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Blackstone CEO on election: 'I've never experienced something like this'

The 2016 U.S. presidential election lacks substance and has started to look like a "food fight," Blackstone CEO Stephen Schwarzman said Tuesday.

"I think this presidential election is like a mystery. I've never experienced something like this with such low positives for each of the candidates and frustration and so little conversation about policies," he said at the 2016 Delivering Alpha conference sponsored by CNBC and Institutional Investor.

The election pitting Republican Donald Trump against Democrat Hillary Clinton has featured a heavy dose of insults and inflammatory remarks. The billionaire developer Trump, in particular, has pushed attention away from policy with bizarre and unsupported claims.

Schwarzman said the election has turned into "some kind of food fight" with people "talking at each other" rather than discussing policy.

However, Schwarzman said he was hopeful the discussion will turn more toward policy in the roughly two months left before the election.