fat tails often create fat pitches
The context was in taking the other side of the new normal argument for lower returns with lower volatility. Montier cited Mandelbrot from the 1960s in noting that fat tails often create the best opportunities.
The post is chock full of jargonny buzzwords that I tend not to use in my thought process or my writing although maybe in how I invest. I think investors can make use of the concept even if they don't use words like covariance, a word I'm pretty sure I've never used before, in daily conversation.
All investors have at least occasional moments of clarity that most people otherwise miss. If you have one or two in a lifetime you are an ordinary person, nothing wrong with that, and if you have a bunch then maybe you are someone like Jeremy Grantham or Marc Faber. You should definitely read the commentary, you can decide for yourself how or if it is useful.