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The challenge is to blend Silicon Valley style investing into the local culture, … local culture指欧洲的文化
With their home market already mature and well exploited they looked to expand to new pastures. pasture原意是"牧场,草原",此处比喻风险投资本意欲投资的新地域.
Given that Europe is an area with substantial political, institutional and regional differences, and different degrees of economic development, investors should not only focus on sectors, but also consider regional opportunities. 欧洲是一个在政治上、体制上、区域间以及经济发展水平方面存在巨大差异的地区.在这种条件下，投资者不应该只专注于投资的部门上，而应该考虑地区机遇.
Setting up offices locally is paramount, especially for early stage investments, in order to help entrepreneurs build their businesses, stay in touch with local markets and develop a feeling for the local culture. 为了帮助企业家创办企业，与点谷底市场保持接触以及感知当地文化，在当地设立办事处最重要的，尤其对初期投资而言.
Markets now penalize companies without cash flow to break even, … break even 意为"某项投资的收入和支出相等"，即盈亏相抵,不亏不盈；
cash flow意为"现金流动"，指某个企业在一定时期内现金净流入与现金流出的差,它在一定程度上反映了企业一定时期内的现金充盈度.
“The only way to work successfully in Europe,” says Boonstoppel, “is to acknowledge that each country in which we invest has a different culture and therefore we cannot push the US style in the European markets regardless of local practices and habits.” 1）says Boonstoppel 是主句；
2）其余部分是“says”的宾语，由两个并列句“The only way … a different culture” 和 “therefore we cannot push … and habits”构成：在第一个并列句中，“The only way to work successfully in Europe”是主语，“is to acknowledge …a different culture”是个以动词不定式作表语的系表结构，其中that each country … culture 是宾语从句，作“ to acknowledge” 的宾语，在宾语从句中还有个由“which”引导的限制性定语从句“in which we invest”，修饰名词“country”。
A different and more unusual operational model is provided by Crescendo Ventures, a global venture capital firm founded in 1993, which opened in London in 1999 without a dedicated European fund. 1）A different… by Crescendo Ventures 是主句，它采用被动句的形式，因为如采用主动句的形式，主语会太长；
2）a global venture capital firm founded in 1993 作同位语，说明“Crescendo Ventures”是什么样的公司；
3）which opened in London in 1999 without a dedicated European fund 是个非限制性定语从句，作定语，修饰“Crescendo Ventures”。
Crescendo’s philosophy is to have a global fund with the aim of funding the best opportunities rather than meeting regional allocation requirements, ensuring that all portfolio companies receive equal attention from the firm. 1）Crescendo’s philosophy is to have a global fund 是主要部分；
2）with the aim of funding … allocation requirements 是介词短语，作定语，修饰名词“fund”；
3）ensuring that all portfolio companies receive equal attention from the firm是现在分词短语，作伴随状语，表示一个同步发生但居于次要地位的动作。
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. 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”。
Coming to the party late can have its advantages, as new entrants to the market who have only new investments to consider and no legacy issues chewing up their time are quick to point out. 1）Coming to the party late can have its advantages 是主句；
2）as new entrants to the … point out是原因状语从句，其中的“who have only new investments to consider and no legacy issues chewing up their time”是限制性定语从句，修饰名词“entrants”。