In list comprehension the loop variable i becomes global. After the iteration in the for loop it is a reference to the last element in your list.
If you want all matches then assign the list to a variable:
filtered = [ i for i in my_list if i=='two']
If you want only the first match you could use a function generator
try:
m = next( i for i in my_list if i=='two' )
except StopIteration:
m = None