[nakedshorts]

Yes, Taleb's entire life work is premised on the fact that people's mental models of probability distributions are not fat-tailed enough to match reality. He believes that such strategies should be positive in expectation (aka, should make money over the long run).

[chillacy]

The term I've heard used is Kurtosis Risk: https://en.wikipedia.org/wiki/Kurtosis_risk

[chosenbreed37]

I'd say it's even more basic than that. What I take from it is how to avoid ruin and potentially profit from the tail event. I don't see it as a means of increasing wealth even though it can have that effect. It's about preservation first and foremost.