Billionaire Chamath Palihapitiya blasts the 'dumpster fire' presidential debate — and says investors should stay in stocks because the ultimate victor will be irrelevant to economic prosperity

• Billionaire investor Chamath Palihapitiya called the debate an "utter shambolic dumpster fire," and said that markets will go up regardless of who wins the presidency.
• Palihapitiya said that the Federal Reserve and US Treasury spending will have more of an impact on the next four years of the country than who wins the presidency.
• "Irrespective of whether the Democrats or Republicans are in office, if you're trying to generate returns, you need to be long. And you will probably get rewarded," the Social Capital CEO said.

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Billionaire investor Chamath Palihapitiya said markets will go up regardless of who wins the presidency and called Tuesday's presidential debate an "utter shambolic dumpster fire" during the CNBC Institutional Investor Delivering Alpha Conference on Wednesday.

"I think the markets are going higher," Palihapitiya said. "The markets are going higher because the presidency and impact from the presidency is being divorced from the economic future and prosperity of America."

The Social Capital CEO said that the Federal Reserve and the US Treasury "acting in lockstep" and "printing trillions of dollars" will have more of an impact on what the next four years look like than the outcome of the election.

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"You have rates at zero, you have absolutely no growth, and so you're going to fuel asset price inflation," he added. "Irrespective of whether the Democrats or the Republicans are in office, if you're trying to generate returns, you need to be long. And you will probably get rewarded."

Palihapitiya is one of several market watchers who has said this week the stock market will go up after the election regardless of which party wins the presidency

He added: "The stock market said this is a do-no-harm election at this point."

The billionaire investor told CNBC he has donated $1 million to the Democrats.