Markets are braced for political turmoil around the French Presidential election this weekend but should be better prepared than they were for the shock of Brexit and the Donald Trump's win, says Pie Funds chief executive Mike Taylor.
"We say people are doomed to repeat their mistakes but on a short term basis investors do learn," he said.
After the election of Trump and the Brexit vote investors had become better at pricing political risk and approached the French election with worst case scenarios in mind.
The French elections have seen the rise of a populist right wing candidate in Marine Le Pen.
Although she survived the first round of voting, to run head to head with the more traditional liberal candidate Emmanuel Macron this weekend, polls show she is not likely to win.