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Bass, who is famous for predicting the sub-prime lending crisis, was interviewed on "Squawk on the Street" at the TIGER 21 conference, an event for high net worth investment managers in Palm Beach, Florida. He said the Fed's bond-buying program, which is aimed at stimulating stock prices and the U.S. economy, has skewed the relationship between stocks and bonds. "If the monetary base is going to continue to grow at the rate it's growing and the Fed holds rates where they are today, we've lost the correlation between stocks and bonds," Bass said, "Stocks will continue going higher if we continue printing money."

Bass suggests that investors "own productive assets," such as apartment complexes, oil wells, or global businesses that sell products in different currency areas. "If you really want to protect yourself, you put long-term fixed rate debt on these businesses," he said.