Election surprises happen. This election result was a surprise, yet uncertainty was disclosed in many polls prior to the election. Wishing for an outcome is not the same as discounting reality. This is the second time this year where populism through election victories has surprised markets. Handicappers will adjust to the new reality. The date of the potential surprise was know, the outcome was not.
Tail events will often lead to over-reaction as seen in the market action overnight. The worth of a manager is not measured by his ability to build and adjust portfolios in calm times but his ability to navigate and manage through uncertainty.