Park Place's Polaris missile

In 1999, Park Place Capital's Prime Europe Fund was the talk of the town: its investors pocketed 430% returns from the global equity long/short fund.

The next three years were anything but happy, with an 18.52% loss in 2001, according to the group, arising from seven months of negative returns, barely beating the MSCI World Index.

In August 2002, the fund recorded its fifth consecutive drawdown, ending the year with eight declines and -37.32% overall, this time underperforming MSCI by nearly 7