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Definitions of fat tail:
  • noun:   A mass of fat stored in the rump of a beast as an adaption to heat and harsh environmental conditions or selection by man.
  • noun:   The relatively high probability of a relatively extreme outcome.
  • noun:   (statistics, probability) A tail of a probability distribution with significantly higher kurtosis than a normal distribution (which has kurtosis = 0).
  • noun:   (statistics, probability) A tail of a probability distribution with infinite variance.

(Definitions from Wiktionary)

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