Bass cautioned against Trump making a deal with Beijing without requiring reforms. Allowing the country to "buy some soybeans" and continue to "pillage us by stealing from us every year" would be "the dumbest deal Trump's ever done in his life," Bass said. "I know he's done some humdingers," Bass added.
But investors continued to find China an appealing place to invest despite lack of a deal that reinforced respect for intellectual property and other changes to how the government acts toward U.S. businesses.
"Again, Wall Street can't wait to invest more money in China because all we see is profits at the end of the line," Bass said.