In a simplified world, investment outcomes can be illustrated using a bell curve. In “normal” times, investment outcomes most often occur in the center of the bell – modest gains or modest losses. This is the core of most investment portfolios. In less normal times, outsized gains or losses occur. Those gains and losses are represented on the outsides or “tails” of the bell curve. Hedging against the left side of the bell is tail risk management, while exploiting the right side of the bell is tail opportunity exploitation. In reality, investment outcomes are not normally distributed. The tails tend to be “fatter”, providing extraordinary investment opportunities.