Maverick hedge fund manager Hugh Hendry is rarely far from controversy and his appearance at the GAIM conference in Monaco this week was no exception.

Having been scheduled to give a short talk on the future of capitalism before getting into a longer discussion with Lombard Street Research chief international economist Charles Dumas, Hendry proceeded to overrun his slot, giving his views on pretty much anything to do with the world of investment.

Perhaps sensing he might not get the chance to give all his views on capitalism’s plight, Dumas twice attempted to interrupt Hendry’s monologue mid-flow, protesting that “this is meant to be a discussion”.

When Hendry finally did bring his speech to a close, Dumas took full advantage of the airtime presented to him to vent his obvious annoyance.

“We’re meant to be talking about the future of capitalism but clearly that’s not the subject,” he said.

Adding that there now “wasn’t much time left”, he took an axe to Hendry’s arguments, opining that Hendry was right but for the wrong reasons and that the Eclectica partner “clearly knows nothing about Milton Friedman”.