Billionaire investor Stanley Druckenmiller warns there's a high probability of the stock market being flat for a decade

The stock market is likely to be flat for the next 10 years, according to billionaire investor Stanley Druckenmiller.

"There's a high probability in my mind that the market is going to be kind of flat for 10 years, sort of like this '66 to '62 time period," said the CEO of data company Palantir.

The reversal of globalization is one of the key changes. The loose monetary policies adopted by the central banks to boost growth are now being tightened.

The Federal Reserve has raised interest rates four times this year and is likely to raise them more.

"Central banks are now like reformed smokers," he said. He said that they have gone from printing a bunch of money to just slamming the brakes.

The stock market has gone into "hyperdrive" in the last decade, which will likely lead to a decline in gains in the near term.

When interest rates go up, stock markets fall. This reduces the appeal of assets that are riskier.

There is an upside to a stagnant environment.

There were companies that did well in the flat stock market of 1966 to 1982. Home Depot was founded at that time.