A systematic analysis of large-scale fluctuations in the low-temperatu
re pinned phase of a directed polymer in a random potential is describ
ed. These fluctuations come from rare regions with nearly degenerate '
'ground states.'' The probability distribution of their sizes is found
to have a power-law tail. The rare regions in the tail dominate much
of the physics. The analysis presented here takes advantage of the map
ping to the noisy Burgers' equation. It complements a phenomenological
description of glassy phases based on a scaling picture of droplet ex
citations and a recent variational approach with ''broken replica symm
etry.'' It is argued that the power-law distribution of large thermall
y active excitations is a consequence of the continuous statistical ''
tilt'' symmetry of the directed polymer, the breaking of which gives r
ise to the large active excitations in a manner analogous to the appea
rance of Goldstone modes in pure systems with a broken continuous symm
etry.