Pimco’s Crescenzi: No Bubble in Bonds

Fears of a bubble in bonds are overblown for a few reasons, PIMCO Executive Vice President, Market Strategist and Portfolio Manager Tony Crescenzi said Tuesday on CNBC.

"Can you imagine a demographically older population wanting to going down in the capital structure, which is to say to take more risk? We can't," he said on "Fast Money."

Crescenzi said that investors' memories of past stock market crashes would keep money invested in more secure instruments.

(Read More: Goldman's Bear Market Call on Bonds)

"These types of things linger in people's minds, these types of fears," he said. "I think of a fear of my own that's lingered for a while after I saw the movie "Jaws" in the '70s and have been afraid to go in the water ever since."

Crescenzi reiterated points he made in August 2010, in a CNBC.com guest blog titled, "Bond Bubble Babble," saying that investors would continue to seek "investments deemed safe."

"The investing public – not only in the United States, but abroad – wants insurance and it wants safe assets, and the world of safe assets is shrinking," he said.

Trader disclosure: On Jan. 8, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Mike Murphy is long AAPL; Mike Murphy is long C; Mike Murphy is long TGT; Mike Murphy is long FB; Mike Murphy is short AMZN; Joe Terranova is long VRTS; Joe Terranova is long AAPL; Joe Terranova is long GS; Joe Terranova is long MS; Joe Terranova is long GLW; Joe Terranova is long DELL; Joe Terranova is long VZ; Joe Terranova is long XOM; Josh Brown is long AAPL; Josh Brown is long XBI.