Nasdaq · CIK 0001158114
AAOI APPLIED OPTOELECTRONICS, INC.
Insider trading from SEC Form 4. Last filing 6 d ago. Close $109.64 on Oct 9, 2026, +463% from the 52-week low and -51% from the high.
APPLIED OPTOELECTRONICS, INC. (AAOI) has 141 SEC Form 4 filings on file from 12 insiders, the latest filed on Oct 7, 2026. In the last 90 days insiders made 0 open-market buys worth $0 and 3 open-market sells worth $4.7M, net -$4.7M.
73 open-market trades have been scored at AAOI. The newest: Shu-Hua (Joshua) Yeh (*** See Remarks) sold $720k of stock on Oct 5, 2026, filed Oct 7, 2026, scored 16 (weak), under a 10b5-1 plan. The largest of the 50 shown: Cynthia DeLaney (director) sold $11M on May 26, 2026, scored 65 (notable). 2 insiders sold within 14 days of each other around Sep 10, 2026.
AAOI closed at $109.64 on Oct 9, 2026, 463% above its 52-week low and 51% below its 52-week high.
25 Form 144 notices of planned sales are on file, the latest filed Mar 19, 2026.
Last 90 days
Price and insider trades, last year
Daily candles, adjusted for splits and dividends. Green arrows are insider buys, red are sells, sized by value. Click a marked bar to open the signal.Charts by TradingView Lightweight Charts™
Signals
Open-market buys and sells at APPLIED OPTOELECTRONICS, INC., scored: the newest 50 of 73.
| Score | Insider | Value | Holdings | Price context | Filed |
|---|---|---|---|---|---|
| 16Weak | Shu-Hua (Joshua) Yeh *** See Remarks sell | $720k 6,000 shares | -2% | +524% from low-46% from high | |
| 26Weak | Stefan J. Murry Chief Financial Officer sell | $421k 4,000 shares | -1% | +430% from low-54% from high | |
| 53Moderate | Hung-Lun (Fred) Chang *** See Remarks sell | $3.5M 32,172 shares | -11% | +472% from low-50% from high | |
| 35Weak | Shu-Hua (Joshua) Yeh *** See Remarks sell | $1.0M 6,000 shares | -1% | +730% from low-27% from high | |
| 40Moderate | Hung-Lun (Fred) Chang *** See Remarks sell | $6.9M 40,329 shares | -12% | +897% from low-25% from high | |
| 55Moderate | Hung-Lun (Fred) Chang *** See Remarks sell | $5.7M 34,000 shares | -9% | +993% from low-24% from high | |
| 60Notable | David C Kuo *** See Remarks sell | $4.9M 29,227 shares | -16% | +993% from low-24% from high | |
| 65Notable | Chih-Hsiang (Thompson) Lin President and CEO sell | $9.8M 59,000 shares | -4% | +993% from low-24% from high | |
| 62Notable | Stefan J. Murry Chief Financial Officer sell | $5.5M 33,000 shares | -8% | +993% from low-24% from high | |
| 55Moderate | Shu-Hua (Joshua) Yeh *** See Remarks sell | $4.8M 28,826 shares | -7% | +993% from low-24% from high | |
| 38Weak | Stefan J. Murry Chief Financial Officer sell | $686k 4,000 shares | -1% | +1032% from low-22% from high | |
| 55Moderate | Shu-Hua (Joshua) Yeh *** See Remarks sell | $2.1M 10,000 shares | -2% | +1212% from low-9% from high | |
| 52Moderate | Hung-Lun (Fred) Chang *** See Remarks sell | $800k 4,000 shares | -1% | +1044% from low-21% from high | |
| 55Moderate | Min-Chu (Mike) Chen director sell | $1.7M 8,247 shares | -5% | +1208% from low-9% from high | |
| 65Notable | Cynthia DeLaney director sell | $11M 56,575 shares | -49% | +1052% from low-20% from high | |
| 55Moderate | Hung-Lun (Fred) Chang *** See Remarks sell | $5.8M 33,630 shares | -8% | +1011% from low-23% from high | |
| 55Moderate | David C Kuo *** See Remarks sell | $3.3M 19,227 shares | -9% | +1011% from low-23% from high | |
| 65Notable | Chih-Hsiang (Thompson) Lin President and CEO sell | $10M 58,000 shares | -3% | +1011% from low-23% from high | |
| 62Notable | Stefan J. Murry Chief Financial Officer sell | $5.7M 33,000 shares | -7% | +1011% from low-23% from high | |
| 55Moderate | Shu-Hua (Joshua) Yeh *** See Remarks sell | $6.8M 39,154 shares | -8% | +1011% from low-23% from high | |
| 37Weak | Stefan J. Murry Chief Financial Officer sell | $638k 4,000 shares | -1% | +1099% from low0% from high | |
| 21Weak | Stefan J. Murry Chief Financial Officer sell | $546k 4,000 shares | -1% | +1399% from low0% from high | |
| 65Notable | David C Kuo *** See Remarks sell | $2.9M 29,000 shares | -26% | +914% from low-20% from high | |
| 60Notable | Hung-Lun (Fred) Chang *** See Remarks sell | $3.6M 36,400 shares | -13% | +836% from low-26% from high | |
| 34Weak | Stefan J. Murry Chief Financial Officer sell | $451k 4,000 shares | -1% | +1099% from low0% from high | |
| 55Moderate | William H Yeh director sell | $1.6M 15,000 shares | -6% | +1001% from low0% from high | |
| 40Moderate | Shu-Hua (Joshua) Yeh *** See Remarks sell | $4.9M 50,000 shares | -13% | +1001% from low0% from high | |
| 75Notable | Min-Chu (Mike) Chen director sell | $1.2M 11,335 shares | -50% | +851% from low-7% from high | |
| 44Moderate | Richard B Black director sell | $307k 3,231 shares | -2% | +906% from low-1% from high | |
| 60Notable | Cynthia DeLaney director sell | $2.1M 21,000 shares | -15% | +892% from low-3% from high | |
| 75Notable | Elizabeth G Loboa director sell | $9.8M 102,347 shares | -83% | +849% from low-7% from high | |
| 31Weak | Stefan J. Murry Chief Financial Officer sell | $300k 5,980 shares | -2% | +414% from low0% from high | |
| 33Weak | David C Kuo *** See Remarks sell | $1.0M 20,000 shares | -15% | +382% from low0% from high | |
| 34Weak | Stefan J. Murry Chief Financial Officer sell | $899k 18,020 shares | -6% | +382% from low0% from high | |
| 22Weak | David C Kuo *** See Remarks sell | $541k 12,000 shares | -9% | +350% from low0% from high | |
| 10Weak | Stefan J. Murry Chief Financial Officer sell | $2,311 66 shares | -0% | +268% from low-10% from high | |
| 13Weak | Stefan J. Murry Chief Financial Officer sell | $134k 3,934 shares | -1% | +236% from low-18% from high | |
| 28Weak | David C Kuo *** See Remarks sell | $502k 12,500 shares | -9% | +304% from low-1% from high | |
| 40Moderate | Elizabeth G Loboa director sell | $125k 4,121 shares | -3% | +198% from low-27% from high | |
| 28Weak | Stefan J. Murry Chief Financial Officer sell | $126k 4,000 shares | -1% | +248% from low-15% from high | |
| 36Weak | David C Kuo *** See Remarks sell | $45k 2,000 shares | -1% | +123% from low-49% from high | |
| 48Moderate | Che-Wei Lin director buy | $100k 4,609 shares | +2% | +109% from low-52% from high | |
| 59Moderate | Chih-Hsiang (Thompson) Lin President and CEO buy | $174k 8,075 shares | +0% | +109% from low-52% from high | |
| 50Moderate | Stefan J. Murry Chief Financial Officer sell | $268k 12,000 shares | -4% | +123% from low-49% from high | |
| 45Moderate | Hung-Lun (Fred) Chang *** See Remarks sell | $358k 15,784 shares | -6% | +129% from low-48% from high | |
| 59Moderate | Min-Chu (Mike) Chen director buy | $172k 7,500 shares | +50% | +129% from low-48% from high | |
| 64Notable | Chih-Hsiang (Thompson) Lin President and CEO buy | $423k 18,600 shares | +1% | +127% from low-48% from high | |
| 57Moderate | William H Yeh director buy | $406k 18,000 shares | +8% | +129% from low-48% from high | |
| 11Weak | Stefan J. Murry Chief Financial Officer sell | $82k 3,000 shares | -1% | +188% from low-34% from high | |
| 7Weak | Stefan J. Murry Chief Financial Officer sell | $32k 2,000 shares | -1% | +70% from low-61% from high |
Planned sales
Form 144 notices filed before a sale of restricted or control stock, newest first. The sale itself usually reaches a Form 4 within days. All planned sales
| Filed | Seller | Shares | Value | Sale date | Past 3 months |
|---|---|---|---|---|---|
| Mar 19, 2026 | Kuo David C Officer | 29,000 0.04% of outstanding | $2.9M | Mar 19, 2026 | $2.0M |
| Mar 16, 2026 | Chang Hung-Lun (Fred) Officer | 36,400 0.05% of outstanding | $3.6M | Mar 16, 2026 | none |
| Mar 10, 2026 | Murry Stefan J. Officer | 4,000 0.01% of outstanding | $451k | Mar 10, 2026 | $1.5M |
| Mar 9, 2026 | Yeh William H Director | 15,000 0.02% of outstanding | $1.6M | Mar 9, 2026 | none |
| Mar 9, 2026 | Yeh Shu-Hua (Joshua) Officer | 50,000 0.07% of outstanding | $4.9M | Mar 9, 2026 | none |
| Mar 6, 2026 | Chen Min-Chu (Mike) Officer | 15,000 0.02% of outstanding | $1.5M | Mar 6, 2026 | none |
| Mar 5, 2026 | BLACK RICHARD B Director | 3,231 0.00% of outstanding | $307k | Mar 5, 2026 | none |
| Mar 4, 2026 | Cynthia DeLaney Director of Board | 21,000 0.03% of outstanding | $2.1M | Mar 4, 2026 | none |
| Mar 3, 2026 | Loboa Elizabeth G Director | 102,347 0.14% of outstanding | $9.8M | Mar 3, 2026 | none |
| Feb 11, 2026 | Kuo David C Officer | 17,467 0.03% of outstanding | $876k | Feb 11, 2026 | $1.2M |
| Feb 11, 2026 | Murry Stefan J. Officer | 17,673 0.03% of outstanding | $884k | Feb 11, 2026 | $574k |
| Feb 10, 2026 | Kuo David C Officer | 2,533 0.00% of outstanding | $127k | Feb 10, 2026 | $1.0M |
| Feb 10, 2026 | Murry Stefan J. Officer | 6,327 0.01% of outstanding | $311k | Feb 10, 2026 | $262k |
| Jan 28, 2026 | Kuo David C Officer | 12,000 0.02% of outstanding | $541k | Jan 28, 2026 | $502k |
| Jan 13, 2026 | Murry Stefan J. Officer | 1,000 0.00% of outstanding | $35k | Jan 13, 2026 | $227k |
| Jan 12, 2026 | Murry Stefan J. Officer | 3,000 0.00% of outstanding | $101k | Jan 12, 2026 | $126k |
| Dec 29, 2025 | Kuo David C Officer | 12,500 0.02% of outstanding | $502k | Dec 23, 2025 | none |
| Dec 15, 2025 | Loboa Elizabeth G Director | 4,121 0.01% of outstanding | $124k | Dec 15, 2025 | none |
| Dec 10, 2025 | Murry Stefan J. Officer | 3,000 0.00% of outstanding | $91k | Dec 10, 2025 | none |
| Aug 15, 2025 | Murry Stefan J. Officer | 12,000 0.02% of outstanding | $268k | Aug 15, 2025 | $114k |
| Aug 15, 2025 | Kuo David C Officer | 2,000 0.00% of outstanding | $45k | Aug 15, 2025 | none |
| Aug 13, 2025 | Chang Hung-Lun (Fred) Officer | 15,784 0.03% of outstanding | $357k | Aug 13, 2025 | none |
| Jul 16, 2025 | Murry Stefan J. Officer | 3,000 0.01% of outstanding | $82k | Jul 16, 2025 | $71k |
| Jun 11, 2025 | Murry Stefan J. Officer | 2,000 0.00% of outstanding | $33k | Jun 16, 2025 | $137k |
| May 16, 2025 | Murry Stefan J. Officer | 2,000 0.00% of outstanding | $39k | May 16, 2025 | $147k |
Transactions
The newest 50 of 306 rows filed, every code.
| Date | Insider | Transaction | Shares | Price | Value | Holdings after | Filed |
|---|---|---|---|---|---|---|---|
| Oct 5, 2026 | Shu-Hua (Joshua) Yeh *** See Remarks | SOpen-market sale Common Stock, $.001 par value10b5-1 | -6,000 | $120.03 | $720k | 371,498 | 6 d ago |
| Sep 15, 2026 | Richard B Black director | GGift Common Stock, $.001 par valueindirect: By Trust | -2,200 | $0.00 | $0 | 159,092 | 26 d ago |
| Sep 10, 2026 | Stefan J. Murry Chief Financial Officer | SOpen-market sale Common Stock, $.001 par value10b5-1 | -4,000 | $105.33 | $421k | 367,168 | 33 d ago |
| Sep 8, 2026 | Hung-Lun (Fred) Chang *** See Remarks | SOpen-market sale Common Stock, $.001 par value | -32,172 | $110.21 | $3.5M | 249,276 | 33 d ago |
| Jun 18, 2026 | Shu-Hua (Joshua) Yeh *** See Remarks | SOpen-market sale Common Stock, $.001 par value10b5-1 | -6,000 | $171.89 | $1.0M | 394,207 | Jun 18, 2026 |
| Jun 17, 2026 | Hung-Lun (Fred) Chang *** See Remarks | SOpen-market sale Common Stock, $.001 par value10b5-1 | -40,329 | $170.60 | $6.9M | 286,124 | Jun 18, 2026 |
| Jun 12, 2026 | Chih-Hsiang (Thompson) Lin President and CEO | FTax withholding Common Stock, $.001 par value | -86,655 | $172.78 | $15M | 1,361,436 | Jun 16, 2026 |
| Jun 12, 2026 | David C Kuo *** See Remarks | FTax withholding Common Stock, $.001 par value | -19,065 | $172.78 | $3.3M | 178,305 | Jun 16, 2026 |
| Jun 12, 2026 | Stefan J. Murry Chief Financial Officer | FTax withholding Common Stock, $.001 par value | -30,330 | $172.78 | $5.2M | 417,576 | Jun 16, 2026 |
| Jun 12, 2026 | Hung-Lun (Fred) Chang *** See Remarks | FTax withholding Common Stock, $.001 par value | -27,297 | $172.78 | $4.7M | 360,453 | Jun 16, 2026 |
| Jun 12, 2026 | Shu-Hua (Joshua) Yeh *** See Remarks | FTax withholding Common Stock, $.001 par value | -23,397 | $172.78 | $4.0M | 429,033 | Jun 16, 2026 |
| Jun 12, 2026 | Shu-Hua (Joshua) Yeh *** See Remarks | SOpen-market sale Common Stock, $.001 par value | -28,826 | $166.53 | $4.8M | 400,207 | Jun 16, 2026 |
| Jun 12, 2026 | Hung-Lun (Fred) Chang *** See Remarks | SOpen-market sale Common Stock, $.001 par value | -34,000 | $166.53 | $5.7M | 326,453 | Jun 16, 2026 |
| Jun 12, 2026 | David C Kuo *** See Remarks | SOpen-market sale Common Stock, $.001 par value | -29,227 | $166.53 | $4.9M | 149,078 | Jun 16, 2026 |
| Jun 12, 2026 | Chih-Hsiang (Thompson) Lin President and CEO | SOpen-market sale Common Stock, $.001 par value | -59,000 | $166.53 | $9.8M | 1,302,436 | Jun 16, 2026 |
| Jun 12, 2026 | Stefan J. Murry Chief Financial Officer | SOpen-market sale Common Stock, $.001 par value | -33,000 | $166.53 | $5.5M | 384,576 | Jun 16, 2026 |
| Jun 10, 2026 | Stefan J. Murry Chief Financial Officer | SOpen-market sale Common Stock, $.001 par value10b5-1 | -4,000 | $171.45 | $686k | 447,906 | Jun 11, 2026 |
| Jun 9, 2026 | Richard B Black director | AGrant or award Common Stock, $.001 par value | +1,166 | $0.00 | $0 | 165,529 | Jun 11, 2026 |
| Jun 9, 2026 | William H Yeh director | AGrant or award Common Stock, $.001 par value | +1,166 | $0.00 | $0 | 239,985 | Jun 11, 2026 |
| Jun 9, 2026 | Min-Chu (Mike) Chen director | AGrant or award Common Stock, $.001 par value | +1,166 | $0.00 | $0 | 162,219 | Jun 11, 2026 |
| Jun 9, 2026 | Cynthia DeLaney director | AGrant or award Common Stock, $.001 par value | +1,166 | $0.00 | $0 | 60,813 | Jun 11, 2026 |
| Jun 9, 2026 | Che-Wei Lin director | AGrant or award Common Stock, $.001 par value | +1,166 | $0.00 | $0 | 254,672 | Jun 11, 2026 |
| Jun 9, 2026 | Robert James Flanagan director | AGrant or award Common Stock, $.001 par value | +1,166 | $0.00 | $0 | 1,166 | Jun 11, 2026 |
| Jun 5, 2026 | Hung-Lun (Fred) Chang *** See Remarks | SOpen-market sale Common Stock, $.001 par value | -4,000 | $200.07 | $800k | 387,750 | Jun 8, 2026 |
| Jun 4, 2026 | Shu-Hua (Joshua) Yeh *** See Remarks | SOpen-market sale Common Stock, $.001 par value | -5,000 | $204.75 | $1.0M | 457,430 | Jun 8, 2026 |
| Jun 4, 2026 | Shu-Hua (Joshua) Yeh *** See Remarks | SOpen-market sale Common Stock, $.001 par value | -5,000 | $205.39 | $1.0M | 452,430 | Jun 8, 2026 |
| Jun 2, 2026 | Min-Chu (Mike) Chen director | SOpen-market sale Common Stock, $.001 par value | -8,247 | $201.00 | $1.7M | 161,053 | Jun 4, 2026 |
| May 28, 2026 | Chih-Hsiang (Thompson) Lin President and CEO | GGift Common Stock, $.001 par valueindirect: By Lin Family Investment Holdings LLC | -85,790 | $0.00 | $0 | 807,602 | Jun 1, 2026 |
| May 28, 2026 | Chih-Hsiang (Thompson) Lin President and CEO | GGift Common Stock, $.001 par valueindirect: By Thompson Lin Family Trust | +85,790 | $0.00 | $0 | 85,790 | Jun 1, 2026 |
| May 28, 2026 | Chih-Hsiang (Thompson) Lin President and CEO | JOther Common Stock, $.001 par valueindirect: By Lin Family Investment Holdings LLC | -721,812 | - | - | 807,602 | Jun 1, 2026 |
| May 28, 2026 | Chih-Hsiang (Thompson) Lin President and CEO | JOther Common Stock, $.001 par valueindirect: By Thompson Lin Family Trust | +721,812 | - | - | 807,602 | Jun 1, 2026 |
| May 26, 2026 | Cynthia DeLaney director | SOpen-market sale Common Stock, $.001 par value | -56,575 | $189.23 | $11M | 59,647 | May 28, 2026 |
| May 15, 2026 | Hung-Lun (Fred) Chang *** See Remarks | AGrant or award Common Stock, $.001 par value | +224,199 | $0.00 | $0 | 452,677 | May 19, 2026 |
| May 15, 2026 | Chih-Hsiang (Thompson) Lin President and CEO | AGrant or award Common Stock, $.001 par value | +711,743 | $0.00 | $0 | 2,400,348 | May 19, 2026 |
| May 15, 2026 | David C Kuo *** See Remarks | AGrant or award Common Stock, $.001 par value | +156,583 | $0.00 | $0 | 235,661 | May 19, 2026 |
| May 15, 2026 | Stefan J. Murry Chief Financial Officer | AGrant or award Common Stock, $.001 par value | +249,110 | $0.00 | $0 | 515,236 | May 19, 2026 |
| May 15, 2026 | Shu-Hua (Joshua) Yeh *** See Remarks | AGrant or award Common Stock, $.001 par value | +192,170 | $0.00 | $0 | 509,512 | May 19, 2026 |
| May 19, 2026 | Hung-Lun (Fred) Chang *** See Remarks | FTax withholding Common Stock, $.001 par value | -27,297 | $190.36 | $5.2M | 425,380 | May 19, 2026 |
| May 19, 2026 | David C Kuo *** See Remarks | FTax withholding Common Stock, $.001 par value | -19,064 | $190.36 | $3.6M | 216,597 | May 19, 2026 |
| May 19, 2026 | Chih-Hsiang (Thompson) Lin President and CEO | FTax withholding Common Stock, $.001 par value | -86,655 | $190.36 | $16M | 2,313,693 | May 19, 2026 |
| May 19, 2026 | Stefan J. Murry Chief Financial Officer | FTax withholding Common Stock, $.001 par value | -30,330 | $190.36 | $5.8M | 484,906 | May 19, 2026 |
| May 19, 2026 | Shu-Hua (Joshua) Yeh *** See Remarks | FTax withholding Common Stock, $.001 par value | -7,928 | $190.36 | $1.5M | 501,584 | May 19, 2026 |
| May 19, 2026 | Hung-Lun (Fred) Chang *** See Remarks | SOpen-market sale Common Stock, $.001 par value | -33,630 | $173.26 | $5.8M | 391,750 | May 19, 2026 |
| May 19, 2026 | David C Kuo *** See Remarks | SOpen-market sale Common Stock, $.001 par value | -19,227 | $173.26 | $3.3M | 197,370 | May 19, 2026 |
| May 19, 2026 | Chih-Hsiang (Thompson) Lin President and CEO | SOpen-market sale Common Stock, $.001 par value | -58,000 | $173.26 | $10M | 2,255,693 | May 19, 2026 |
| May 19, 2026 | Stefan J. Murry Chief Financial Officer | SOpen-market sale Common Stock, $.001 par value | -33,000 | $173.26 | $5.7M | 451,906 | May 19, 2026 |
| May 19, 2026 | Shu-Hua (Joshua) Yeh *** See Remarks | SOpen-market sale Common Stock, $.001 par value | -39,154 | $173.26 | $6.8M | 462,430 | May 19, 2026 |
| May 11, 2026 | Stefan J. Murry Chief Financial Officer | SOpen-market sale Common Stock, $.001 par value10b5-1 | -4,000 | $159.53 | $638k | 266,126 | May 13, 2026 |
| Apr 22, 2026 | Shu-Hua (Joshua) Yeh *** See Remarks | FTax withholding Common Stock, $.001 par value | -2,553 | $150.57 | $384k | 319,498 | Apr 24, 2026 |
| Apr 22, 2026 | David C Kuo *** See Remarks | FTax withholding Common Stock, $.001 par value | -2,053 | $150.57 | $309k | 80,610 | Apr 24, 2026 |
Insiders
Everyone who has filed a Form 4 here.
- Richard B Blackdirector
- Hung-Lun (Fred) Chang*** See Remarks
- Min-Chu (Mike) Chendirector
- Cynthia DeLaneydirector
- Robert James Flanagandirector
- David C Kuo*** See Remarks
- Che-Wei Lindirector
- Chih-Hsiang (Thompson) LinPresident and CEO
- Elizabeth G Loboadirector
- Stefan J. MurryChief Financial Officer
- Shu-Hua (Joshua) Yeh*** See Remarks
- William H Yehdirector
Questions about AAOI
Answered from the filings on this page, as of the latest one.
Are insiders buying AAOI?
As of Oct 7, 2026, SEC Form 4 filings show 0 open-market buys worth $0 by 0 insiders and 3 open-market sells worth $4.7M by 3 insiders at APPLIED OPTOELECTRONICS, INC. in the last 90 days, net -$4.7M. Only purchases (code P) and sales (code S) count; grants, option exercises and tax withholding do not.
Who was the last insider to trade AAOI on the open market?
Shu-Hua (Joshua) Yeh (*** See Remarks) sold $720k of AAOI on Oct 5, 2026 and filed the Form 4 on Oct 7, 2026. InsiderTell scored 16 (weak), under a 10b5-1 plan.
How many insiders file Form 4 at APPLIED OPTOELECTRONICS, INC.?
12 people have filed a Form 4 at APPLIED OPTOELECTRONICS, INC., among them Richard B Black (director), Hung-Lun (Fred) Chang (*** See Remarks), Min-Chu (Mike) Chen (director). Officers, directors and holders of more than 10% of a share class must report their trades within two business days.
Not investment advice. Scores and forward returns are decision support built from public SEC filings and past prices; they describe what happened after comparable filings, not what will happen after this one. Do your own research and size your risk.