新TOEIC厳選700問

Level1

pay - to 人　人に〜を支払う（×pay for 人)　
Pay for 〜 〜の代金を支払う


pass by 通り過ぎる
discuss は他動詞です（×discuss about)
angry with に怒る

otherはanyoneやsomeoneなどの代名詞を修飾することは出来ない

ある時点から何日後とする場合は、inを使う

proof of purchase 購入証明書
acuse 人 of -ing/名詞 人を-のことで責める、訴える、非難する

remedy, cure は何々を治療する
heal　治る

to my surprise　驚いたことに
to my regret 残念ながら
to my joy　嬉しいことに

enterも他動詞です

take a stroll　散歩をする（=take a walk)
cost of living 生活費
on the phone　電話中で、電話で

kety to　〜の鍵（×key of)
key to a car (×key of a car)

long for 切望する
inform A of B　AにBを知らせる

successor　後継者
15％の落ち込みのように差を表すときにはbyを用いる
gone down by 15 percent

fill out〜　フォーム全体など記入範囲が広い場合
fill in〜　その範囲がもっと狭い場合
fill out - with ... -に...を記入する

for the time being　さしあたり

make one's appearance　出演する、すがたを現す
have every reason to Verb 〜するに十分な理由がある

misplace　置き間違える、置き忘れる

TBC/TBD

TBC:To be confirmed:確認中

TBD:To be determined:未定

英略語＞OOO

OOO = out of office

メールタイトルなど：
OOO 12/10-12/12

自動詞と間違えやすい他動詞その２

-influence
No one knows haw this decision will influence the outcome of the election
※名詞的に使われれば前置詞が連続する
Her ideas have gradually gained influence in the company
His health problems may have had some influence on his decision

-interview
She interviewed a famous person
※名詞以下同文（しかしこっちのほうが一般的では？）
A journalist conducting interviews with political leaders

-provide
The Web site provides information about local activities
The school provided new uniforms for the band

-check
She checked her makeup in the mirror

-regret
I deeply regret what I said
※名詞名詞
Sha was no regrets about leaving him

-alert
The teacher alerted the students that tests would be given the next day
The governor alerted island residents that a hurricane was coming
※名詞
Medical officials have put out an alert to hospitals to look out for the virus

-access
The file loads every time you access the Web site
※名詞
We have Internet access at the library

-approach
The cat approached the baby cautiously
We are approaching the end of the fiscal year
The success rates approach 90 percent
※名詞
The quiet afternoon was interrupted by the approach of a motorboat

-question
The lawyer questioned the truth of the witness's statement
The reporter questioned her at length on her life as the First Lady
※名詞
There are 10 multiple-choice questions on the exam

-contact
For more information, contact the city's tourism office
She contacted everyone on the list
※名詞
Contacts between the two leaders have been frequent in recent weeks

自動詞と間違えやすい他動詞その１

-disclose
demands that politicians disclose the sources of their income
to disclose a secret

-discuss
She discussed the plan with several colleagues
discussed plans for the party

-exceed
The cost exceeded our estimate

-join
He insisted that I join them for lunch
Everyone here joins me in congratulating you on a job well done
※ただし、運動等に参加する join in はある
The singer started alone but soon the whole audience joined in

-reach
She couldn't reach the apple, even with a stick
※通常reachは前置詞を伴わない他動詞とされるが、toがつくこともあるように見える。
ただ英語圏の説明を見てると、文法的に間違いだが使われているもののような気がしてきた
（つまり英語圏でもよく間違われるが、厳密には正しくない的な）

-approve
The state has approved the building plans
Your supervisor must approve the report before it can be sent

-arrange
She arranged her pictures on her desk
She arranged her hair on top of her head
Please arrange a meeting with your partners

-answer
She answered all my questions
※名詞的用法
Do you know the answer to this question?

-damage
Smoking can seriously damage your lungs
The scandal significantly damaged her career

-visit
She is visiting her aunt in New York
I would like to visit Rome someday

-resemble
He strongly resembles his father in appearance and in temperament

TOEIC TESTクイックチェックPART5・6

Regardless of - にかかわらず
consider -ing （動名詞）することをよく考える
remotely ほんのわずかも
where to どこで〜すべきか

the way to する方法
incorporate　組み込む

byとuntilの違い

I need your report by next Tuesday.　 火曜日までにレポートの提出が必要
I need your report until next Tuesday.　 火曜日までレポートを使う必要があって、火曜日に返す予定

Can I stay here until tomorrow?　○
Can I stay here by tomorrow?　×


byは何かをやり終える必要があるものの終わりの瞬間にフォーカスしており、
untilは何かを完遂するときのその終了までの全体の時間量を意味している
http://www.differencebetween.net/language/difference-between-by-and-until/

TOEIC用

by far　はるかに（最上級の強調
on duty 勤務時間中に
meet the deadline

land in 国や空港などに上陸する場合
land on 地球や月、大陸などに上陸する場合

stay up 夜遅くまで起きている
handle - with care　注意して-を取り扱う
under the name of　〜の名前で

earnest　熱心な
fortunate adj.

be covered with -
be filled with -


intend to
fail to

TOEIC用

drought　干ばつ
in order that 〜するために
reassess　〜を再評価する
codes of practice　倫理規定
as of 〜以降は
take up　〜（時間、場所）をとる

sinceは現在完了か、過去完了で使われる


as, because, since のニュアンス
sinceは結果にフォーカスをあてたいとき、becauseは理由にフォーカスをあてたい時、の感じ。

http://friends-esl.com/english_nuance/english_nuance22.php

TOEIC文法対策5日目

favorable adj.
favorably adv.

tenancy agreement 賃貸同意書

contract　病気にかかる
"There is probably more of a risk of being struck by a car in front of your home, than of contracting some unknown illness in a foreign country"

TOEIC文法対策4日目

ask - to do
go on sale 発売される
buy - at sale
buy - in a sale

Dou to 名詞 が原因で
in order to 動詞 するために

thus far　これまでは

TOEIC文法対策3日目

apologize for
refuse to do
forget to　することを忘れる
forget ing　したことを忘れる
mailは不可算

be fond of -ing/名刺 が好きだ、することを好む
enjoy -ing
depart for/depart from　

recommend -ing

listen自動詞、hear自・他動詞

stop -ing　することをやめる
stop to　するために止まる

had better + v　した方がよい

tell 人+ もの/ tell もの to 人

it is about time S+V 　動詞は仮定法過去になる

have been to

TOEIC文法対策2日目

howeverは直後に形容詞や副詞を伴い、譲歩「どれほど〜であろうとも」の意味を表す

oversee　監督、監視する

whomは目的格です！

TOEIC文法対策

priceの前につく前置詞はat
at 〜 price　〜な値段で
succeed　後を継ぐ
name A to…　Aを…するように指名する

・条件を表す副詞節の中では未来のことも現在形で表す

in exchange for〜 　〜と引き替えに

ロミ韓国語

쑥쓰하다　恥ずかしい
웃기다 笑える

韓国スラング

飲み屋で教えてもらった、あまりよくなさそうな言葉
귀때기 빨아 주세요. 　（耳をなめて下さい？
나랑 하릇밤 같이 있을래요.　（私と一晩一緒にいよう？
빠구리 존나게 하고싶다.　（めっちゃセックスしたい？
내가 흥분 시켜 줄케.　（私が興奮させてあげるから？


・参考
http://cafe384.daum.net/_c21_/bbs_search_read?grpid=dzIz&fldid=7pA&contentval=00031zzzzzzzzzzzzzzzzzzzzzzzzz&nenc=&fenc=&q=%BF%C0%C5%E4%B1%E2&nil_profile=cafetop&nil_menu=sch_updw

초딩 小学生並みの奴、厨房
중삐리　ﾄﾞｷｭｿ厨房
고삐리　ﾄﾞｷｭｿ工房
만득 새끼　「とっつぁん坊や」と言う意味だが、ﾁｮﾝには凄い罵倒らしい。 ←※10年程前の悪口で、的外れな効果か？検証願う。07/01/25
개새끼　ドキュソ(犬)野郎
개세끼들　犬野郎ども
니들　お前たち。てめーら
놈들　やつら。
지랄　デムパな香具師
병신같은놈　　きちがい野郎
왕자병　勘違い野郎
멍청이　馬鹿。間抜け
너 왜 푼수냐　空気が読めない香具師だな
거머리　粘着、張り付き
겁쟁이　ヘタレ
씨다바리　パシリ
패자　負け犬
백수　プー太郎
미친다　気が狂う
화병　火病
후끈　（怒りや恥などで）かっとなる様子。熱気を感じてほてる様子。
된장녀（テンジャン女）　イケイケ女
고추장남（コチュジャンナ男）　ダサ男
전차남　電車男
씨방새　糞野郎
오줌싸는　小便を漏らしている
좆삐리 チンポ野郎
좆밥 チンカス
시발놈　fuck野郎
양아치　クズ野郎
핵폭탄 超ブサイク
속시끄럽다　デムパ発信中 (ゴチャゴチャと独り言ウザイ）
만만해 보이다　頭ワルー
뿅가다　逝っちゃってる
주체하지 못하다　暴走中
짜르다　逝ってよし(首だ)
왕따　放置、シカト
즐　1人で勝手にやってろ
빠빠이　バイバイ
킥킥 くすくす
ㅋㅋㅋ　嘲笑　
아햏햏　アヒャヒャ
깔깔거리다　ゲラゲラ
싫증을 내다　ﾔﾚﾔﾚ　
얼렐리 걸렐리　ヤーイ　ヤーイ
메렁　あかんべー
고소하다　ザマミロ
압박 ｳﾞｫｹ!!
귓말　ﾋｿﾋｿ
사이비　インチキ、ネタ
엉터리　デタラメ、ネタ
구라 때리지마! ネタ(大嘘)振るなよ！
소같이～　釣られたな～ (騙されたな～)
자폭스레　自爆スレ
넹무　内容が無いこと、意味ねぇー
쪽팔리다　みっともねぇー
저지르다 やっちまったな･･･
김새다　つまんねえよ
뭐 어때!　それがどうしたぁ？
썰렁!　さむーっ
쀍　ダサー
추리하다　ｶｺﾜﾙｲｰ
가위를 눌리다　固まる(金縛り)
살려주세요　ﾀｽｹﾃｰ
원츄-_-)b　ゲッツorグッジョブ
좆나 スッゲェー
정신차리다　しっかりしろ！　
맛없다　ムカツク
칙칙하다　ムサー
다구리 치다　袋叩き
당군이지 当たりめえだろ
시양하겠다　遠慮しとくわ
방법　荒らす
잠꼬대　寝言
시비를 걸다　ガンを飛ばす、やるか？
불알이　キンタマ　
빌어 먹어라　FUCK
포크유　fuck you
엿드셈　fuck you。
가까이 오지 마　近づくな／近寄るな
무슨 생각을 하는게냐!　何考えてんの！
뭐 하는 짓이야!　何やってんの！（失敗したときに言われる）
이 자식!　この野郎！
적당히 해라!　いい加減にしろ！
시끄러(워) うるさい！
펌　コピペ
이빠이　ｲｯﾊﾟｰｲ
한가로이 またーり
냄비근성　朝鮮人の気質を表す言葉。「すぐに盛り上がり、すぐまた冷めてしまう気質。物事に持続性が無い性質
한국남　韓国男。
한국녀　韓国女。
혐한　嫌韓
혐한류　嫌韓流
일빠　日派（親日派）イルパ
맛이 가다　１．　味が落ちる　　　２．　イカれる
갑　タメ（同い年）　　동갑 の俗語　　　例）우리 갑이네.
강추　イチオシ。강력추천の略。
오 엑스문제　○×問題
별 표　「＊」印　　直訳は「星印」　　（参考）　＃＝우물정자 [-짜]
우물정자　「＃」印　　直訳は「井戸の『井』の字」　　（参考）　＊＝별표
가위표 / 엑스표　「×」印
당구장 표시　「※」印　　ビリヤード場のマークに似ていることから
원싸이드　片思い　　one side （＝짝사랑）
고래 잡다　包茎手術をする　　捕鯨＝포경＝包茎　であることから　韓国では、真性包茎の者は軍隊に行く前に必ず手術を受ける
알레리 걸레리~　「やーいやーい」　　（＝소같이~）　日本の「ゆ～てやろ　ゆ～てやろ」のように、알레리걸레리~にもメロディー（？）がある　
고딩　高校生　　"고등"학생 が縮まって変化したもの　　おもにネット用語
중딩　中学生　　 おもにネット用語　"중등"학생ではないのになぜか중딩
대딩　大学生　　おもにネット用語
직딩　社会人（직장인から）　　おもにネット用語　
재수없다　サイテー。　　運が悪い　　（＝싸가지없다）　너 정말 재수없다~.... （おまえってサイテーだな / あんたってサイテーね）　아휴, 재수없어... （くっそー、ツイてねーや。。）
칙칙하다　男ばっかりでむさくるしい
비번　暗証番号　　비밀번호の略
빠구리　ハメること。セックス　例） 백지영의 빠구리 야동이 유출됐대매?? （ペクチヨンのハメ動画が流出したんだって？？）
빨다　１．洗濯する　　２．　口でこく、 しゃぶる、 フェラチオする　例） 야, 내 --자지 좀 빨아줄래? （なあ、おれのチンポしゃぶってくれよ）
뽀뽀　キス。　チュー。　　　参考）　キス＝키스 口付け＝입맞춤　子どもから大人までよく使われる言葉
몰카　隠しカメラ　　　몰레카메라 の略
셀카　素人が自分でとったＨなカメラ　　셀프카메라の略
야동　Ｈな動画　　　야한 동영상 の略
꼬시다　ナンパする　　誘う　例）　너 날 꼬시는 거야?　（あんた、私をナンパしようっての？）
삐지다　すねる　　　비지다の口語体　例）　너 또 삐졌냐?　（おまえまたすねてんのかよ）
쭉쭉빵빵　むっちりボディー　　　腰はキュッと締まっていて胸はボヨヨンと出ている体型のこと
오봉　다방の配達　　　日本語の「お盆」から
대라리박다　頭とつま先を地面につけ、手を背中で組み、頭と足だけでブリッジ（の逆）のように体重をささえること軍隊などでよく行われている
아이스께끼!　スカートめくりをするときにからかう声　　なぜアイスケーキなのかは不明
이따마에　デカいこと。また、やけに大げさな人。
삐까삐까하다　似たり寄ったり　例）　누가 제일 이뻐? / 삐까삐까해. （誰が一番かわいい？ / まあどれも似たり寄ったりだな）
삐까뻔쩍하다　ぴかぴかして輝いている　例）　삐까뻔쩍한 차
빵꾸　１．穴があくこと。パンク　　２．処女が貞操を破ること　例）　양말이 빵꾸났어. （靴下に穴開いちゃったよ）
삐끼　客引き。日本語のポン引きが語源だが、一般の店の客引きのことも삐끼という
땡땡이 치다/까다　サボる
또라이　変な奴。おかしな奴。
젖꼭지　乳首
건포도　１．干しブドウ　　２．乳首
고추　１．唐辛子　　２．ちんちん（主に子どものものを指す） 작은 고추가 맵다
절벽　１．絶壁　　２．洗濯板のような胸　日本語のように「後頭部が真っ平ら」という意味はないらしい
사오정　沙悟浄。（西遊記に出てくる河童型の妖怪。耳が遠い）　転じて、人の言ったことに対してとんちんかんな答えをする人。９８年ごろ、사오정 시리즈というギャグが流行った
뻥(을) 치다　ウソをつく　　例） 뻥 치지마~ （ウソつけ～）
양다리 걸치다　二股をかける
빡빡 밀다　くりくり頭にする
후딱 / 후다닥　早く
뜩　（慶尚道方言）早く　　例）　퍼뜩 오이소. （＝빨리 오세요）
싸게　（全羅道方言）早く　　例）　싸게싸게 와버리랑께잉～　（＝얼른 와라）
잉　（全羅道方言）　接尾詞。とにかくどんな文にもこの잉がつく。特に意味はない
응가　うんちをするときの掛け声。また、うんち　例） 아~, 응가 마려... （あ、うんこしてぇ・・）
쉬～　おしっこをするときの掛け声。シー。　また、おしっこ　例）　야, 거기서 쉬～하면 안돼 （ちょっと、そこでおしっこしちゃだめよ）
대매　＝~다 면서 例） 오늘은 일찍 숙제한대매 （今日は早く宿題するんだって？（言いながら何してるの））
억수로, 억쑤로　（慶尚道方言）とても、めちゃめちゃ　例）　오널은 억쑤로 덥지예? 　（오늘은 굉장히 덥죠?)
왕따　イジメ、　シカト　　　'왕 따돌림' の略　例） 오늘 왕따 당했어. （今日シカトされちまったよ）
맥주병 [-뼝]　カナヅチ。泳げない人。　もっとカナヅチな人は 박카스병 [-뼝] （リポＤの瓶）　ビール瓶は少し水を入れて口を上にすれば辛うじて浮かぶが、バッカス（韓国のリポＤ）は何をどうやっても沈んでしまうので…
싸가지없다　　（＝재수없다）
똥　うんこ、うんち、糞　　똥をつかった言葉は非常に多い　例）　똥(을) 싸다 （糞をたれる）
자지　チンポ、 ちんこ、 男性器、 男根　かなり直接的な表現なので要注意
보지　マンコ、 おまんこ、 女性器　かなり直接的な表現なので要注意
좆　チンポ　　　　これは罵倒語によく使われる
기스　 キズ　　　　例）　어? 내 차에 기스났네 （あ、俺の車にキズがついてる）
시다바리　 パシリ、 使いっ走り　　例） 내가 니 시다바리가? （俺はお前のパシリか？）
나가리　（ポーカーなどの勝負で）流れる　例） 이판도 또 나가리야 （この回もまた流れた）
고무다라　 ゴムたらい　　　正式には 고무대야
뒤져　 死ね、　地獄へ落ちろ　　（正式には "뒈져"）
바가야로　 馬鹿野郎　
쪽팔리다　 みっともない、 はずかしい、 ダサい
남대문　 １．南大門　　　２．男大門、 ズボンのチャック　 例） 너 남대문 열렸-어. （社会の窓が開いてるぞ）
내숭 떨다　/　튕기다　 猫をかぶる、 ブリっ子ぶる　
내숭쟁이　 ブリっ子
깜씨　 肌の色が浅黒い人を若干さげすんで言う語。 くろんぼ
갈구다　 いじめる、 苦しめる、 つらくあたる　（＝괴롭히다）　 例） 왜 피해자 가족들을 갈구는 거야? （なんで被害者家族を苦しめるんだ）
구라　 うそ、 ほら　　例） 구라 치지마～ （大嘘こくな）　　（＝뻥）
굼벵이　 １．セミの幼虫　　　２．動作が鈍い人、 のろま
뽀롱 / 뽀롯 / 뽀록 나다　 秘密にしておいたことがバレる
동네북　 みんなによってたかって悪口を言われる人 　 参考） 村の太鼓は誰にでもたたかれることから
마짱뜨다　タイマンをはる、 １：１でケンカする、 サシで勝負する
깡패　 ヤクザ　　映画の中のヤクザはたいてい全羅道方言
양아치　 チンピラ
미치다　狂う　　主に、"미친 놈", "미친 새끼" などの形で使われる
다가리 치다　 リンチする、 よってたかって殴る　 「リンチされる」は "다가리 당하다"
꺼져(라)　 失せろ、 消えろ、 出て行け　例） 내 눈앞에서 꺼져라
허벌나게 / 허벌라게　 めちゃめちゃ、 チョー、 とても　　　もと全羅道方言
꼬봉　 子分。　　親分はそのまま "오야붕"
이씨 / 아이씨 / 에이씨　 （感嘆詞） くっそー、 あーちくちょー、　 独り言などでよく使われるものの一つ。人に対しては言わないほうが無難。例）　에이씨,,, 또 비가 오네 （くっそー、また雨が降ってきやがる）
쪽발이 / 쪽빨이 / 쪽빠리　 日本人の蔑称。 「獣の足野郎」の意。 日本人は下駄や-足袋など、足の指が２つに分かれているものを履くことから。
왜놈　 日本人の蔑称。　「倭の野郎」　 倭は昔の日本の呼称（海賊の倭寇などが有名）で、「背の低い」という意味もある
때놈 / 뙤놈　 中国人の蔑称。　「垢野郎」　 また、대국놈（大国野郎）が変化したものという説もある。
코쟁이　 アメリカ人の蔑称。　「鼻野郎」
애비　 親父
날라리　 遊び人。 特に十代後半から二十前後の、タバコやクスリなどがかっこいいと思っている奴らのことを指す
패다 　殴る　（＝때리다）
백수 / 백조　プー太郎。 無職。　男性は백수というが、女性の場合はかわいく백조（白鳥^^）という場合が多い
임마　 こいつ、 この野郎、 お前　　「이 놈아」が転じたもの。 ガラの悪い言葉ではあるが、男同士で親しみをこめて使うときもある例） 야, 거기서 뭐하는데 임마? （おい、そんなとこで何やってんだ お前？）
시비(를) 걸다　 イチャモンを付ける、 けんかを売る　 例） 너 나보고 시비거는 거야? 이 씨발놈아! （てめぇ俺にケンカ売ってんのか？このくそったれ野郎が！）
뽕　 １．ヘロイン　　２．パッド　　例）뽕브라　 １．の語源は「ヒロポン」から
쪼다　 間抜け、 うすらバカ
조폭　暴力団　　조직폭력단の略　（＝깡패）
자해공갈단　 当たり屋（わざと車をぶつけて保険金を巻き上げる連中）　自害恐喝団。　※発音 [-딴]
짭새　 ポリ公、 おまわり　　警察官の柄悪い呼び方
콩밥 먹다　 臭い飯を食う、 ムショ暮らしをする

ヒラリー・クリントン演説

http://www.youtube.com/watch?feature=player_embedded&v=MeFMZ7fpGHY#!

be in it 参加、関係している
no way / nohow　決してない
still around　まだ存在している
keep going
get going
have got to しなければならない
before we can keep going, we've got to get going by electing Barack Obama.

thai ife insurance

http://www.huffingtonpost.com/2011/07/28/thai-life-insurance-silence-of-love-commercial-_n_912090.html

depict
turbulent
hold back
try to hold back the tears

Vocabulary pack 8

delusional
surpass = go over = over
affinity =
I have an affinity for this = I like this.
fetish, obsession

market affinity


Trust this is all in good order.

Feng-shui(Feng shway)

confucious

valley girls

from time to time　時々 = situation
on and off = off and on　断続的に、時折 usually relationship = happening and unhappening

as promised here is ~ 約束したとおり

Vocabulary pack 7

irrational
Some irrational tourist blocking the coach and got stuck!




I got there at 12:30
I felt like going home.
After work I went drinking and then I went there ( to the concert ).

Plural always:
lyrics
Head Queaters

more enjoyable
enjoy more things in and out of school

lecturing


you can enjoy in time.
in time, things would be better.


cultural decay

vocabulary pack 6

compulsory = must do it
pass on

Please pass on the wine = give to the next person
I'll pass(pause) on the wine tonight = no thanks
I'll pass on the wine = give to the next person
I'll pass the wine on = give to the next person
I'll pass = no thanks
Please pass me the wine = give me the wine



we passed on those titles.



lead
take into account
free up

inception = establish
commencement = starting date

consequtive = back to back


desire for eating
desire for sex
desire for sleeping

prep school

韓国語

읽고 쓸수 있습니다

올해

시작할거야

매일 바쁘다구?

언제 한번 들려주세요

일찍 일어나서　早起きして

Vocabulary Pack 5

avid for getting girl friend
avidly searching
avid interest

nail down
sound out
contagious
concede

was violent toward her

tell >一方校
talk >双方向

did away with TV
did away with = eliminate


she came across as friendly
印象

dialect
TOdays meeting was held entierly in English

free up 解放する
limited space >

英雄 秦王の悟り

《秦王》
寡人悟到了！
(余は悟ったぞ！)

残劍的這幅字
(この残剣の字には)
根本就不含劍法招式
(始めから剣法の技など含まれてはいなぃのだ)
写的是劍法的最高境界
(書かれているのは剣法の最高境地だ)

劍法 其第一層境界
(剣法、その最初の境地は)
講求人劍合一
(剣と人とが一つになることだ)
劍就是人 人就是劍
(剣は人であり、人は剣である)
手中寸草 也是利器
(手の中のわずかな草も武器となるのだ)

其第二層境界
(その第二の境地は)
講求手中无劍
(手に剣を持たないことだ)
劍在心中
(剣は心の中にある)
雖赤手空拳 卻能以劍气
(武器を持たなくても、氣を使って)
殺敵于百歩之外
(遠く離れた敵を倒すことができる)

而劍法的最高境地
(だが剣法の最高境地とは)
則是手中无劍
(手に剣を持たず)
心中也无劍
(心にも剣を持たない)
是以大胸懐包容一切
(大きな心で全てを包み込み)
那便是不殺 便是和平
(殺さず、平和を求めることだ)


《无名》
大王,這一劍臣必須刺
(陛下、この剣で私はあなたを刺さなければならないのです)
刺了這一劍 很多人都会死
(しかし、刺せばまた多くの人々が死ぬことになるでしょう)
而大王会活着死去的人
(陛下が生きていれば、多くの人を救うこともできるのです)
請大王記住
(陛下、どうか覚えていてください)
那最高的境界
(いまおっしゃったその最高境地を)

Vocabulary Pack 4

whichever
get the word out(to everyone) not > for everyone
concede
no wonder
easygoing = laid-back
meritocracy

good with something
handles stress well

thorough = detail-oriented

hemorroids 痔

publicize

preposition exercise > google でやるといっぱい見つかる
what's keeping
keeeping you from doing = stopping you from doing = preventing you from doing something

Vocabulary Pack 3

landlocked
prominent
well-groomed = neat
well-off
well-to-do
make the best out of it
look for the easy way out = escape
wasteful
loss aversion = idea(concept) of business

endowment effect = because of ownership, you add higher value to it

negligence
demoralized = feel down
intimidated
he is intimidating me. I am intimidated.
He is intimidating person.

-next
whichever
form of escapism

Vocabulary pack 2

prioritize
endowment effect>?
loss aversion
streamlining
dent
it don't make a dent
recurring
remedy
merely
prosperous(thrive)
prosper

revolt

----next words
landlocked
prominent
well-groomed
well-off
well-to-do
make the best out of it
look for the easy way out
wasteful
loss aversion
endowment effect

Vocabulary pack 1

forthcoming
decline<>incline
decline=reject
posture
inconsistent(up and down)
faculty member(educational situation)
wind down=relax
superficial=fake
behavioral momentum
social ladder
scavenger
norm
presume

Strategy of using Gaba

Concrete achievement
-Language　acquisition is vague and it is difficult to evaluate. TOEIC or such as test are effective evaluation, but it can't evaluate daily. If you want to get profit from Gaba class each time, it needs concrete achievement each time.
-I tried to fix or brush up grammatical failure. However it doesn't bring clear accomplishment.
-I ended up increasing words. Vocabulary is only and concrete achievement.

How to accomplish achievement
-bring new 20 words each time
-practice conversation with these words to memorize them

friends10-3 again

abs　腹筋(abdominal muscle)
musty かび臭い
compulsive　強迫観念にとらわれた
shrill けたたましい
scrappy　けんか腰の

Gaba 2nd week

■words
copy cat
here and there
signature dish(local cuisine)

■phrases
You're the only Japanese person in your company?
He grew up in the US.

How's it going?
How've you been?
How's everything?
How are things?

>Pretty good! (And you?)

What's going on?
What's up?
What's new?
What's happening?
What do you say?

>Not much(And you?)


What brings you to Japan?

헐

■헐について

新造語です。헐＝文語、主に驚きを意味する言葉（虚しさ、不思議、がっかりというような感情表現にも使うときもある）

当惑した時によく使われるが、自分の発言が無視された時や腹が立った時、返す言葉がない時、いら立った時などさまざまな場面で使われる。友人同士の会話で使われ、大人はあまり使わない。

「あらやだ」「わお！」「まじで」「あら、そう？」「げっ!」「うわっ!」「ええっ!?」

http://detail.chiebukuro.yahoo.co.jp/qa/question_detail/q1317465558

gaba6

■words
bachelor pad 独身男の部屋
retirement package 退職金
go after = target, focus on

■phrases
spend money ON oneself
OK! Let's move on to the program

gaba4

■words
PC- Politically correct 非差別的な
meritocracy エリート主義
modernize 近代化する
unwilling　不本意な、嫌々の、気が進まない

■rejoinders
Good News
-Really?
-Congratulations!
-Good for you"
-That's great!
-Fantastic!

Bad News
-Really?
-I'm sorry to hear that
-That's too bad
-That's a shame/pity
-That's terrible

Surprising News
-Really?
-Are you kidding/serious?
-No way! = I don't believe it!
-you must be joking

Interesting
-Really?
-Oh, OK
-I see
-That's interesting!
-I didn't know that.
-Oh, wow

■important
It's a pity > say about your bad news
That's a pity > say to someone else about their bad news


■アクセントに注意
world （ウォールに聞こえる）

gaba3

■words
roots
scratch
embryotic stage

■phrases
take off　休みを取る

Gaba first day

・words
likewise
draft　すきま風
impede　遅らせる
prevent

・phrases
you must be --san
I'm sorry to make you wait
same here
crunch time (× death march)

+1
evaluation, estimation, rating
conscious

Grub

Let's grub.
We're ready for grub.

食べに行く、的な。

韓国語日常会話

これはいいね。
http://pink.candypop.jp/hitokoto/hitokoto.html

単語

■味覚五表現
멥다　辛い
달다　甘い
짜다　しょっぱい
시다　酸っぱい
쓰다　苦い

■季節を覚える
너운 여름 　暑い夏
추운 겨울　寒い冬

아름다운 봄　美しい春
시원한 가을　涼しい秋

〜でしょ？

(きっと、たぶん)　～ですよね？
～겠죠?　～げっちょ？　～けっちょ？( アクセント；語尾をあげる) 　　

(当然、そりゃ)　～でしょう～～。　　　
～겠죠.　～げっちょ～。　～けっちょ～。(アクセント；語尾を伸ばしながら下げる)

■参照
http://blogs.yahoo.co.jp/shji925/63241792.html

助ける、救う、求める

직업구하다で、どうもやら仕事を求めるという意味っぽい
救、と求が、漢字語で、どちらも구みたい。

参照

語学学校2ヶ月目第三週

理由を説明する文（〜なので）
■아/어 서
一番よくつかう。だいたいなんでもいけるらしい。
※過去形を前に持ってくることは出来ない

■기 때문에
社会現象や、客観的理由の説明に使う

■(으)니까
主観的な立場で説明する際に使う

orenge english school

http://www.orangeenglishschool.com/


-I wasn't so enthusiastic about studying
-be successful(adj)
succeed(v)
success(noun)
-conventional=common
-review school
-to join the exchange program
-grant
-individuality
-flexible time
-necessity
-privilege
-impulse=quick decision
-intestines
-2-week program(単数）
The program was for 2 weeks（複数）
-niece


Sir Ken Robinson (www.TED.com)

좋아요と좋아해요の違い

〜가/이 좋아요(좋다)
→自分に対してだけつかう
〜를/을 좋아해요(좋아하다)
→自分や第三者に対しても使える。自分に使うと少し第三者的立場から見ているニュアンスがある

※助詞に気をつけること

韓国語第9課〜17課

・ㄴ/는 다　する（ㅂ/습니다　します）
母音語幹
가다>간다
사다>산다
타다>탄다(乗る）
오다>온다
보다>본다
쓰다>쓴다
子音語幹
먹다>먹는다
입다>입는다(着る）
읏다>읏는다(笑う）
앉다>앉는다(座る）

・안, 지 닪다　否定
안否定は話し言葉に多く使われ、지 않다は書き言葉に多く使われるらしい

・시/으시　尊敬語
가다>가십니다
오다>오십니다
읽다>읽으십니다

※尊敬語が別になっている単語
먹다>잨수시다（召し上がる）
자다>주무시다（お休みになる）
죽다>돌아가시다（お亡くなりになる）
말하다>말씀하시다（おっしゃる）

・ㄹ語幹の活用
놀다>논다
>놀지 않스나다

울다>운다(泣く）>울지 않는다
알다>안다(知る）
살다>산다(住む）

・겠の用法　意志・未来の表現
가다>가겠습니다
오다>오겠습니다

・動詞と形容詞の違い
動詞にはㄴ/는다がつき、形容詞にはつかない

・動詞の禁止表現
지 마십시오（しないでください）
가다>가지 마십시오
읽다>읽지 마십시오

해요体（아/어系）まとめ

해요体の用法
1.平叙文
2.疑問
3.勧誘（〜비읍시다）
4.命令（하세요,하십시요）

活用
1.語幹・母音 ㅏ,ㅓ + 아요
좋다 > 좋아요
살다 > 살아요
2.語幹・母音 ㅏ,ㅓ以外 + 어요
먹다 > 먹어요
작다 > 작어요
읽다 > 읽어요
3.하다 > 해요
4.語幹・母音 ㅣ (パッチム無）＞ ㅕ요
마시다 > 마셔요
가르치다 > 가르쳐요
기다리다 > 기다려요
5.語幹・母音 ㅡ > ㅓ요
크다 > 커요
쓰다 > 써요

ウギョル sweet potato couple 3

일단 뒤로　ひとまず後ろに

로と에の違、へと、にの違いらしい。

・로は場所を指す時に使って러は行動を表す時に使う
(場所)로 (行動)하러
http://ameblo.jp/visitkorea/entry-10229314775.html


・「に」と「で」と「から

・「…に」に当たる韓国語の助詞
http://detail.chiebukuro.yahoo.co.jp/qa/question_detail/q1434968389


외톨이야　孤独な人が

우리 결혼 했어요(We Got Married)

http://www.dailymotion.com/video/xgs9es_eng-sub-wgm-sweet-potato-couple-ep-1-1_shortfilms

새내기 　ニューフェース
부인　夫人
최고의　最高の
걸그룹　ガールグループ
언니들 사랑을 독차지하는　姉たちの愛を独り占めする
출연하게된 이유　出演することになった理由
올해로 스무살이 되었잖아요　今年で20歳になったじゃないですか
성인　成人
그래서　それで
좀 충격을 받았어요　ちょっと衝撃を受けました
벌써 스무살이구나　もう20歳だな
「-구나(～な、～ね)」
・新しく知った事実について感嘆するときや独り言で用いられる終結語尾
스스로 그저 어리다고 생각했는데　自らただ幼いと考えたが
어느새　いつのまにか
결혼에 대해서도 고민할 나이가 　結婚に対しても悩む年齢が
학구파 学究派
많이　たくさん
출연 신청한 出演申請した


강하게 어필 強くアピール
깐깐 콤비 几帳面コンビ
자존심도 없냐 自尊心もないのか
자존심 있는 남자 自尊心ある男
이때 この時
일단　ひとまず
집요　執拗
그럼 약 얼마나？　それでは約どれぐらい？
자기계발　自己啓発

요조 - Happy Birthday

happy birthday to you happy birthday to you
사랑하는 그대의 생일 축하합니다
愛するあなたの誕生日おめでとうございます

크게 숨을 마시고 다시 내쉬고
大きく息を飲んでまた息を吐き出して
럭키아파트 주차장도 지금 잔뜩 긴장하고 있네요
ラッキーアパート（釜山のバス停？）駐車場も　いま　ぎっしりと　緊張していますね


알고 있나요 그대 나의 기도 속 주인공
知ってますか？　あなたは　私の企画の中の主人公
당신의 작은 두 손에 나의 전부가 꼭 맞네
あなたの小さい両手に私の全部がぴったりだね

추운 겨울 밤 만든 그댈 위한 나의 눈사람은
寒い冬の夜作った　君のための私の雪だるまは
더운 날이 온대도 절대 녹지 않네
暑い日が訪れても　絶対に溶けないね

당신은 나의 멈추지 않는 하나의 노래
あなたは私の止まらないひとつのうた
행복하게 더 행복하게 언제나 행복하길
幸せに　さらに幸せに　いつも幸せになるのを

고마워요 사랑해요 happy birthday to you

もやしソング

http://www.youtube.com/watch?v=lniOAYKIdXg&feature=player_embedded

콯나물 맛있어
콯나물 시원해
길쭉 길쭉

아삭　さくっと

시원해　すがすがしくて
개운해　すっきりして

상쾌해　さわやかで

착한　優しい

旧iMacサルベージデータ

across the table 　直接の、面と向かった
precondition　前提条件

yea　賛成
nay　反対ひょう

deregulation　規制撤廃
come out swinging　強気に出る

surplus　余り

Treasury Secretary　財務長官

plunge　急落する（価格が）

command of English　英語力

"일"と"날"の違い

일　漢字音
날　固有語

ということのようだ

少女時代で…

http://www.dailymotion.com/video/xgubec_yyyy-yyyyyep-2-3_fun


자랑합니다　自慢する
여신　女神
혼자 　ひとりで
웃는다 　笑う

韓国語動画講座３課

저도요 私もです
어때요? どうですか？

少女時代

자랑한다 自慢する
http://www.dailymotion.com/video/xgsnf5_yyyyyyyyyep-1-5_fun

소녀시데B

제발 　どうか
웃지마요　笑わないでください
진심이니　本気なの
놀리지도 말아요　からかわないでよ



과연　果たして
자신만만　自信満々

daumの少女時代ＣＭリンクとブログとか

■Daumリンク
http://search.daum.net/search?w=tot&q=%40%EA%B2%80%EC%83%89%EC%9D%B4%EB%8B%AC%EB%9D%BC%EC%A7%84%EB%8B%A4&t__nil_brandingspecial=banner&nil_id=1

■韓国音楽とかのブログ
http://ameblo.jp/kid94ad02/archive1-201010.html

소녀시대で学ぶ韓国語

http://www.youtube.com/watch?v=EW6WTdMCnio&NR=1

ユリ는 スヨン에게 개인기를 뺏긴 적이 있다
ユリはスヨンに個人技を奪われたことがある

재연도 잘 하고
再演も上手で
맛을 잘 살려
味をよく生かして

휴대전화
携帯電話

정각 알림음
定刻お知らせ音

인정!
認定

또 다른 건?
また他の件?

성대모사
声帯模写

한수위!
一枚上!

다른 휴대전화 알림음은?
他の携帯電話お知らせ音は?

완승
完勝

******
오늘의 명장면
今日の名場面

악몽
悪夢

나쁘지 않네요
悪くありませんね
****
http://www.youtube.com/watch?v=0gdt6tRGiKA&NR=1&feature=fvwp
이게 다 된거야
これができたよ

너무 맛이 없게...
とてもまずく...

구박해
虐待して

얼마나 잘 한다고
どれくらい上手だと

더 해
もっとして

그럴 수 밖에 없었구나
そうしなければならないんだな
*****
제가 졌어요
私が負けました

*****
http://www.youtube.com/watch?v=VQnTSEdq7YM&feature=related

알잖아
わかってるでしょう

알면서
知っていながら
*****
http://www.youtube.com/watch?v=hW0gC3hILc0&feature=related
무남독녀
부모님의 소중한 딸 서현입니다
男兄弟がない一人娘
ご両親の大切な娘ソヒョンです

엄마 일본어 공부하고 싶다고 하셨죠?
제가 일본어 책꼭 사드릴 게요
ママ日本語勉強したいといわれたでしょう？
私が日本語本必ず買って差し上げますね

키워 주셔서 감사합니다
育てて下さってありがとうございます
*******
http://www.youtube.com/watch?v=VQnTSEdq7YM
続き（意訳）：
ス：（携帯に話す）ナミソン。ほら。
ソ：わー、すごいですね
ス：ああ、ここねー、ドラマが撮影された
ソ：そうそう、ここに自転車があるでしょ。これカップルが乗るん ですけど、それに乗りたいんですよ。
ス：ホント？　一人で乗るのは難しいよ。
ソ：えー、もちろん二人で行くんですよ
ス：誰と？
ソ：わかってるでしょー
ス：誰？
ソ：知ってるくせにー
ス：姐さんはいかないよ。忙しいし。
ソ：姐さんじゃないよ
ス：誰！？
ソ：私よ
ス：あなたと誰なの？
ソ：わかってるでしょー
ス：誰？.....何？....何て？....じゃあ、ここに話して
ソ：できないですよー
ス：あー、誰よー

From Arka

asynchronous　非同期
obedient　素直な

절친노트-소녀시대

12시에는 자야해요. 12時には寝なければなりません。

농담인줄 알았는데... 冗談だと思ったが

그러나 しかし

12시 되면 집에 가서 취침 12時なれば家に行って就寝

모범소녀 模範少女

감탄 感心

경악 驚き

그리고 바르게 사는 것에 대해서 そして正しく生きることに対して

왈가왈부할 일은 아닌 것 같고요 是非を言うことではないようだよ

융통성을 키우도록 도와주 세요 融通性を育てるように助けて下さい

현모양처 賢母良妻

불쑥 いきなり

깜짝이야 びっくりした

갑자기 마이크를 집어든 突然マイクをつかんだ

reminisce 回想する

（翻訳用）해주고 싶은 얘기

제목: 해주고 싶은 얘기 (Story I want to tell)
가수: 이삭&지연 (Isak and JiYeon)

내가 조금 더 다가가서
그댈 조금 더 가까이에서
보고싶죠 웃고싶죠
내 이 마음 다 보여주고 싶죠

내가 먼저 고백 할래요
그댈 먼저 안아줄 꺼예요
언제까지 영원까지
마음속 모든 게 타버릴 때까지

아직 별다른 사이 아니라도
내 마음을 그댄 모르더라도
I'll be there with you

내 사랑 그대에게 해주고 싶은 말
영원히 I'm gonna be with you
숨쉴 수 없을 만큼 말조차 못할 만큼
지금은 이럴 수밖에 없지만

조금 더 그대에게 가까워지는 난
언젠간 말할 수 있을꺼야
숨쉴 수 없을 만큼 말조차 못할 만큼
이렇게 그대를 사랑한다고

아직 별다른 사이 아니라도
내 마음을 그댄 모르더라도
I'll be there with you

내 사랑 그대에게 해주고 싶은 말
영원히 I'm gonna be with you
숨쉴 수 없을 만큼 말조차 못할 만큼
지금은 이럴 수밖에 없지만

조금 더 그대에게 가까워지는 난
언젠간 말할 수 있을꺼야
숨쉴 수 없을 만큼 말조차 못할 만큼
이렇게 그대를 사랑한다고

나의 사랑 오 나의 기쁨
그대와 함께 하는 이 여름 밤
나의 모든 이 마음속을
가득 채워주는 그대와(나의 모든 그대와)

내 사랑 그대에게 해주고 싶은 말
영원히 I'm gonna be with you
숨쉴 수 없을 만큼 말조차 못할 만큼
지금은 이럴 수밖에 없지만

조금 더 그대에게 가까워지는 난
언젠간 말할 수 있을꺼야(있을꺼야)
숨쉴 수 없을 만큼 말조차 못할 만큼
이렇게 그대를 사랑한다고

korean

http://www.youtube.com/watch?v=r2kFIK3MCsc&NR=1

애교　愛嬌？

어색하다　「不自然だ」「ぎこちない」「そぐわない」「窮屈だ」

어색애교 ぎこちない愛嬌？

귀여워　かわいい

못하는 게 매력인 거 같아요 出来ないことが魅力のようです

약간 서투니카 더 귀여운 若干下手なのがさらにかわいい

윙크도 열심히 연습하는　ウインクも熱心に練習する

다시 한번 도전 もう一度挑戦

과연?　果たして？

＊＊＊

생각하다　考える

나도 모르게　思わず

韓国語学校1日目

■固有語数詞（時間・回数・年齢・人数）

하나
둘
셋
넷
다섯
여섯
일곱
여덟
아홉
열

스물
서른
마흔

■助数詞
하나>한
돌>도
셋>세
넷>네
あと一緒
・
・
・
스물>스무

（翻訳用）The truth about venture capitalists, Part 2

As promised:

Comparing venture firms, and comparing partners within firms:

When raising venture capital, remember that venture firms vary wildly in style and quality.

For example, some venture firms are very entrepreneur-friendly. Others are notoriously brutal.

Interestingly, financial success in the venture capital profession does not seem to be correlated to entrepreneur-friendliness.

Individuals (partners) within each venture firm vary wildly in style, personality, knowledge, experience, ability to be helpful, drive, and ethics.

Personally I'd recommend being more focused on picking the right partner than picking the right firm.

This is slightly counterintuitive advice -- and firm quality does matter -- but the partner is the person you're going to be working with. The other people at the firm you will see probably twice in the whole lifespan of your company.

Best of both worlds is to pick a strong partner at a strong firm, but be aware going in that even strong firms have weak partners.

Venture capital professionals arguably used to be a more homogeneous group: the founders and pioneers of the business, and their hand-picked proteges who had grown up as venture capitalists under close supervision and with rigorous training.

The explosion of venture capital in the late 90's has led to a much broader range of people becoming partners in venture capital firms.

Many partners today have little venture capital experience but come out of an operating background (an executive role at a big company, or experience as an entrepreneur with their own startup), or come out of some other background (corporate attorney or executive recruiter), or come straight out of business school with no meaningful experience whatsoever.

There are pros and cons to working with any of these kinds of partners.

For example, VCs with operating experience are great when it comes to sitting down and talking about how to run a business, but sometimes they have less perspective (because their career was probably focused on one or two companies, whereas a professional VC has probably invested in 30+ companies), and they may have trouble keeping their hands off the steering wheel.

A VC with an executive recruiting background can be incredibly helpful at recruiting -- one of the main areas in which a VC can add value (see below).

And a VC who used to be an attorney can be very helpful when you need to get a parking ticket fixed.

But there's probably still no substitute for the VC who has been a VC for 20 years and has seen more strange startup situations up close and personal than you can imagine.

A venture capitalist's ideal investment:

A venture capitalist's ideal investment is the one that would be a huge success without her.

How much help, and what kinds of help, you can expect from your VC:

Assuming your startup does not fall in the category of a VC's ideal investment, what kinds of help can you hope for from your VC?

First, it's important to really internalize that the founders of a startup are the ones who have to make a startup succeed.

Odds are, nothing your VC does, no matter how helpful or well-intentioned, is going to tip the balance between success and failure.

In addition, VCs are -- usually -- incredibly busy people. Sitting on as many as a dozen boards, sourcing new investments, tracking the fast-moving technology industry, raising money and managing their LPs, and pitching in on their partners' companies and their problems takes up a lot of time.

(Although every once in a while you will run into a VC who is lazy as sin -- but that's a topic for another post, when I've had more to drink.)

The best assumption to make is that your VC's primary value add is the cash they are investing.

Then you'll always be surprised on the upside.

Additional areas in which a VC can help include: recruiting, strategy, partner introductions, customer introductions, additional fundraising, and generally being a good sounding board and source of advice and industry knowledge.

Some firms run incredibly helpful programs such as forums in which new consumer Internet startups can interact with major advertisers, for example.

The only real way to find out how much help you can really expect from your new VC is to ask the founders of other companies funded by that same partner.

Finally, never expect the help to just happen unsolicited. If you want it, ask for it proactively.

You actually don't want a VC who provides too much help without being asked. I leave the why as an exercise for the reader.

How VCs spend an awful lot of their time, and why you should feel sorry for them:

My friends who are VCs seem to spend a surprising amount of their time working with their failing companies.

The reason goes right back to the definition of a VC's ideal investment: their winners are succeeding -- they don't need very much help.

Some of the best VCs in the industry spend most of their time on their successes, helping to boost them to higher and higher levels of success.

But generally, life in the VC trenches seems to consist of trying to jumpstart or otherwise fix fatally flawed startups.

Can you imagine how un-fun that would be?

Venture capitalists: soulless and rapacious capitalists, or surprisingly generous philanthropists? Or both?

Here's something surprising about venture capitalists: their primary job is often helping very worthwhile nonprofits build larger and larger endowments to be able to continually make the world a better place.

The largest investors in many top-tier venture capital firms are nonprofits -- particularly universities and large philanthropic foundations.

This is partially because such institutions are very patient investors and have very long time horizons. But this is also partially because many of the top venture capitalists feel a real sense of obligation and mission to help such vital organizations grow and flourish.

Traditionally this has been hard to see because venture capital firms have wrapped the identities of their investors (limited partners, in the lingo) in confidentiality agreements. But more recently, via certain SEC filings and disclosures by public universities, it has become possible to get a glimpse into the investor bases of some of the world's best venture capital firms.

For example, it has been previously well publicized that you can see who Sequoia's investors are by reading the SEC disclosure on the Google/Youtube acquisition.

You can see in that filing that Sequoia's major investors include such universities as Amherst, Brown, Colby, Columbia, and Dartmouth -- and that's just into the D's. Similarly, philanthropic foundations invested in Sequoia include the Ford Foundation, the Moore Foundation, the Irvine Foundation, the Rockefeller Foundation, and the Hewlett Foundation.

This is not unusual.

The best VCs get to improve society in two ways: by helping new companies take shape and contribute new technologies and medical cures into the world, and by helping universities and foundations execute their missions to educate and improve people's lives.

Why we should be thankful that we live in a world in which VCs exist, even if they yell at us during board meetings, assuming they'll fund our companies at all:

Imagine living in a world in which professional venture capital didn't exist.

There's no question that fewer new high-potential companies would be funded, fewer new technologies would be brought to market, and fewer medical cures would be invented.

We should not only be thankful that we live in a world in which VCs exist, we should hope that VCs succeed and flourish for decades and centuries to come, because the companies they fund can do so much good in the world -- and as we have seen, a lot of the financial gains that result flow into the coffers of nonprofit institutions that themselves do huge good in the world.

Remember, professional venture capital has only existed in its modern form for about the last 40 years. In that time the world has seen its most amazing flowering of technological and medical progress, ever. That is not a coincidence.

How to make a VC's head explode, in one easy step:

Point out to her that her compensation from carried interest should be taxed as ordinary income, not capital gains, since she's receiving a fee for service and it's not her capital at risk.

（翻訳用）The truth about venture capitalists, Part 3

Bonus chapter!

(This will be the last post on venture capital for a while, if I can help it.)

The current venture capital environment in the United States is characterized by a very large number of venture firms (866, according to the National Venture Capital Association), investing an extraordinarily large amount of capital (over $7 billion in the first quarter of 2007 alone, according to Price Waterhouse).

Traditionally the venture capital industry was said to experience a "seven fat years, seven lean years" model -- seven years of boom, followed by seven years of bust.

Following that pattern, the late 60's/early 70's were great (the "-tronics" boom -- this is when Intel was funded by Arthur Rock), the mid-70's were terrible, 1978-1985 was great (the PC!), '86-92 was terrible, '93-99 was fantastic, and '00-06 was not so good.

As you'd expect, inflows of capital to venture firms during the lean years typically shrank dramatically -- venture capital returns are terrible during the lean years, and who in their right mind wants to put more money into an investment vehicle with terrible returns?

This capital inflow shrinkage would then lead to a significant percentage of venture firms closing their doors (technically, not raising new funds -- the venture capital firm equivalent of going under) -- especially the newer, less proven ones.

Ultimately, capital inflows would shrink to the point where the remaining venture firms were managing a much smaller base of cash, which primed the pump for dramatic investment returns over the next seven fat years: less capital + a new wave of high-growth startups = explosive investment returns.

That is the cycle that has played out every time -- except this time.

Let's examine that $7 billion invested by venture firms in the first quarter of 2007.

Annualized, that is an annual investment rate of about $28 billion per year.

Pulling the data on venture capital investing by year over the last 10 years, we see that this is, as you might expect, substantially lower than 1999's $54 billion and 2000's $105 billion (what a year!)...

...but, higher than 1997's $15 billion and 1998's $21 billion.

And that rate of investment has been broadly consistent for the last several years -- in fact, it's been trending up.

Even when you adjust for inflation, venture capital funding is flowing into venture firms and out to startups at a higher rate in 2007 than in 1997 and 1998.

Those of you remember 1997 and 1998 will remember that those were true boom times for venture capital. The returns on funds from '93-95 were extraordinary -- some of the best ever -- and limited partners were shoveling money into venture firms, leading VCs to fund new companies as fast as they possibly could.

Yet, despite disastrous venture returns on average from 2000-2006, the cash spigot from investors in venture capital firms continues to be wide open to a level where VCs can be more active in 2007 than they were in 1998.

While some older, stale venture firms have recently shut down -- Sevin Rosen and Yankee come to mind -- the rate of venture firm death has not beenanywhere close to what you'd expect, and in fact many new funds have been formed and raised money in the last few years.

And the cash just keeps on coming.

Somehow we've ended up in a paradox: venture capital returns, on average, have been terrible, but contrary to historical precedent, the money keeps flooding in, venture firms keep going, and you have more money chasing deals than you did in the middle of the dot com boom.

How can we explain this?

In a nutshell:

Institutional investors who invest in venture funds -- large university endowments, philanthropic foundations, and pension funds -- began radically shifting their investment strategies in the early to mid 1990's, and that shift has led to private equity generally, and venture capital specifically, becoming a permanent "asset class" for those investors.

I call this the "asset-classization" of venture capital.

Here's how it works:

A large institutional investor like a university endowment runs its investment strategy with a top-down approach that says, we'll put x% in stocks, y% in bonds, and so on -- this is called asset allocation.

The actual details of which stocks, which bonds, etc. are less important -- the big decision is what percentage of the total capital to put in which asset classes, because when you run a huge pool of capital, that's what mathematically drives your returns. (You can't put enough money into any single investment to really move the needle, at least not without being irresponsible, so you have to think in broad strokes -- in terms of asset classes.)

Traditionally, such large institutional investors were quite conservative. An asset allocation that was perhaps 60% US equities, 30% US bonds, and 10% cash would not have been unreasonable.

Really daring institutional investors might have allocated some percentage to non-US equities, or (gasp) high-yield "junk" bonds.

This all started to change in the late 80's and early 90's when a group of advanced thinkers, such as David Swensen, then and now head of the Yale University endowment, crunched the numbers and realized that if they had a long-term time horizon (which they did -- Yale and its peers are expected to be around for some time), they could generate higher returns by allocating more of their capital to so-called "alternative asset classes" -- basically, anything other than public stocks, bonds, and cash.

This meant hedge funds, real estate partnerships, commodities, timber, leveraged buyout firms -- and venture capital.

To read about this new strategy -- and it is a fascinating strategy -- pick up a copy of David Swensen's excellent book Pioneering Portfolio Management, which describes his approach in detail. (Be sure to also pick up a copy of his book for individual investors -- Unconventional Success -- which explains whyyou can't pursue this strategy without getting your clock cleaned.)

The institutions such as Yale and its peers that adopted a Swensen-style strategy did fantastically well in the 1990's, and outperformed (technically, "kicked the ass of") any institution that had an older, more conservative investment policy.

This predictably led a significant number of institutions to shift massively into alternative investments and venture capital in the late 90's, just in time to get hammered by the crash of 2000-2002.

Here's the interesting part: that hammering -- by people who, say, only started investing in venture funds in 1999 -- has not resulted in a significant pullback on the part of institutional investors from venture capital.

Instead, venture capital has become an apparently permanent asset class of many large institutional investors -- and increasingly, smaller institutional investors.

Those institutional investors are managing so much money -- literally trillions of dollars -- that even a very small asset allocation to venture capital represents an enormous amount of cash -- tens of billions of dollars per year.

An organization called NACUBO (don't ask) tracks asset allocation behavior of university endowments, and tells us that the average large ($1+ billion) university endowment had a 3.5% asset allocation to venture capital in 2006.

3.5% of a ginormous amount of money is a lot of money.

But it's a small percentage of the total base, so apparently what's been happening is that although returns on venture capital have been poor (technically, "sucking") for the last several years, institutions that invest in venture capital are not taking that much actual pain on their overall asset bases, and they don't see that many better alternatives, and so they're sticking with their overall asset allocations and therefore sticking with venture capital.

You can argue that this is smart -- that such institutions are very well set up for the next venture capital boom, and that they will do very well over the next 10-20 years with this strategy -- versus the old approach of pulling out just before the sector was set to boom again.

You can also argue that this is not smart -- that this is leading to more venture dollars chasing few good deals and long-run terrible returns for everyone. Particularly since historically, most of the positive returns for venture capital have gone to the top 10% of venture firms -- or maybe even the top 10 venture firms -- and most of the money going into venture capital as an asset class by definition is going into the other 90% of venture firms.

But regardless, it does seem to be the case.

And that's why, from where I sit in Silicon Valley, there are probably 200 venture capital firms within 20 miles with likely over $20 billion of capital at their disposal chasing a very small number of good potential investments, despite terrible average returns for the asset class over the last seven years.

I love this country.

words

儚い　 ephemeral