Great Britain's decision to leave the European Union may alter the way Europe does business, but U.S. investors should not view it as a complete game changer, said Ken Fisher, executive chairman of Fisher Investments.

"I think people fear that this is the tipping point of a much bigger thing, but I seriously doubt that it is," said Fisher. "It's probably just a myopic moment when we soon return to more normal traditional senses of what we value."

Similarly, Fisher does not see the so-called Brexit's impact on the U.S. presidential race, and in turn the American economy, as being outsized either, despite parallels to Republican nominee Donald Trump's populist-driven candidacy.

"I actually don't know that over a period that most anybody cares about, like two years, the president can make that much difference anyway," said Fisher.

Fisher said central bankers have lost a lot of their power to drive the economy because they "have already spent their bullets." He said they have no ability to raise or lower interest rates and can only "jawbone," which he sees as ineffective. In the end, however, a powerless Fed is not such a bad thing in Fisher's opinion because "the less they do, the better we are."

As for what investors should do in the second half of the year, Fisher suggests they stick with domestic stocks because they tend to outperform international markets in the back half of election years. He said mature technology stocks and big pharma are the top sectors in this type of churning market environment.

In terms of individual stocks, Fisher recommended Roche (RHHBY) , which is down 9% year to date. The drugmaker has a strong pipeline in cancer drugs and is a stealth growth company, he said.

Fisher is also bullish on Dow Chemical (DOW) - Get Report , which is down 4% thus far in 2016. He said shares of the industrial chemical-maker will move higher as the company, and the market, see a pickup in earnings in the second half of the year.