Paraphrasing (10th paragraph)
Text
Although the Americans do not easily admit it, when they arrived in Europe they presumed to be able to easily capitalize on the expertise they had accumulated over the years at home and to import the US, not to say Silicon Valley, model of investing. At that time some industry experts compared the arrival in Europe of US venture capital and private equity firms to "the decimation of UK banks in the l990s, when international investment banks were at first dismissed by their competitors" But the reality of putting US venture investing into practice has proved to be rather different. The strong stock market of the late 1990s and the subsequent fall made assessing potential investments rather complicated, while cultural, political and institutional differences made market penetration more difficult than originally expected.
The main idea of the paragraph
It is not easy to adopt the Silicon Valley model of investing in Europe because of cultural, political and institutional differences, and the big fluctuations in the stock market。
因为文化、政治和制度上的差异以及股市的大幅波动，要把美国硅谷投资的模式移植到欧洲并不是件易事。
句子分析
Although the Americans do not easily admit it, when they arrived in Europe they presumed to be able to easily capitalize on the expertise they had accumulated over the years at home and to import the US, not to say Silicon Valley, model of investing.
在此句中
1）they presumed to be able to easily capitalize on the expertise and to import the US, not to say Silicon Valley, model of investing是主句，其中有个限制性定语从句“they had accumulated over the years at home”修饰名词“expertise”；
2）让步状语从句“Although the Americans do not easily admit it”和时间状语从句“when they arrived in Europe”分别修饰主句中的谓语动词“presumed”。
词语解释
1、capitalize on
to use a situation or something good that you have, in order to get an advantage for yourself 利用，e.g.
1）We should capitalize on every chance we get to improve spoken English.我们应该利用一切机会来提高英语口语。
2）Ecuador has capitalized on its natural beauty to attract tourism.厄瓜多尔利用它的自然美景来吸引游客。
2、not to say
especially British English used to introduce a stronger alternative or addition to something already said 简直可以说，e.g.
It would be foolish, not to say mad, to sell your car.你要卖车真蠢，简直是疯了。
