"But we still have three tough innings to go, maybe four," he warned, adding that emerging markets will "see a lot more pain before things are okay."
Bass had a lot to say about the B.R.I.C. countries.
"You look at Brazil, and the [carwash] scandal goes all the way to the President...It is a complete disaster with corruption," he said. Bass believes that until the country roots out its corruption, the country "will keep going south."
Russia faces issues related to "Putin's global chess moves" and international sanctions.
Bass, meanwhile, called India a "semi-bright spot" in the grouping of countries, but didn't delve deeper.
China, lastly, is "the big one," according to the hedge fund manager. Bass cited the country's non-performing loan growth as the key issue to watch.