Managers of the Defined Risk Strategy, a unique approach designed to grow and protect wealth that has outperformed the S&P 500 since 1997 on an annualized basis.

Now's a good a time to talk about it.

Virtually every portfolio manager claims to invest in a risk-controlled manner. However, investors looking at their monthly statements during the credit crisis of 2007-08 were probably wondering what happened to those risk controls as their wealth plummeted.

How were these losses possible? If both the top-down, portfolio-builders and the bottom-up, stock-picking money managers were all focused on risk, how did investors manage to lose so much money in such a short period of time?

One explanation is that there are different ways to think of and define risk.