Josh Brown believes strong investor confidence in the power of large companies and CEOs is outweighing the turmoil in the President Donald Trump administration.
CNBC's Brian Sullivan asked the CEO of Ritholtz Wealth Management why the market isn't significantly reacting to the latest executive resignations from corporate advisory councils Wednesday.
"Because multinationals are the new sovereigns Brian, that's why. We have trillion dollar companies that can raise hundreds of billions of dollars at will in the debt markets," Brown said on CNBC's "Power Lunch" Wednesday.
"They've got boards of directors, CEOs who can function without somebody in Washington telling them what they need to do every five minutes."
Trump's Strategic and Policy Forum and Manufacturing Jobs Initiative councils disbanded Wednesday after the president's controversial comments Tuesday on the white supremacist rally in Charlottesville, Virginia.
The S&P 500 traded roughly flat midafternoon Wednesday, slightly off the session's highs. The market is up 15.2 percent since Trump's Nov. 8 election victory through Tuesday.
"Investors have more confidence in Tim Cook, in Jeff Bezos than they have in anyone in the Senate, in the House or in the White House," he added.
Activist hedge fund manager Dan Loeb said on Aug. 3 the market actually rallied this year due to "global synchronized economic growth and a very accommodative global monetary structure" not on Trump's accomplishments.