There are universal factors and personal ones, so "yes and no".
I like the way you phrased it there. That's kind of how I see it too, but I don't know how well we would agree about which factors fall into which categories.
absolutely agreed.
universal factors would be, imo, a specific area, mob, time, etc.. where loot is generally good/ok/bad for most players hunting there. also, at certain times, MA activates eco-mode (for instance, for financial reasons, lack of deposits) and loot sucks everywhere
personal factors would be your personal loot cycle. how that works is still a mistery, but i have not the slightest doubt that it exists. i also think that this personal loot cycle behaves like a skill, with a wave-like behavior, and the amplitude of this wave increases with your avatar "evolution" (it could be total skills, profession level, i don't know). so, the more higher level your avatar is, the higher the loss/gains cycles are.
another personal factor is the way the system keeps you into certain limits of tt-return for your activities.
then, you mix all factors, and there you go. a system that looks like a total random chaos, but it is far far from there.