Your assessment categorizes this perfectly as a narrative fallacy, where past events are retroactively fitted into a causal chain. A critical distinction here is between a recovery trajectory and a sustained competitive advantage; the former is a one-time event, while the latter requires ongoing, structural superiority. This is further highlighted by sector-specific recoveries, where, for instance, the tech stock rebound in 2020 heavily skewed overall portfolio performance narratives, often masking underlying weaknesses in other sectors.