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”.

More good news for equity bulls from Crispin Odey.

Odey, who called the possible start of the bull market earlier this year, says technically there is “every reason to be hopeful that a major correction will not happen before September”.

And, having profited handsomely from his position in Barclays, which is now a 16.3 percent holding in his European fund, he sees the best opportunities in companies that were once unable to refinance but now can get credit, rather than safe-haven stocks.

“I still find myself coming out of meetings with companies whose share price is up fivefold since January and wanting to fill my boots. But it is quite a narrow field.

“This is the year of the prodigal son, with no prizes for being the sensible and good older brother.”

(See also Odey’s Barclays Boost)

(Follow major developments in the hedge fund industry this week with Hedge Hub’s coverage of the GAIM)

AIG plans to float its Asian crown jewel, Volkswagen halts talks with Porsche, Nomura hires for a massive push in U.S. equities, and more. Here are the latest deal-related stories:

AIG to launch IPO for Asia crown jewel

Volkswagen halts tie-up talks with Porsche

Nomura hires for massive U.S. equity push

Cubs' offer won't be voted on next week: sources

Babcock & Brown infrastructure fund gets acquired

China pension fund plans foreign PE deals: sources

China government OKs Minmetals' OZ Minerals deal

Daiwa SMBC to buy unit of Britain's Close Brothers

Whitehaven says to drop merger deal with Gloucester

Metro to present Karstadt deal outline: sources

And in Europe's morning papers:

* Hedge fund manager Noam Gottesman, co-chief executive of GLG Partners Inc (GLG.N), plans to move to New York from London to build up the fund's U.S. assets, the Daily Telegraph said.

* Alan Miller, former fund manager at New Star, plans to launch two new funds in a joint venture with Alexander Spencer Churchill, the Daily Telegraph said.

* Britain's Financial Services Authority is investigating potential insider dealing in shares of pub companies Punch Taverns (PUB.L) and Enterprise Inns (ETI.L), the Daily Telegraph reported. Reuters story here.

* Societe Generale (SOGN.PA) CEO Frederic Oudea has said that further writedowns are possible at the bank, depending on market conditions, Le Parisien newspaper reported. Reuters story here.