Twitter ‘best tool out there’ for investors?
Increasingly popular Twitter is peerless for sentiment gauging, Josh Brown of Fusion Analytics said Wednesday.
"Without a doubt, it's not going away. It's not a fad. And you're starting to see the institutional shops start to incorporate it into their process, whether for idea generation, or the way I use it, which is for sentiment gauging," he said. "I think it's the best tool out there."
Brown, who's also known as @ReformedBroker, was named the No. 1 wealth management professional on Twitter by The Wall Street Journal.
On CNBC's "Fast Money," Brown said that it was important for investors to curate their experiences.
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"You control what your Twitter experience is by virtue of whom you choose to follow and whom you choose to tune out," he added. "Quite frankly, you have more control of this medium than you do of any other, and you have control of who speaks to you and who you don't listen to."
Tim Seymour of EmergingMoney.com said that he viewed Twitter as a platform for the dissemination of information.
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"Twitter news to me is not something I can trade on immediately," he added. "It can be confusing. It can throw you just as much in the wrong direction as it can throw you in the right direction."
The homework was still crucial for investing, Seymour also said.
"I don't think if I'm trying to raise money from institution as a fund manager, and I tell them Twitter's my go-to source for information, I'm going to get a lot of money."
Seymour, who goes by @TimSeymour on Twitter, was ranked No. 16 on the Journal's list.
"I do think that's where people are trying to send their best information if they're in that business," he added. "Sometimes it's the way that they draw in more investors to say, 'I'm the guy first with this news. I'm breaking this story. I'm out there on Twitter.'"
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Guy Adami said that Twitter was something of a game-changer.
"I think it's the new tape," he said. "I think it's a great way to find trading ideas."
But being selective was important, he added.
Adami goes by @GuyAdami on Twitter.
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Dan Nathan of RiskReversal.com noted that there was "a lot of noise" on Twitter but also praised it for its speed.
"When you go to Google to search for something, you're not really getting real-time information. It had to be posted somewhere else," he said. "Twitter right now is the best source on the planet for real-time search."
That immediacy, he added, was "what's missing from the Facebook ecosystem."
Nathan goes by @RiskReversal on Twitter.
Trader disclosure: On Aug. 7, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Tim Seymour is long BAC; Tim Seymour is long TSL; Tim Seymour is long SBUX; Dan Nathan is long FB; Dan Nathan is long JCP; Dan Nathan is long BA; Dan Nathan is long VIX; Dan Nathan is short IWM; Josh Brown is long AAPL; Josh Brown is long XLU; Josh Brown is long FSLR; Josh Brown is long LULU; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long AGU; Guy Adami is long NUE; Guy Adami is long BTU; Guy Adami's wife, Linda Snow, works at Merck.