"To me it is honestly just noise," Lippert, whose fund owns shares of Amazon, said on "Halftime Report."
The portfolio manager spoke after Trump claimed that Amazon wasn't "paying internet taxes." That followed a story by the Washington Post, which is owned by Amazon CEO Jeff Bezos, saying a fake issue of Time magazine with Trump on the cover was hanging in some of the president's golf clubs.
The only way Trump could have an impact is if he changes regulations, Lippert said, but that would have to go through Congress and is unlikely.
Lippert also said Amazon has been benefiting from massive generational shifts, including peoples' changing shopping preferences and computing infrastructure. "And these are long-term plays that are going to last for the next 15 to 20 years," he said.
Regarding technology stocks, Lippert said there is opportunity everywhere. He added, however, he didn't see the tech sector's dip this week as a buying opportunity. Instead, he said the fund usually waits for much larger pullbacks.
"A small 2 to 3 percent move that we have over a couple of days really has no influence on what we do," he said. "But late last year when we had Donald Trump elected and the market leadership changed, there were 20, 25 percent pullbacks. So, absolutely, we acted."