Only "very good" companies in France have survived the high taxes and other tough business conditions there, so shares in the companies left standing are in good shape, said Chuck De Lardemelle, founding partner of the $18 billion International Value Advisers (IVA) group.
Based in New York, De Lardemelle no longer pays taxes in France, which he described as "crazy."
The tax burden in France is 46.3 percent of gross domestic product, compared with about 25 percent in the U.S, according to the Organization for Economic Cooperation and Development.
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"You [also] have no access to capital. So only the very good businesses have survived in France," De Lardemelle explained in an interview with "Squawk Box" U.S. on Friday.
So the companies left "don't need much capital," he continued. "They usually have brands, goodwill. They're more towards the services side of things. They're very global."
Ironically, he pointed out, "You do find great stocks listed in France with very little business in France."
De Lardemelle is co-manager of the IVA Worldwide Fund, which claims nearly half the company's assets under management. It's returned nearly 80 percent since inception in September 2008. The fund devotes 7 percent to French stocks.