboxSvcClipboardReportMsg: ReadData 01 00:35:15.457400 clipWaitForDataFromVBox: returning VERR_TIMEOUT 00:35:15.457457 clipRequestDataFromVBox: returning VERR_TIMEOUT 00:35:15.457471 ClipRequestDataForX11: returning VERR_TIMEOUT 00:35:15.457492 clipReadVBoxClipboard: returning VERR_TIMEOUT 00:35:15.457502 clipXtConvertSelectionProc: returning, internal status code VERR_TIMEOUT 00:35:15.457814 clipXtConvertSelectionProc: 00:35:15.457852 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:35:15.457869 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:35:15.457883 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:35:15.457893 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:35:15.457903 vboxSvcClipboardReportMsg: ReadData 01 00:35:20.458034 clipWaitForDataFromVBox: returning VERR_TIMEOUT 00:35:20.458261 clipRequestDataFromVBox: returning VERR_TIMEOUT 00:35:20.458353 ClipRequestDataForX11: returning VERR_TIMEOUT 00:35:20.458396 clipReadVBoxClipboard: returning VERR_TIMEOUT 00:35:20.458414 clipXtConvertSelectionProc: returning, internal status code VERR_TIMEOUT 00:35:20.458761 clipXtConvertSelectionProc: 00:35:20.458787 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:35:20.458801 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:35:20.458815 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:35:20.458825 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:35:20.458834 vboxSvcClipboardReportMsg: ReadData 01 00:35:25.458974 clipWaitForDataFromVBox: returning VERR_TIMEOUT 00:35:25.459038 clipRequestDataFromVBox: returning VERR_TIMEOUT 00:35:25.459065 ClipRequestDataForX11: returning VERR_TIMEOUT 00:35:25.459075 clipReadVBoxClipboard: returning VERR_TIMEOUT 00:35:25.459083 clipXtConvertSelectionProc: returning, internal status code VERR_TIMEOUT 00:35:25.459279 clipXtConvertSelectionProc: 00:35:25.459298 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:35:25.459312 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:35:25.459326 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:35:25.459336 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:35:25.459346 vboxSvcClipboardReportMsg: ReadData 01 00:35:30.459441 clipWaitForDataFromVBox: returning VERR_TIMEOUT 00:35:30.459492 clipRequestDataFromVBox: returning VERR_TIMEOUT 00:35:30.459505 ClipRequestDataForX11: returning VERR_TIMEOUT 00:35:30.459526 clipReadVBoxClipboard: returning VERR_TIMEOUT 00:35:30.459535 clipXtConvertSelectionProc: returning, internal status code VERR_TIMEOUT 00:35:30.459784 clipXtConvertSelectionProc: 00:35:30.459892 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:35:30.459946 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:35:30.459967 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:35:30.459978 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:35:30.459987 vboxSvcClipboardReportMsg: ReadData 01 00:35:35.460125 clipWaitForDataFromVBox: returning VERR_TIMEOUT 00:35:35.460181 clipRequestDataFromVBox: returning VERR_TIMEOUT 00:35:35.460195 ClipRequestDataForX11: returning VERR_TIMEOUT 00:35:35.460213 clipReadVBoxClipboard: returning VERR_TIMEOUT 00:35:35.460222 clipXtConvertSelectionProc: returning, internal status code VERR_TIMEOUT 00:35:35.460601 svcCall: rc = VINF_SUCCESS 00:35:35.460668 svcCall: u32ClientID = 16, fn = 1, cParms = 2, pparms = -1404177480 00:35:35.460715 svcCall: VBOX_SHARED_CLIPBOARD_FN_GET_HOST_MSG 00:35:35.460732 vboxSvcClipboardReturnMsg: ReadData 01 00:35:35.460746 clipXtConvertSelectionProc: 00:35:35.460789 svcCall: rc = VINF_SUCCESS 00:35:35.460823 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:35:35.460843 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:35:35.460856 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:35:35.460865 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:35:35.460874 vboxSvcClipboardReportMsg: ReadData 01 00:35:35.461232 svcCall: u32ClientID = 16, fn = 2, cParms = 1, pparms = -1403801416 00:35:35.461242 svcCall: VBOX_SHARED_CLIPBOARD_FN_FORMATS 00:35:35.461249 vboxClipboardFormatAnnounce: called. pClient=00007fc1b0005930, u32Formats=01 00:35:35.461259 clipQueueToEventThread: proc=00007fc1c1947190, client_data=00007fc1a4013840 00:35:40.460991 clipWaitForDataFromVBox: returning VERR_TIMEOUT 00:35:40.461042 clipRequestDataFromVBox: returning VERR_TIMEOUT 00:35:40.461054 ClipRequestDataForX11: returning VERR_TIMEOUT 00:35:40.461069 clipReadVBoxClipboard: returning VERR_TIMEOUT 00:35:40.461086 clipXtConvertSelectionProc: returning, internal status code VERR_TIMEOUT 00:35:40.461297 clipNewVBoxFormatsWorker: u32Formats=1 00:35:40.461384 clipNewVBoxFormatsWorker: returning 00:35:40.461402 clipDrainWakeupPipe: called 00:35:40.461429 clipXtConvertSelectionProc: 00:35:40.461438 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:35:40.461451 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:35:40.461463 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:35:40.461472 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:35:40.461480 vboxSvcClipboardReportMsg: ReadData 01 00:35:45.461584 clipWaitForDataFromVBox: returning VERR_TIMEOUT 00:35:45.461720 clipRequestDataFromVBox: returning VERR_TIMEOUT 00:35:45.461875 ClipRequestDataForX11: returning VERR_TIMEOUT 00:35:45.461896 clipReadVBoxClipboard: returning VERR_TIMEOUT 00:35:45.461906 clipXtConvertSelectionProc: returning, internal status code VERR_TIMEOUT 00:35:45.462316 clipXtConvertSelectionProc: 00:35:45.462350 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:35:45.462365 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:35:45.462378 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:35:45.462387 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:35:45.462395 vboxSvcClipboardReportMsg: ReadData 01 00:35:50.462531 clipWaitForDataFromVBox: returning VERR_TIMEOUT 00:35:50.462580 clipRequestDataFromVBox: returning VERR_TIMEOUT 00:35:50.462592 ClipRequestDataForX11: returning VERR_TIMEOUT 00:35:50.462607 clipReadVBoxClipboard: returning VERR_TIMEOUT 00:35:50.462625 clipXtConvertSelectionProc: returning, internal status code VERR_TIMEOUT 00:35:50.462938 clipXtConvertSelectionProc: 00:35:50.462980 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:35:50.462998 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:35:50.463011 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:35:50.463021 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:35:50.463031 vboxSvcClipboardReportMsg: ReadData 01 00:35:55.463169 clipWaitForDataFromVBox: returning VERR_TIMEOUT 00:35:55.463219 clipRequestDataFromVBox: returning VERR_TIMEOUT 00:35:55.463253 ClipRequestDataForX11: returning VERR_TIMEOUT 00:35:55.463269 clipReadVBoxClipboard: returning VERR_TIMEOUT 00:35:55.463279 clipXtConvertSelectionProc: returning, internal status code VERR_TIMEOUT 00:35:55.463527 clipXtConvertSelectionProc: 00:35:55.463562 clipCreateX11Targets: called 00:35:55.463575 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:35:55.463870 clipXtConvertSelectionProc: 00:35:55.463903 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:35:55.463918 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:35:55.463930 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:35:55.463940 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:35:55.463949 vboxSvcClipboardReportMsg: ReadData 01 00:36:00.464087 clipWaitForDataFromVBox: returning VERR_TIMEOUT 00:36:00.464136 clipRequestDataFromVBox: returning VERR_TIMEOUT 00:36:00.464149 ClipRequestDataForX11: returning VERR_TIMEOUT 00:36:00.464157 clipReadVBoxClipboard: returning VERR_TIMEOUT 00:36:00.464173 clipXtConvertSelectionProc: returning, internal status code VERR_TIMEOUT 00:36:00.464420 clipXtConvertSelectionProc: 00:36:00.464457 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:36:00.464472 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:36:00.464485 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:36:00.464495 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:36:00.464503 vboxSvcClipboardReportMsg: ReadData 01 00:36:05.464601 clipWaitForDataFromVBox: returning VERR_TIMEOUT 00:36:05.464651 clipRequestDataFromVBox: returning VERR_TIMEOUT 00:36:05.464672 ClipRequestDataForX11: returning VERR_TIMEOUT 00:36:05.464680 clipReadVBoxClipboard: returning VERR_TIMEOUT 00:36:05.464688 clipXtConvertSelectionProc: returning, internal status code VERR_TIMEOUT 00:36:05.464920 clipXtConvertSelectionProc: 00:36:05.464957 clipCreateX11Targets: called 00:36:05.464968 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:36:05.465116 clipXtConvertSelectionProc: 00:36:05.465136 clipCreateX11Targets: called 00:36:05.465152 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:36:05.465339 clipXtConvertSelectionProc: 00:36:05.465353 clipCreateX11Targets: called 00:36:05.465361 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:36:05.465467 clipXtConvertSelectionProc: 00:36:05.465481 clipCreateX11Targets: called 00:36:05.465489 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:36:05.465831 clipXtConvertSelectionProc: 00:36:05.465846 clipCreateX11Targets: called 00:36:05.465854 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:36:05.466419 clipXtConvertSelectionProc: 00:36:05.466437 clipCreateX11Targets: called 00:36:05.466446 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:36:05.466950 svcCall: rc = VINF_SUCCESS 00:36:05.467016 svcCall: u32ClientID = 16, fn = 1, cParms = 2, pparms = -1404177480 00:36:05.467036 svcCall: VBOX_SHARED_CLIPBOARD_FN_GET_HOST_MSG 00:36:05.467048 vboxSvcClipboardReturnMsg: ReadData 01 00:36:05.467056 svcCall: rc = VINF_SUCCESS 00:36:05.467079 clipNewVBoxFormatsWorker: u32Formats=1 00:36:05.467119 clipNewVBoxFormatsWorker: returning 00:36:05.467134 clipDrainWakeupPipe: called 00:36:05.467157 clipXtConvertSelectionProc: 00:36:05.467165 clipCreateX11Targets: called 00:36:05.467174 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:36:05.467485 clipXtConvertSelectionProc: 00:36:05.467512 clipCreateX11Targets: called 00:36:05.467522 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:36:05.467810 svcCall: u32ClientID = 16, fn = 2, cParms = 1, pparms = -1403801416 00:36:05.467855 svcCall: VBOX_SHARED_CLIPBOARD_FN_FORMATS 00:36:05.467864 vboxClipboardFormatAnnounce: called. pClient=00007fc1b0005930, u32Formats=01 00:36:05.467875 clipQueueToEventThread: proc=00007fc1c1947190, client_data=00007fc1a4013840 00:36:05.468975 clipXtConvertSelectionProc: 00:36:05.469002 clipCreateX11Targets: called 00:36:05.469012 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:36:05.469826 clipXtConvertSelectionProc: 00:36:05.469853 clipCreateX11Targets: called 00:36:05.469863 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:36:05.471435 clipXtConvertSelectionProc: 00:36:05.471477 clipCreateX11Targets: called 00:36:05.471488 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:36:05.471865 clipXtConvertSelectionProc: 00:36:05.471892 clipCreateX11Targets: called 00:36:05.471902 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:36:05.472135 clipXtConvertSelectionProc: 00:36:05.472161 clipCreateX11Targets: called 00:36:05.472172 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:36:05.472406 clipXtConvertSelectionProc: 00:36:05.472432 clipCreateX11Targets: called 00:36:05.472443 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:36:05.472703 clipXtConvertSelectionProc: 00:36:05.472729 clipCreateX11Targets: called 00:36:05.472740 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:36:05.473035 svcCall: rc = VINF_SUCCESS 00:36:05.473100 clipNewVBoxFormatsWorker: u32Formats=1 00:36:05.473143 svcCall: u32ClientID = 16, fn = 1, cParms = 2, pparms = -1404177480 00:36:05.473164 svcCall: VBOX_SHARED_CLIPBOARD_FN_GET_HOST_MSG 00:36:05.473176 vboxSvcClipboardReturnMsg: no message 00:36:05.473186 clipNewVBoxFormatsWorker: returning 00:36:05.473206 svcCall: async. 00:36:05.473219 svcCall: rc = VINF_SUCCESS 00:36:05.473237 clipDrainWakeupPipe: called 00:36:05.473269 clipXtConvertSelectionProc: 00:36:05.473280 clipXtConvertSelectionProc: returning, internal status code VERR_NOT_SUPPORTED 00:36:05.475088 clipXtConvertSelectionProc: 00:36:05.475120 clipCreateX11Targets: called 00:36:05.475131 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:36:05.475180 svcCall: u32ClientID = 16, fn = 4, cParms = 2, pparms = -1404181576 00:36:05.475209 svcCall: VBOX_SHARED_CLIPBOARD_FN_WRITE_DATA 00:36:05.475217 vboxClipboardWriteData: called. pClient=00007fc1b0005930, pv=00007fc1ac4de3e8 (frictions are negligible in financial 00:36:05.475227 markets and information is reasonably homogenous 00:36:05.475230 among market participants. While the second simplification 00:36:05.475234 is less relevant for arbitrage pricing, both are 00:36:05.475238 needed for equilibrium-based pricing models.), cb=488, u32Format=01 00:36:05.475248 svcCall: rc = VINF_SUCCESS 00:36:05.475297 clipXtConvertSelectionProc: 00:36:05.475312 clipCreateX11Targets: called 00:36:05.475320 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:36:05.476493 clipXtConvertSelectionProc: 00:36:05.476513 clipCreateX11Targets: called 00:36:05.476523 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:36:05.476847 clipXtConvertSelectionProc: 00:36:05.476863 clipCreateX11Targets: called 00:36:05.476872 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:36:05.477015 clipXtConvertSelectionProc: 00:36:05.477023 clipCreateX11Targets: called 00:36:05.477031 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:36:05.477121 clipXtConvertSelectionProc: 00:36:05.477131 clipCreateX11Targets: called 00:36:05.477139 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:36:05.477597 clipXtConvertSelectionProc: 00:36:05.477628 clipCreateX11Targets: called 00:36:05.477639 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:36:05.477862 clipXtConvertSelectionProc: 00:36:05.477877 clipCreateX11Targets: called 00:36:05.477905 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:36:05.478070 clipXtConvertSelectionProc: 00:36:05.478083 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:36:05.478096 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:36:05.478107 clipRequestDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:36:05.478116 clipWaitForDataFromVBox: pCtx=00007fc1a4001af0, pReq=00007fc18c1677d0, u32Format=01 00:36:05.478125 vboxSvcClipboardReportMsg: ReadData 01 00:36:05.478132 vboxSvcClipboardReturnMsg: ReadData 01 00:36:05.478138 vboxSvcClipboardReportMsg: CallComplete 00:36:05.575955 svcDisconnect: u32ClientID = 16 00:36:05.576006 vboxSvcClipboardReportMsg: Quit 00:36:05.576017 vboxClipboardDisconnect 00:36:05.576024 Stopping the host clipboard service 00:36:05.576032 vboxClipboardWriteData: called. pClient=00007fc1b0005930, pv=0000000000000000 (), cb=0, u32Format=00 00:36:05.576062 ClipStopX11: stopping the shared clipboard X11 backend 00:36:05.576070 clipQueueToEventThread: proc=00007fc1c1946ed0, client_data=00007fc1a4001bc0 00:36:05.576094 clipWaitForDataFromVBox: returning VERR_NO_DATA 00:36:05.576126 clipRequestDataFromVBox: returning VERR_NO_DATA 00:36:05.576138 ClipRequestDataForX11: returning VERR_NO_DATA 00:36:05.576147 clipReadVBoxClipboard: returning VERR_NO_DATA 00:36:05.576156 clipXtConvertSelectionProc: returning, internal status code VERR_NO_DATA 00:36:05.576403 clipXtConvertSelectionProc: 00:36:05.576432 clipReadVBoxClipboard: pCtx=00007fc1a4001bc0, u32Format=01, ppv=00007fc18c1678a8, pcb=00007fc18c1678a4 00:36:05.576446 ClipRequestDataForX11: pCtx=00007fc1a4001af0, u32Format=01, ppv=00007fc1a4001c00, pcb=00007fc1a4001c08 00:36:05.576457 ClipRequestDataForX11: host requested guest clipboard data after guest had disconnected. 00:36:05.576465 clipReadVBoxClipboard: returning VERR_WRONG_ORDER 00:36:05.576475 clipXtConvertSelectionProc: returning, internal status code VERR_WRONG_ORDER 00:36:05.576816 clipXtConvertSelectionProc: 00:36:05.576842 clipCreateX11Targets: called 00:36:05.576854 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:36:05.577032 clipXtConvertSelectionProc: 00:36:05.577059 clipCreateX11Targets: called 00:36:05.577070 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:36:05.577351 clipXtConvertSelectionProc: 00:36:05.577368 clipCreateX11Targets: called 00:36:05.577378 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:36:05.577530 clipXtConvertSelectionProc: 00:36:05.577545 clipCreateX11Targets: called 00:36:05.577554 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:36:05.577915 clipXtConvertSelectionProc: 00:36:05.577944 clipCreateX11Targets: called 00:36:05.577955 clipXtConvertSelectionProc: returning, internal status code VINF_SUCCESS 00:36:05.578445 Shared clipboard: Shared clipboard thread terminated successfully 00:36:05.579079 ClipStopX11: returning VINF_SUCCESS. 00:36:05.583924 VMMDev: Guest Additions capability report: (0x5 -> 0x0) seamless: no, hostWindowMapping: no, graphics: no 00:36:05.584232 GUI: UISession::sltAdditionsChange: GA state really changed, notifying listeners. 00:36:05.584286 GUI: UIMachineLogicFullscreen: Additions-state actual-change event, rebuild multi-screen layout 00:36:05.585798 GUI: UIMultiScreenLayout::update: GUI/AutomountGuestScreens is disabled 00:36:05.585881 GUI: UIMachineViewFullscreen::adjustGuestScreenSize: Adjust guest-screen size if necessary. 00:36:05.585894 GUI: UISession::sltAdditionsChange: GA state change event came, notifying listeners. 00:36:10.570935 GUI: UISession::sltAdditionsChange: GA state change event came, notifying listeners. 00:36:10.586643 GUI: UISession::sltAdditionsChange: GA state change event came, notifying listeners. 00:36:10.586780 GUI: UISession::sltAdditionsChange: GA state change event came, notifying listeners. 00:36:10.586997 GUI: UISession::sltAdditionsChange: GA state change event came, notifying listeners. 00:36:30.603742 PIIX3 ATA: LUN#0: IDLE IMMEDIATE, CmdIf=0xe7 (-1 usec ago) 00:36:30.603763 PIIX3 ATA: LUN#0: aborting current command 00:36:32.434277 VMMDev: Guest requests the VM to be turned off 00:36:32.434329 Changing the VM state from 'RUNNING' to 'POWERING_OFF' 00:36:32.434356 ****************** Guest state at power off for VCpu 0 ****************** 00:36:32.434387 Guest CPUM (VCPU 0) state: 00:36:32.434394 eax=02571094 ebx=823810e8 ecx=00000000 edx=0257d040 esi=82371094 edi=00000006 00:36:32.434402 eip=f849e108 esp=f8addc98 ebp=f8addc9c iopl=0 nv up ei nt zr ac po cy 00:36:32.434409 cs={0008 base=0000000000000000 limit=ffffffff flags=0000c09b} dr0=00000000 dr1=00000000 00:36:32.434419 ds={0023 base=0000000000000000 limit=ffffffff flags=0000c0f3} dr2=00000000 dr3=00000000 00:36:32.434425 es={0023 base=0000000000000000 limit=ffffffff flags=0000c0f3} dr4=00000000 dr5=00000000 00:36:32.434430 fs={0030 base=00000000ffdff000 limit=00001fff flags=0000c093} dr6=ffff0ff0 dr7=00000400 00:36:32.434437 gs={0000 base=0000000000000000 limit=ffffffff flags=0001c000} cr0=8001003b cr2=f72ed8fe 00:36:32.434443 ss={0010 base=0000000000000000 limit=ffffffff flags=0000c093} cr3=0031e000 cr4=000006f9 00:36:32.434450 gdtr=000000008003f000:03ff idtr=000000008003f400:07ff eflags=00000297 00:36:32.434456 ldtr={0000 base=00000000 limit=ffffffff flags=0001c000} 00:36:32.434461 tr ={0028 base=80042000 limit=000020ab flags=0000008b} 00:36:32.434465 SysEnter={cs=0008 eip=8053d540 esp=f8ac2000} 00:36:32.434469 xcr=0000000000000001 xcr1=0000000000000000 xss=0000000000000000 (fXStateMask=0000000000000000) 00:36:32.434475 FCW=027f FSW=0000 FTW=0000 FOP=0000 MXCSR=00001f80 MXCSR_MASK=0000ffff 00:36:32.434480 FPUIP=00000000 CS=0000 Rsrvd1=0000 FPUDP=00000000 DS=0000 Rsvrd2=0000 00:36:32.434485 ST(0)=FPR0={0000'00000000'00000000} t0 +0.0000000000000000000000 * 2 ^ -16383 (*) 00:36:32.434495 ST(1)=FPR1={0000'00000000'00000000} t0 +0.0000000000000000000000 * 2 ^ -16383 (*) 00:36:32.434501 ST(2)=FPR2={0000'00000000'00000000} t0 +0.0000000000000000000000 * 2 ^ -16383 (*) 00:36:32.434506 ST(3)=FPR3={0000'00000000'00000000} t0 +0.0000000000000000000000 * 2 ^ -16383 (*) 00:36:32.434511 ST(4)=FPR4={0000'00000000'00000000} t0 +0.0000000000000000000000 * 2 ^ -16383 (*) 00:36:32.434516 ST(5)=FPR5={0000'00000000'00000000} t0 +0.0000000000000000000000 * 2 ^ -16383 (*) 00:36:32.434520 ST(6)=FPR6={0000'00000000'00000000} t0 +0.0000000000000000000000 * 2 ^ -16383 (*) 00:36:32.434525 ST(7)=FPR7={0000'00000000'00000000} t0 +0.0000000000000000000000 * 2 ^ -16383 (*) 00:36:32.434530 XMM0 =00000000'00000000'00000000'00000000 XMM1 =00000000'00000000'00000000'00000000 00:36:32.434538 XMM2 =00000000'00000000'00000000'00000000 XMM3 =00000000'00000000'00000000'00000000 00:36:32.434544 XMM4 =00000000'00000000'00000000'00000000 XMM5 =00000000'00000000'00000000'00000000 00:36:32.434550 XMM6 =00000000'00000000'00000000'00000000 XMM7 =00000000'00000000'00000000'00000000 00:36:32.434556 XMM8 =00000000'00000000'00000000'00000000 XMM9 =00000000'00000000'00000000'00000000 00:36:32.434562 XMM10=00000000'00000000'00000000'00000000 XMM11=00000000'00000000'00000000'00000000 00:36:32.434568 XMM12=00000000'00000000'00000000'00000000 XMM13=00000000'00000000'00000000'00000000 00:36:32.434574 XMM14=00000000'00000000'00000000'00000000 XMM15=00000000'00000000'00000000'00000000 00:36:32.434580 EFER =0000000000000800 00:36:32.434582 PAT =0007010600070106 00:36:32.434586 STAR =0000000000000000 00:36:32.434588 CSTAR =0000000000000000 00:36:32.434590 LSTAR =0000000000000000 00:36:32.434592 SFMASK =0000000000000000 00:36:32.434593 KERNELGSBASE =0000000000000000 00:36:32.434598 *** 00:36:32.434615 Guest paging mode (VCPU #0): PAE+NX (changed 1987 times), A20 enabled (changed 2 times) 00:36:32.434622 Shadow paging mode (VCPU #0): EPT 00:36:32.434624 Host paging mode: AMD64+G+NX 00:36:32.434627 *** 00:36:32.434631 Active Timers (pVM=00007fc1c2d61000) 00:36:32.434634 pTimerR3 offNext offPrev offSched Clock Time Expire HzHint State Description 00:36:32.434643 00007fc1c0dd7300 00009ea0 00000000 00000000 Real 101255823 101255839 0 2-ACTIVE VGA Refresh Timer 00:36:32.434656 00007fc1c0de11a0 ffffff80 ffff6160 00000000 Real 101255823 101255846 0 2-ACTIVE EMT Yielder 00:36:32.434699 00007fc1c0de1120 00000000 00000080 00000000 Real 101255824 101255889 0 2-ACTIVE CPU Load Timer 00:36:32.434708 00007fc1c0ddbe90 ffffa850 00000000 00000000 Virt 2192048865568 2192048911485 0 2-ACTIVE DevIchAc97 00:36:32.434719 00007fc1c0dd66e0 00000000 000057b0 00000000 Virt 2192048876136 2196048058416 0 2-ACTIVE Heartbeat flatlined 00:36:32.434729 00007fc1c0dceb60 000005e0 00000000 00000000 VrSy 2192048658218 2192057735249 99 2-ACTIVE i8254 Programmable Interval Timer 00:36:32.434739 00007fc1c0dcf140 00011d40 fffffa20 00000000 VrSy 2192048668723 2192990000000 0 2-ACTIVE MC146818 RTC/CMOS - Second 00:36:32.434749 00007fc1c0de0e80 00000000 fffee2c0 00000000 VrSy 2192048678797 2399728063764 0 2-ACTIVE ACPI PM Timer 00:36:32.434758 *** 00:36:32.434765 ************** End of Guest state at power off *************** 00:36:32.579901 PDMR3PowerOff: 145 084 231 ns run time 00:36:32.579950 Changing the VM state from 'POWERING_OFF' to 'OFF' 00:36:32.581466 Console: Machine state changed to 'Stopping' 00:36:32.582048 Console::powerDown(): A request to power off the VM has been issued (mMachineState=Stopping, InUninit=0) 00:36:32.582078 Display::handleDisplayResize: uScreenId=0 pvVRAM=00007fc198022000 w=1920 h=1200 bpp=32 cbLine=0x1E00 flags=0x1 00:36:32.582133 GUI: UIFrameBufferPrivate::NotifyChange: Screen=0, Origin=0x0, Size=1920x1200, Sending to async-handler 00:36:32.582872 GUI: UIMachineView::sltHandleNotifyChange: Screen=0, Size=1920x1200 00:36:32.587677 Changing the VM state from 'OFF' to 'DESTROYING' 00:36:32.587777 ************************* Statistics ************************* 00:36:32.587916 /CPUM/MSR-Totals/Reads 13 times 00:36:32.587930 /CPUM/MSR-Totals/ReadsRaisingGP 0 times 00:36:32.587937 /CPUM/MSR-Totals/ReadsUnknown 0 times 00:36:32.587945 /CPUM/MSR-Totals/Writes 9 times 00:36:32.587952 /CPUM/MSR-Totals/WritesRaisingGP 0 times 00:36:32.587959 /CPUM/MSR-Totals/WritesToIgnoredBits 0 times 00:36:32.587965 /CPUM/MSR-Totals/WritesUnknown 0 times 00:36:32.587972 /Devices/IDE0/ATA0/Unit0/AtapiDMA 0 times 00:36:32.587979 /Devices/IDE0/ATA0/Unit0/AtapiPIO 0 times 00:36:32.587985 /Devices/IDE0/ATA0/Unit0/DMA 14086 times 00:36:32.587993 /Devices/IDE0/ATA0/Unit0/PIO 2348 times 00:36:32.588000 /Devices/IDE0/ATA0/Unit0/ReadBytes 336545792 bytes 00:36:32.588008 /Devices/IDE0/ATA0/Unit0/WrittenBytes 39573504 bytes 00:36:32.588015 /Devices/IDE0/ATA0/Unit1/AtapiDMA 0 times 00:36:32.588021 /Devices/IDE0/ATA0/Unit1/AtapiPIO 0 times 00:36:32.588029 /Devices/IDE0/ATA0/Unit1/DMA 960 times 00:36:32.588036 /Devices/IDE0/ATA0/Unit1/PIO 20 times 00:36:32.588043 /Devices/IDE0/ATA0/Unit1/ReadBytes 3752448 bytes 00:36:32.588050 /Devices/IDE0/ATA0/Unit1/WrittenBytes 1980416 bytes 00:36:32.588057 /Devices/IDE0/ATA1/Unit0/AtapiDMA 28 times 00:36:32.588064 /Devices/IDE0/ATA1/Unit0/AtapiPIO 2198 times 00:36:32.588071 /Devices/IDE0/ATA1/Unit0/DMA 0 times 00:36:32.588078 /Devices/IDE0/ATA1/Unit0/PIO 0 times 00:36:32.588086 /Devices/IDE0/ATA1/Unit0/ReadBytes 45056 bytes 00:36:32.588093 /Devices/IDE0/ATA1/Unit0/WrittenBytes 0 bytes 00:36:32.588100 /Devices/IDE0/ATA1/Unit1/AtapiDMA 0 times 00:36:32.588106 /Devices/IDE0/ATA1/Unit1/AtapiPIO 0 times 00:36:32.588113 /Devices/IDE0/ATA1/Unit1/DMA 0 times 00:36:32.588143 /Devices/IDE0/ATA1/Unit1/PIO 0 times 00:36:32.588152 /Devices/IDE0/ATA1/Unit1/ReadBytes 0 bytes 00:36:32.588162 /Devices/IDE0/ATA1/Unit1/WrittenBytes 0 bytes 00:36:32.588173 /Devices/PCNet0/ReceiveBytes 237661123 bytes 00:36:32.588182 /Devices/PCNet0/TransmitBytes 2411724 bytes 00:36:32.588190 /Devices/VMMDev/BalloonChunks 0 count 00:36:32.588199 /Drivers/IntNet-0/BadFrames 0 count 00:36:32.588208 /Drivers/IntNet-0/Bytes/Received 237022535 bytes 00:36:32.588216 /Drivers/IntNet-0/Bytes/Sent 2411724 bytes 00:36:32.588226 /Drivers/IntNet-0/Overflows/Recv 0 count 00:36:32.588234 /Drivers/IntNet-0/Overflows/Sent 0 count 00:36:32.588243 /Drivers/IntNet-0/Packets/Lost 0 count 00:36:32.588251 /Drivers/IntNet-0/Packets/Received 163609 count 00:36:32.588262 /Drivers/IntNet-0/Packets/Received-Gso 0 count 00:36:32.588270 /Drivers/IntNet-0/Packets/Sent 20086 count 00:36:32.588278 /Drivers/IntNet-0/Packets/Sent-Gso 0 count 00:36:32.588288 /Drivers/IntNet-0/Packets/Sent-R0 20086 count 00:36:32.588299 /Drivers/IntNet-0/Recv1 0 ticks/call ( 0 ticks, 0 times, max 0, min -1) 00:36:32.588314 /Drivers/IntNet-0/Recv2 0 ticks/call ( 0 ticks, 0 times, max 0, min -1) 00:36:32.588329 /Drivers/IntNet-0/Reserved 0 ticks/call ( 0 ticks, 0 times, max 0, min -1) 00:36:32.588339 /Drivers/IntNet-0/Send1 49585 ticks/call ( 995984237 ticks, 20086 times, max 447819, min 5248) 00:36:32.588357 /Drivers/IntNet-0/Send2 46994 ticks/call ( 943785176 ticks, 20083 times, max 444316, min 6044) 00:36:32.588369 /Drivers/IntNet-0/XmitProcessRing 0 count 00:36:32.588401 /Drivers/IntNet-0/XmitWakeup-R0 0 count 00:36:32.588409 /Drivers/IntNet-0/XmitWakeup-R3 0 count 00:36:32.588415 /Drivers/IntNet-0/YieldNok 0 count 00:36:32.588421 /Drivers/IntNet-0/YieldOk 0 count 00:36:32.588428 /FT/Checkpoint/Network 0 times 00:36:32.588435 /FT/Checkpoint/Storage 0 times 00:36:32.588442 /FT/Received/Mem 0 bytes 00:36:32.588449 /FT/Received/State 0 bytes 00:36:32.588456 /FT/Sent/Mem 0 bytes 00:36:32.588463 /FT/Sent/State 0 bytes 00:36:32.588470 /FT/Sync/DeltaMem 0 times 00:36:32.588477 /FT/Sync/DeltaVM 0 times 00:36:32.588484 /FT/Sync/Full 0 times 00:36:32.588492 /GMM/VM/Allocated/cBasePages 131188 pages 00:36:32.588499 /GMM/VM/Allocated/cFixedPages 0 pages 00:36:32.588506 /GMM/VM/Allocated/cShadowPages 0 pages 00:36:32.588513 /GMM/VM/Reserved/cBasePages 131230 pages 00:36:32.588519 /GMM/VM/Reserved/cFixedPages 9220 pages 00:36:32.588527 /GMM/VM/Reserved/cShadowPages 1 pages 00:36:32.588533 /GMM/VM/cBalloonedPages 0 pages 00:36:32.588540 /GMM/VM/cMaxBalloonedPages 0 pages 00:36:32.588546 /GMM/VM/cPrivatePages 131188 pages 00:36:32.588553 /GMM/VM/cReqActuallyBalloonedPages 0 pages 00:36:32.588559 /GMM/VM/cReqBalloonedPages 0 pages 00:36:32.588566 /GMM/VM/cReqDeflatePages 0 pages 00:36:32.588572 /GMM/VM/cShareableModules 0 count 00:36:32.588579 /GMM/VM/cSharedPages 0 pages 00:36:32.588586 /GMM/VM/enmPolicy 1 00:36:32.588593 /GMM/VM/enmPriority 2 00:36:32.588600 /GMM/VM/fBallooningEnabled false 00:36:32.588606 /GMM/VM/fMayAllocate true 00:36:32.588613 /GMM/VM/fSharedPagingEnabled false 00:36:32.588620 /GMM/cAllocatedPages 131188 pages 00:36:32.588627 /GMM/cBalloonedPages 0 pages 00:36:32.588634 /GMM/cChunks 257 count 00:36:32.588641 /GMM/cDuplicatePages 0 pages 00:36:32.588655 /GMM/cFreedChunks 0 count 00:36:32.588662 /GMM/cLeftBehindSharedPages 0 pages 00:36:32.588669 /GMM/cMaxPages 4294967295 pages 00:36:32.588677 /GMM/cOverCommittedPages 0 pages 00:36:32.588683 /GMM/cReservedPages 140451 pages 00:36:32.588691 /GMM/cShareableModules 0 count 00:36:32.588697 /GMM/cSharedPages 0 pages 00:36:32.588704 /GVMM/EMTs 1 calls 00:36:32.588711 /GVMM/HostCPUs 4 calls 00:36:32.588719 /GVMM/HostCpus/0 0 00:36:32.588726 /GVMM/HostCpus/0/CurTimerHz 0 Hz 00:36:32.588732 /GVMM/HostCpus/0/DesiredHz 0 Hz 00:36:32.588739 /GVMM/HostCpus/0/PPTChanges 0 times 00:36:32.588746 /GVMM/HostCpus/0/PPTStarts 0 times 00:36:32.588752 /GVMM/HostCpus/0/idxCpuSet 0 00:36:32.588759 /GVMM/HostCpus/1 1 00:36:32.588766 /GVMM/HostCpus/1/CurTimerHz 0 Hz 00:36:32.588773 /GVMM/HostCpus/1/DesiredHz 0 Hz 00:36:32.588779 /GVMM/HostCpus/1/PPTChanges 0 times 00:36:32.588785 /GVMM/HostCpus/1/PPTStarts 0 times 00:36:32.588792 /GVMM/HostCpus/1/idxCpuSet 1 00:36:32.588799 /GVMM/HostCpus/2 2 00:36:32.588806 /GVMM/HostCpus/2/CurTimerHz 0 Hz 00:36:32.588813 /GVMM/HostCpus/2/DesiredHz 0 Hz 00:36:32.588819 /GVMM/HostCpus/2/PPTChanges 0 times 00:36:32.588826 /GVMM/HostCpus/2/PPTStarts 0 times 00:36:32.588832 /GVMM/HostCpus/2/idxCpuSet 2 00:36:32.588839 /GVMM/HostCpus/3 3 00:36:32.588846 /GVMM/HostCpus/3/CurTimerHz 0 Hz 00:36:32.588852 /GVMM/HostCpus/3/DesiredHz 0 Hz 00:36:32.588859 /GVMM/HostCpus/3/PPTChanges 0 times 00:36:32.588865 /GVMM/HostCpus/3/PPTStarts 0 times 00:36:32.588872 /GVMM/HostCpus/3/idxCpuSet 3 00:36:32.588878 /GVMM/Sum/HaltBlocking 929858 calls 00:36:32.588886 /GVMM/Sum/HaltCalls 930603 calls 00:36:32.588893 /GVMM/Sum/HaltNotBlocking 745 calls 00:36:32.588900 /GVMM/Sum/HaltTimeouts 613279 calls 00:36:32.588907 /GVMM/Sum/HaltWakeUps 0 calls 00:36:32.588913 /GVMM/Sum/PokeCalls 12759 calls 00:36:32.588920 /GVMM/Sum/PokeNotBusy 453 calls 00:36:32.588927 /GVMM/Sum/PollCalls 0 calls 00:36:32.588934 /GVMM/Sum/PollHalts 0 calls 00:36:32.588940 /GVMM/Sum/PollWakeUps 0 calls 00:36:32.588947 /GVMM/Sum/WakeUpCalls 317889 calls 00:36:32.588954 /GVMM/Sum/WakeUpNotHalted 216451 calls 00:36:32.588961 /GVMM/Sum/WakeUpWakeUps 0 calls 00:36:32.588967 /GVMM/VM/HaltBlocking 929858 calls 00:36:32.588974 /GVMM/VM/HaltCalls 930603 calls 00:36:32.588982 /GVMM/VM/HaltNotBlocking 745 calls 00:36:32.588988 /GVMM/VM/HaltTimeouts 613279 calls 00:36:32.588995 /GVMM/VM/HaltWakeUps 0 calls 00:36:32.589002 /GVMM/VM/PokeCalls 12759 calls 00:36:32.589009 /GVMM/VM/PokeNotBusy 453 calls 00:36:32.589015 /GVMM/VM/PollCalls 0 calls 00:36:32.589022 /GVMM/VM/PollHalts 0 calls 00:36:32.589029 /GVMM/VM/PollWakeUps 0 calls 00:36:32.589035 /GVMM/VM/WakeUpCalls 317889 calls 00:36:32.589042 /GVMM/VM/WakeUpNotHalted 216451 calls 00:36:32.589049 /GVMM/VM/WakeUpWakeUps 0 calls 00:36:32.589056 /GVMM/VMs 1 calls 00:36:32.589063 /HM/CPU0/Exit/HostNmiInGC 0 times 00:36:32.589070 /HM/CPU0/Switch/Preempting 183 times 00:36:32.589077 /IEM/CPU0/CodeTlb-Misses 0 count 00:36:32.589084 /IEM/CPU0/CodeTlb-PhysRev ffffffffffff9c00 00:36:32.589092 /IEM/CPU0/CodeTlb-Revision fffff38000000000 00:36:32.589106 /IEM/CPU0/CodeTlb-SlowReads 0 00:36:32.589113 /IEM/CPU0/DataTlb-Misses 0 count 00:36:32.589120 /IEM/CPU0/DataTlb-PhysRev ffffffffffff9c00 00:36:32.589127 /IEM/CPU0/DataTlb-Revision fffff38000000000 00:36:32.589135 /IEM/CPU0/cInstructions 178098 count 00:36:32.589142 /IEM/CPU0/cLongJumps 0 bytes 00:36:32.589149 /IEM/CPU0/cPendingCommit 0 bytes 00:36:32.589156 /IEM/CPU0/cPotentialExits 271507 count 00:36:32.589163 /IEM/CPU0/cRetAspectNotImplemented 0 count 00:36:32.589169 /IEM/CPU0/cRetErrStatuses 0 count 00:36:32.589175 /IEM/CPU0/cRetInfStatuses 21 count 00:36:32.589182 /IEM/CPU0/cRetInstrNotImplemented 0 count 00:36:32.589188 /IEM/CPU0/cbWritten 278083 bytes 00:36:32.589196 /MM/HyperHeap/cbFree 850928 bytes 00:36:32.589203 /MM/HyperHeap/cbHeap 1048256 bytes 00:36:32.589211 /PDM/BlkCache/cbCached 0 bytes 00:36:32.589218 /PDM/BlkCache/cbCachedFru 0 bytes 00:36:32.589224 /PDM/BlkCache/cbCachedMruIn 0 bytes 00:36:32.589230 /PDM/BlkCache/cbCachedMruOut 0 bytes 00:36:32.589237 /PDM/BlkCache/cbMax 5242880 bytes 00:36:32.589244 /PDM/CritSects/8237A#0Auto/ContentionR3 0 times 00:36:32.589251 /PDM/CritSects/8237A#0Auto/ContentionRZLock 0 times 00:36:32.589257 /PDM/CritSects/8237A#0Auto/ContentionRZUnlock 0 times 00:36:32.589263 /PDM/CritSects/ATA#0-Ctl/ContentionR3 0 times 00:36:32.589270 /PDM/CritSects/ATA#0-Ctl/ContentionRZLock 0 times 00:36:32.589276 /PDM/CritSects/ATA#0-Ctl/ContentionRZUnlock 0 times 00:36:32.589282 /PDM/CritSects/ATA#0-Req/ContentionR3 0 times 00:36:32.589288 /PDM/CritSects/ATA#0-Req/ContentionRZLock 0 times 00:36:32.589294 /PDM/CritSects/ATA#0-Req/ContentionRZUnlock 0 times 00:36:32.589300 /PDM/CritSects/ATA#1-Ctl/ContentionR3 0 times 00:36:32.589306 /PDM/CritSects/ATA#1-Ctl/ContentionRZLock 0 times 00:36:32.589312 /PDM/CritSects/ATA#1-Ctl/ContentionRZUnlock 0 times 00:36:32.589319 /PDM/CritSects/ATA#1-Req/ContentionR3 0 times 00:36:32.589325 /PDM/CritSects/ATA#1-Req/ContentionRZLock 0 times 00:36:32.589331 /PDM/CritSects/ATA#1-Req/ContentionRZUnlock 0 times 00:36:32.589337 /PDM/CritSects/EHCI#0Irq/ContentionR3 0 times 00:36:32.589343 /PDM/CritSects/EHCI#0Irq/ContentionRZLock 0 times 00:36:32.589350 /PDM/CritSects/EHCI#0Irq/ContentionRZUnlock 0 times 00:36:32.589356 /PDM/CritSects/EM-REM/ContentionR3 0 times 00:36:32.589362 /PDM/CritSects/EM-REM/ContentionRZLock 0 times 00:36:32.589368 /PDM/CritSects/EM-REM/ContentionRZUnlock 0 times 00:36:32.589374 /PDM/CritSects/FTM/ContentionR3 0 times 00:36:32.589381 /PDM/CritSects/FTM/ContentionRZLock 0 times 00:36:32.589387 /PDM/CritSects/FTM/ContentionRZUnlock 0 times 00:36:32.589394 /PDM/CritSects/IntNetXmit_0/ContentionR3 0 times 00:36:32.589400 /PDM/CritSects/IntNetXmit_0/ContentionRZLock 0 times 00:36:32.589406 /PDM/CritSects/IntNetXmit_0/ContentionRZUnlock 0 times 00:36:32.589434 /PDM/CritSects/MM-HYPER/ContentionR3 0 times 00:36:32.589440 /PDM/CritSects/MM-HYPER/ContentionRZLock 0 times 00:36:32.589446 /PDM/CritSects/MM-HYPER/ContentionRZUnlock 0 times 00:36:32.589453 /PDM/CritSects/NOP/ContentionR3 0 times 00:36:32.589459 /PDM/CritSects/NOP/ContentionRZLock 0 times 00:36:32.589465 /PDM/CritSects/NOP/ContentionRZUnlock 0 times 00:36:32.589472 /PDM/CritSects/OHCI#0Irq/ContentionR3 0 times 00:36:32.589496 /PDM/CritSects/OHCI#0Irq/ContentionRZLock 0 times 00:36:32.589502 /PDM/CritSects/OHCI#0Irq/ContentionRZUnlock 0 times 00:36:32.589508 /PDM/CritSects/PCNet#0/ContentionR3 0 times 00:36:32.589515 /PDM/CritSects/PCNet#0/ContentionRZLock 0 times 00:36:32.589521 /PDM/CritSects/PCNet#0/ContentionRZUnlock 0 times 00:36:32.589533 /PDM/CritSects/PDM/ContentionR3 0 times 00:36:32.589540 /PDM/CritSects/PDM/ContentionRZLock 0 times 00:36:32.589546 /PDM/CritSects/PDM/ContentionRZUnlock 0 times 00:36:32.589552 /PDM/CritSects/PGM/ContentionR3 0 times 00:36:32.589559 /PDM/CritSects/PGM/ContentionRZLock 0 times 00:36:32.589565 /PDM/CritSects/PGM/ContentionRZUnlock 0 times 00:36:32.589571 /PDM/CritSects/REM-Register/ContentionR3 0 times 00:36:32.589577 /PDM/CritSects/REM-Register/ContentionRZLock 0 times 00:36:32.589583 /PDM/CritSects/REM-Register/ContentionRZUnlock 0 times 00:36:32.589590 /PDM/CritSects/TM Timer Lock/ContentionR3 0 times 00:36:32.589596 /PDM/CritSects/TM Timer Lock/ContentionRZLock 0 times 00:36:32.589602 /PDM/CritSects/TM Timer Lock/ContentionRZUnlock 0 times 00:36:32.589608 /PDM/CritSects/TM VirtualSync Lock/ContentionR3 0 times 00:36:32.589615 /PDM/CritSects/TM VirtualSync Lock/ContentionRZLock 0 times 00:36:32.589621 /PDM/CritSects/TM VirtualSync Lock/ContentionRZUnlock 0 times 00:36:32.589627 /PDM/CritSects/VGA#0/ContentionR3 0 times 00:36:32.589633 /PDM/CritSects/VGA#0/ContentionRZLock 0 times 00:36:32.589639 /PDM/CritSects/VGA#0/ContentionRZUnlock 0 times 00:36:32.589646 /PDM/CritSects/VGA#0_IRQ/ContentionR3 0 times 00:36:32.589652 /PDM/CritSects/VGA#0_IRQ/ContentionRZLock 0 times 00:36:32.589658 /PDM/CritSects/VGA#0_IRQ/ContentionRZUnlock 0 times 00:36:32.589664 /PDM/CritSects/VMMDev#0/ContentionR3 0 times 00:36:32.589671 /PDM/CritSects/VMMDev#0/ContentionRZLock 0 times 00:36:32.589677 /PDM/CritSects/VMMDev#0/ContentionRZUnlock 0 times 00:36:32.589683 /PDM/CritSects/acpi#0/ContentionR3 0 times 00:36:32.589689 /PDM/CritSects/acpi#0/ContentionRZLock 0 times 00:36:32.589695 /PDM/CritSects/acpi#0/ContentionRZUnlock 0 times 00:36:32.589702 /PDM/CritSects/ichac97#0Auto/ContentionR3 0 times 00:36:32.589708 /PDM/CritSects/ichac97#0Auto/ContentionRZLock 0 times 00:36:32.589714 /PDM/CritSects/ichac97#0Auto/ContentionRZUnlock 0 times 00:36:32.589720 /PDM/CritSects/mc146818#0Auto/ContentionR3 0 times 00:36:32.589727 /PDM/CritSects/mc146818#0Auto/ContentionRZLock 0 times 00:36:32.589733 /PDM/CritSects/mc146818#0Auto/ContentionRZUnlock 0 times 00:36:32.589741 /PDM/CritSects/pcarch#0Auto/ContentionR3 0 times 00:36:32.589747 /PDM/CritSects/pcarch#0Auto/ContentionRZLock 0 times 00:36:32.589753 /PDM/CritSects/pcarch#0Auto/ContentionRZUnlock 0 times 00:36:32.589760 /PDM/CritSects/pcbios#0Auto/ContentionR3 0 times 00:36:32.589766 /PDM/CritSects/pcbios#0Auto/ContentionRZLock 0 times 00:36:32.589772 /PDM/CritSects/pcbios#0Auto/ContentionRZUnlock 0 times 00:36:32.589779 /PDM/CritSects/pckbd#0Auto/ContentionR3 0 times 00:36:32.589785 /PDM/CritSects/pckbd#0Auto/ContentionRZLock 0 times 00:36:32.589791 /PDM/CritSects/pckbd#0Auto/ContentionRZUnlock 0 times 00:36:32.589797 /PDM/CritSects/pit#0/ContentionR3 0 times 00:36:32.589804 /PDM/CritSects/pit#0/ContentionRZLock 0 times 00:36:32.589810 /PDM/CritSects/pit#0/ContentionRZUnlock 0 times 00:36:32.589816 /PDM/CritSects/usb-ehci#0Auto/ContentionR3 0 times 00:36:32.589822 /PDM/CritSects/usb-ehci#0Auto/ContentionRZLock 0 times 00:36:32.589828 /PDM/CritSects/usb-ehci#0Auto/ContentionRZUnlock 0 times 00:36:32.589835 /PDM/CritSects/usb-ohci#0Auto/ContentionR3 0 times 00:36:32.589841 /PDM/CritSects/usb-ohci#0Auto/ContentionRZLock 0 times 00:36:32.589847 /PDM/CritSects/usb-ohci#0Auto/ContentionRZUnlock 0 times 00:36:32.589854 /PDM/CritSectsRw/IOM Lock/ContentionR3EnterExcl 0 times 00:36:32.589860 /PDM/CritSectsRw/IOM Lock/ContentionR3EnterShared 0 times 00:36:32.589866 /PDM/CritSectsRw/IOM Lock/ContentionRZEnterExcl 0 times 00:36:32.589873 /PDM/CritSectsRw/IOM Lock/ContentionRZEnterShared 0 times 00:36:32.589879 /PDM/CritSectsRw/IOM Lock/ContentionRZLeaveExcl 0 times 00:36:32.589891 /PDM/CritSectsRw/IOM Lock/ContentionRZLeaveShared 0 times 00:36:32.589897 /PDM/CritSectsRw/IOM Lock/R3EnterExcl 297 times 00:36:32.589904 /PDM/CritSectsRw/IOM Lock/R3EnterShared 263721 times 00:36:32.589910 /PDM/CritSectsRw/IOM Lock/RZEnterExcl 0 times 00:36:32.589916 /PDM/CritSectsRw/IOM Lock/RZEnterShared 4869750 times 00:36:32.589924 /PDM/Queue/DevHlp/AllocFailures 0 times 00:36:32.589930 /PDM/Queue/DevHlp/Flush 0 calls 00:36:32.589937 /PDM/Queue/DevHlp/FlushLeftovers 0 times 00:36:32.589943 /PDM/Queue/DevHlp/Insert 0 calls 00:36:32.589950 /PDM/Queue/DevHlp/cItems 8 count 00:36:32.589956 /PDM/Queue/DevHlp/cbItem 64 bytes 00:36:32.589964 /PDM/Queue/Keyboard/AllocFailures 0 times 00:36:32.589970 /PDM/Queue/Keyboard/Flush 0 calls 00:36:32.589977 /PDM/Queue/Keyboard/FlushLeftovers 0 times 00:36:32.589983 /PDM/Queue/Keyboard/Insert 392 calls 00:36:32.589990 /PDM/Queue/Keyboard/cItems 64 count 00:36:32.589997 /PDM/Queue/Keyboard/cbItem 32 bytes 00:36:32.590003 /PDM/Queue/Mouse/AllocFailures 0 times 00:36:32.590010 /PDM/Queue/Mouse/Flush 0 calls 00:36:32.590017 /PDM/Queue/Mouse/FlushLeftovers 0 times 00:36:32.590023 /PDM/Queue/Mouse/Insert 347 calls 00:36:32.590030 /PDM/Queue/Mouse/cItems 128 count 00:36:32.590037 /PDM/Queue/Mouse/cbItem 48 bytes 00:36:32.590044 /PDM/Queue/Mouse_1/AllocFailures 0 times 00:36:32.590050 /PDM/Queue/Mouse_1/Flush 0 calls 00:36:32.590057 /PDM/Queue/Mouse_1/FlushLeftovers 0 times 00:36:32.590063 /PDM/Queue/Mouse_1/Insert 0 calls 00:36:32.590069 /PDM/Queue/Mouse_1/cItems 128 count 00:36:32.590076 /PDM/Queue/Mouse_1/cbItem 48 bytes 00:36:32.590083 /PDM/Queue/PCNet-Rcv/AllocFailures 0 times 00:36:32.590089 /PDM/Queue/PCNet-Rcv/Flush 0 calls 00:36:32.590096 /PDM/Queue/PCNet-Rcv/FlushLeftovers 0 times 00:36:32.590102 /PDM/Queue/PCNet-Rcv/Insert 0 calls 00:36:32.590109 /PDM/Queue/PCNet-Rcv/cItems 1 count 00:36:32.590115 /PDM/Queue/PCNet-Rcv/cbItem 24 bytes 00:36:32.590122 /PDM/Queue/PCNet-Xmit/AllocFailures 0 times 00:36:32.590128 /PDM/Queue/PCNet-Xmit/Flush 0 calls 00:36:32.590135 /PDM/Queue/PCNet-Xmit/FlushLeftovers 0 times 00:36:32.590141 /PDM/Queue/PCNet-Xmit/Insert 0 calls 00:36:32.590148 /PDM/Queue/PCNet-Xmit/cItems 1 count 00:36:32.590154 /PDM/Queue/PCNet-Xmit/cbItem 24 bytes 00:36:32.590161 /PGM/CPU0/cA20Changes 2 times 00:36:32.590168 /PGM/CPU0/cGuestModeChanges 1987 times 00:36:32.590175 /PGM/ChunkR3Map/Mapped 257 count 00:36:32.590182 /PGM/ChunkR3Map/Unmapped 0 count 00:36:32.590188 /PGM/ChunkR3Map/c 257 count 00:36:32.590196 /PGM/ChunkR3Map/cMax 4294967295 count 00:36:32.590204 /PGM/LargePage/Recheck 0 times 00:36:32.590211 /PGM/LargePage/Refused 0 times 00:36:32.590217 /PGM/LargePage/Reused 0 times 00:36:32.590226 /PGM/Page/cAllPages 140326 count 00:36:32.590234 /PGM/Page/cBalloonedPages 0 count 00:36:32.590240 /PGM/Page/cHandyPages 120 count 00:36:32.590247 /PGM/Page/cLargePages 0 count 00:36:32.590253 /PGM/Page/cLargePagesDisabled 0 count 00:36:32.590260 /PGM/Page/cMonitoredPages 0 count 00:36:32.590266 /PGM/Page/cPrivatePages 140288 count 00:36:32.590273 /PGM/Page/cPureMmioPages 4 count 00:36:32.590280 /PGM/Page/cReadLockedPages 0 count 00:36:32.590286 /PGM/Page/cReusedSharedPages 0 count 00:36:32.590293 /PGM/Page/cSharedPages 0 count 00:36:32.590299 /PGM/Page/cWriteLockedPages 0 count 00:36:32.590306 /PGM/Page/cWrittenToPages 0 count 00:36:32.590315 /PGM/Page/cZeroPages 34 count 00:36:32.590322 /PGM/ShMod/Check 0 ticks/call ( 0 ticks, 0 times, max 0, min -1) 00:36:32.590331 /PGM/cRelocations 0 times 00:36:32.590338 /PROF/CPU0/EM/Capped 0 ticks/call ( 0 ticks, 0 times, max 0, min -1) 00:36:32.590346 /PROF/CPU0/EM/ForcedActions 265976 times 00:36:32.590353 /PROF/CPU0/EM/Halted 248771 times 00:36:32.590361 /PROF/CPU0/EM/RAWTotal 0 times 00:36:32.590367 /PROF/CPU0/EM/REMTotal 0 times 00:36:32.590374 /PROF/CPU0/EM/Total 5945237753839 ticks/call (5945237753839 ticks, 1 times, max 5945237753839, min 5945237753839) 00:36:32.590387 /PROF/CPU0/VM/Halt/Block 2189575 ns/call (2037619040746 ticks, 930600 times, max 12907876, min 1) 00:36:32.590399 /PROF/CPU0/VM/Halt/BlockInsomnia 0 ns/call ( 0 ticks, 0 times, max 0, min -1) 00:36:32.590407 /PROF/CPU0/VM/Halt/BlockOnTime 0 ns/call ( 0 ticks, 0 times, max 0, min -1) 00:36:32.590415 /PROF/CPU0/VM/Halt/BlockOverslept 0 ns/call ( 0 ticks, 0 times, max 0, min -1) 00:36:32.590422 /PROF/CPU0/VM/Halt/Timers 9488 ns/call ( 11195455076 ticks, 1179925 times, max 4053170, min 2) 00:36:32.590433 /PROF/CPU0/VM/Halt/Yield 2976 ns/call ( 386987 ticks, 130 times, max 6817, min 729) 00:36:32.590443 /Public/Net/PCNet0/BytesReceived 237661123 bytes 00:36:32.590450 /Public/Net/PCNet0/BytesTransmitted 2411724 bytes 00:36:32.590458 /REM/TbFlushCount 0 times 00:36:32.590466 /REM/TbPhysInvldCount 0 times 00:36:32.590473 /REM/TlbFlushCount 1 times 00:36:32.590480 /SELM/LoadHidSel/GstReadErrors 0 times 00:36:32.590486 /SELM/LoadHidSel/NoGoodGuest 0 times 00:36:32.590493 /TM/CPU/00/cNsExecuting 114423171997 ns 00:36:32.590502 /TM/CPU/00/cNsHalted 2050180002592 ns 00:36:32.590510 /TM/CPU/00/cNsOther 27592640767 ns 00:36:32.590518 /TM/CPU/00/cNsTotal 2192195815356 ns 00:36:32.590526 /TM/CPU/00/cPeriodsExecuting 5162457 count 00:36:32.590533 /TM/CPU/00/cPeriodsHalted 247202 count 00:36:32.590540 /TM/CPU/00/pctExecuting 4 % 00:36:32.590547 /TM/CPU/00/pctHalted 93 % 00:36:32.590554 /TM/CPU/00/pctOther 1 % 00:36:32.590561 /TM/CPU/pctExecuting 4 % 00:36:32.590568 /TM/CPU/pctHalted 93 % 00:36:32.590575 /TM/CPU/pctOther 1 % 00:36:32.590582 /TM/MaxHzHint 0 Hz 00:36:32.590589 /TM/R0/1nsSteps 23335 times 00:36:32.590597 /TM/R3/1nsSteps 63328 times 00:36:32.590604 /TM/TSC/offCPU0 0 ticks 00:36:32.590612 /TM/VirtualSync/CurrentOffset 227297 ns 00:36:32.590619 /VUSB/0/cUrbsInPool 0 count 00:36:32.590626 /VUSB/1/cUrbsInPool 0 count 00:36:32.590635 ********************* End of statistics ********************** 00:36:32.590843 VUSB: Detached 'HidMouse' from port 1 00:36:32.595484 Changing the VM state from 'DESTROYING' to 'TERMINATED' 00:36:32.597345 Console: Machine state changed to 'PoweredOff' 00:36:32.597453 GUI: Request to close Runtime UI because VM is powered off already. 00:36:32.597460 GUI: Passing request to close Runtime UI from machine-logic to UI session.