Owns real estate for rentals (cash flow)
Owns some stocks
Owns some relatively complicated hedges against rising LT interest rates
Say you allocate 20% to stocks, 10% to gold, 70% TIPS, but opt to hold the stock and gold exposure via LETF's, perhaps holding 6.6% in 3x small cap value, 3.3% in 3x gold. A third in a 3x LETF, two-thirds in TIPS tends to replicate 100% in the 1x (underlying ETF) provided that the combination is periodically rebalanced back to target weightings - perhaps once each year or so.
Since 1972 that 20% spicier stocks (such as small cap value), 10% gold allocation 70% TIPS would have provided quite similar risk/reward to a 4x25 Permanent Portfolio (which can drop weightings as low as 15% stocks (or gold), or expand up to 35% stocks (or gold) before looking to be rebalanced back to 25% equal weightings).
For 10% total exposure to more speculative holdings (6.6% in 3x small cap, 3.3% in 3x gold), a similar risk/reward can be achieved to a less leveraged allocation (Permanent Portfolio).
With 10% in speculative, 90% safe (TIPS), you might be content to just hold such a high weighting in TIPS, or you might foresee possible risks with TIPS - perhaps taxation of inflationary uplift element or other risks, and rather than being overweight in a single risk (TIPS), you might opt to diversify that 'safe' allocation more widely, perhaps into some land, hedged conventional treasury bonds ...etc. It looks like Taleb has become less convinced of the safety of a high allocation to TIPS and has diversified that risk accordingly
Taleb says he is mainly trying to hedge inflation, but apparently doesn't trust government bonds including TIPS and I-bonds.
If, as seems reasonable - at least to me, you can achieve similar mid to longer term rewards to a 4x25 Permanent Portfolio by holding something like 20% small cap value, 10% gold, 70% TIPS, but via 6.66% 3x stock and 3.33% 3x gold, 90% TIPS, then if that 90% 'safe' is invested in alternatives to TIPS that yield better results then that would add value overall. Many TIPS at recent levels barely pace inflation and may even be lagging inflation. A piece of land might generally also rise with inflation and if the land was worked (rented or crops grown etc.) might provide a real gain on top of inflation pacing.
I personally take Taleb's Anti-Fragilty to be an indication of how its better to have assets that have inverse correlations rather than just no/low correlations. Rather than cash remaining level, stocks declining and a blend of the two declining less, if one asset zigs as another zags then the combination might counter-balance better, maybe resulting in no loss, or even a gain.
In short - a small allocation to spicier investments diversified in a manner that looks to have inverse correlations (anti-fragility), a large weighting to safe - with a more recent stance of also diversifying those safe holdings more widely rather than relying upon TIPS alone.