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Doug Kass on why he ditched Twitter

Wednesday, 7 Aug 2013 | 6:43 PM ET
Doug Kass on why he ditched Twitter
Wednesday, 7 Aug 2013 | 5:21 PM ET
Twitter has "little or no value" to long-term investors, Doug Kass of Seabreeze Partners says.

After trying out Twitter for a while, Doug Kass of Seabreeze Partners said Wednesday that the social media platform was useless to him.

"Twitter has some value to the day trader, has little or no value to the real long-term investor," he said.

On CNBC's "Fast Money," Kass explained why he left Twitter.

"I went off because I felt that the digital feed of Twitter empowers a number of mean, weak, angry, misinformed people who hide under this shroud of anonymity," he said. "To me, life is too short to be a punching bag for small people with large egos, and I concluded that it's not worth navigating through a series of sharks to get to the good fish."

(Read more: Time to get bearish on stocks: Strategist)

Kass added that many of the negative users on Twitter often had ulterior motives and sometimes were looking to sell a product that was "not worth that much."

So, why didn't he just block people instead of ditching Twitter altogether?

"Haters are capable of unblocking themselves," Kass said.

Twitter's endgame: IPO?
Discussing valuations for Twitter, and when an IPO could occur, with Dan Primack, Fortune reporter;

(Read more: Twitter 'the best tool out there' for investors?)

Turning to the overall market, Kass, a noted bear, took a note of recent gains.

"I'll start with the caveat that the last weeks has not been fun for the ursine crowd, and this is a fraternity I am unfortunately a member of," he said

Kass said that he remained net short of the market, adding that he was looking at three major factors that would likely prove his thesis correct: China, economy activity and rising interest rates.

"I'm concerned about China," he said. "We're seeing credit growth rate relative to GDP growth, it's too rapid."

Kass said that there was a risk of China experiencing a banking crisis.

(Read more: 'China is screamingly cheap': Strategist)

And a potential tapering of the Federal Reserve's bond-buying program would hit the market hard, he added.

"I think it's profoundly negative."

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.



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