The latest N@ked Short Club discussed volatility, the prospects of a double-dip recession, US banking reforms and EU prudential directives as well as prime brokerage and securities lending.

The introduction of compulsory deferrals on hedge fund bonuses was another issue discussed on the show, hosted by Dr Stu.

Guests during the hour-long programme included Matthew Sargaison, chief risk officer at Man AHL; Robert Sloan, managing partner at S3 Partners and author of Don’t Blame the Shorts; Russell Hendry, director at MENA Capital; Stephen Pope, chief market strategist at Cantor Fitzgerald; David Owen, managing director and chief European financial markets strategist at Jefferies; Neil Wilson, managing editor, Hedge Fund Intelligence; and Toni Appleby with poetry from poet in residence at the Royal Academy of the Arts, Pele Cox.

Hedge fund performance in May and into June was dissected by Wilson who wondered if managers were able to retain credibility with investors.

Via telephone from the US, Michael Gasior took a broad view of the economy, questioning if governments were withdrawing stimulus too soon, something that could plunge the global economy into a double-dip recession. Concerns over inflation – or deflation – were also discussed.

Market direction and plays on equities, bonds, currencies and commodities were discussed by Owen while Hendry gave his opinions on what strategies are likely to do best in 2010.

Sloan gave a rundown on the prime brokerage environment looking specifically at leverage, securities lending, collateral management, counterparty selection, optimisation, cash management, derivatives and term financing.

An overview of the impact of US banking reforms on hedge funds was given by Sargaison with some discussion of the European Union’s alternative investment fund managers (AIFM) directive.

Music played during the programme included the Orb, Popol Vuh, Love, Gong and Montrose.

Feedback on the show should be directed to presenter and host Dr Stu.

The N@ked Short Club broadcasts on Mondays from 21.00-22.00 GMT and is replayed from 15.00-16.00 GMT every Thursday on not-for-profit ResonanceFM at 104.4FM in London or  via the web.

The next broadcast will be July 12 and will feature guests Drago Indjic from the Hedge Fund Centre, London Business School and Sunningdale Capital' Gus Black from Dechert; Thomas Deinet from the Hedge Fund Standards Board; Marilyn Ramplin from Ramplin Capital and Ucits for Hedge Funds; Robert Mirsky from Laven Partners; Thomas Bullman from Hedge Fund Society and Hedge Fund College; Sam Jones from the Financial Times; head-hunter Ed Lawrie and Anne Pigalle.

Resonance 104.4FM is a not-for-profit, UK-registered charity supported entirely by grants and voluntary donations.