What's a Salian Event That Destroys a Narrative?

One popular narrative right now is we're not in a bubble because the fan magstocks are actually good businesses with high margins and very high growth. Other things other than the fan max stocks might be a bubble, but not the fan mags. And i think you just need a few of these really salian events to have such a dramatic shift. There's got to be some way to test that, or run machine learning,. But i would be fascinated to see it.