Taleb has an exact translation of what Paul is talking about -- Taleb would, and has, described what Paul is saying as "construct a portfolio of cheap high-risk

Taleb has an exact translation of what Paul is talking about -- Taleb would, and has, described what Paul is saying as "construct a portfolio of cheap high-risk long-dated options, each of which has a high probability of losing all of your money but also uncapped upside". "Uncapped upside" being the key, of course. Taleb's new book coming out soon will describe all this in a lot more detail -- should be very interesting.