Hamiltonian Truncation (a.k.a. Truncated Spectrum Approach) is a numerical
technique for solving strongly coupled QFTs, in which the full Hilbert space is
truncated to a finite-dimensional low-energy subspace. The accuracy of the
method is limited only by the available computational resources. The
renormalization program improves the accuracy by carefully integrating out the
high-energy states, instead of truncating them away. In this paper we develop
the most accurate ever variant of Hamiltonian Truncation, which implements
renormalization at the cubic order in the interaction strength. The novel idea
is to interpret the renormalization procedure as a result of integrating out
exactly a certain class of high-energy "tail states". We demonstrate the power
of the method with high-accuracy computations in the strongly coupled
two-dimensional quartic scalar theory, and benchmark it against other existing
approaches. Our work will also be useful for the future goal of extending
Hamiltonian Truncation to higher spacetime dimensions.Comment: 28pp + appendices, detailed version of arXiv:1706.0612