This time will be different, Hayman Capital's Kyle Bass told CNBC on Thursday.
In an interview on CNBC a day after Bass, known as an outspoken hedge fund manager, made headlines for taking a stake in General Motors, he said he erred in his last big bet—J.C. Penney—because he wasn't able to predict that vendors would change terms with the retailer so quickly. He said when that happened, it was like "depositors running from a bank."
Instead, GM is poised to better compete in North America as it emerges from bankruptcy and government control, Bass said.
"What we got wrong there was the fact that the vendors could change their terms really quickly," Bass said on "Squawk on the Street." "But in this case, you have GM really—pardon the pun—hitting on all cylinders and really taking market share back in North America, one of the most profitable segments."
(Read more: Kyle Bass takes stake in 'undervalued' GM)