It is an era when the belief that U.S. stocks go upward is almost like a religion.

But the latest warning from Stanley Druckenmiller, the Wall Street great who hasn’t lost a single thing in 30 years, says something else.

He believes that over the next 10 years, the U.S. stock market is likely to be trapped in a boring box like a former Korean director.

History shows that this does not sound absurd. In fact, there is a precedent for the Dow to remain flat at around 1,000 points for 16 years from 1966 to 1982.

Considering the harsh inflation at that time, the real rate of return was a disastrous negative, virtually halving of assets.

Analysts say that the bonuses of globalization, low prices, and population structure, which have driven stock prices to rise over the past 40 years, have ended and structural headwinds of high prices and aging have begun.

We cannot dare to determine the future of the market. There is also a clear possibility that the AI revolution will explode productivity and break through this crisis like it did in the 1990s.

However, it is a clear fact that masters such as Drucken Miller have recently boldly thrown big tech and quietly evacuated to real assets such as gold or copper.

Will the long-term upward trend continue in the US index, which is now prevalent?