Peter Ponzo (“Pietro”), also known as **“gummy”**, created a large number of tutorials after his retirement from the University of Waterloo. It is an honour to provide an archive of that body of work, which is known as “**gummy-stuff**“. It comprises a total of 466 tutorials on a variety of financial and non-financial topics.

The tutorials table below contains all the original gummy’isms, i.e. spelling and grammar mistakes are gummy’s.^{1} If you want a nostalgic view of gummy’s “gummy-stuff”, click **here**.

**Tip:** Your browser search function (press `Ctrl`+`F` ) can be used to find specific topics of interest.

## The tutorials

Please note that gummy’s original disclaimer still applies:

EVERYTHING ON THIS SITE [the gummy-stuff tutorials] MAY BE COPIED, CIRCULATED, DISTRIBUTED, IGNORED, RIDICULED, etc. without seeking my approval but please indicate the source (that’s me)

— Peter Ponzo, aka Gummy

Tutorial | Comments |
---|---|

about these TUTORIALS |
Just some explanatory notes … |

the spreadsheets |
Where you can find them … |

Ichimoku | Ichi-who? |

Mortgages | in Lower Slobbovia |

MIRR | That’s IRR, fiddled. |

IRR | … revisited |

from Open to High | How High, eh? |

Flight Levels | Calculating altitude from air pressure |

the Blake Ritual | Price Persistence, eh? |

Bit Torrent | Huh? |

Drops: Close to Open | Then what? |

Stock Tracking | Watch prices changes |

Darvas boxes | … or gummy boxes? |

Back to the Future | Comparing to the past |

Pillow Stock | Put your $$ under a pillow (?) |

Monthly Returns | How’d they go? |

Mutual Funds | Canadian, eh? |

OLED | Organic LEDs |

Milankovitch | … and his cycles. |

a Time Machine | Huh? |

VDX | Remember this guy? |

moving CAGR | How they change, eh? |

Earthquakes | How to measure ’em |

BIG gains? | When were they? |

Searching for stock patterns | Find your favourite! |

Stock down, then up, then … | … time to buy? |

January predicts | … maybe |

Jensen’s alpha | Best (?) performers |

Avatar | … the movie |

A stock screener | … sorta |

Computers | What I larned |

S&P500 | Average daily volume (?) |

Fund Data | Download interesting stuff |

Investors … | … how do they think? |

Stock Indexes | yet another one (or two?) |

Photons | Huh? |

Halloween | Scary … or what? |

Irrationality | … in decision-making |

Lithium | Huh? |

Monthly returns | Distributed … how? |

Central Limit Theorem | A classy result! |

Levy | Another distribution. |

a Coal Index | Make your own Index |

Guess! | Guess the stock price. |

Stocks & Ellipses | Interesting containment, eh? |

Correlation between 2 stocks | Useful … maybe? |

Buying Strategies | Invent your own! |

Percentages | Huh? |

Gain-Loss Spread | Another risk measure |

Candlestick Combos | Find ’em! |

a coin flippin strategy | Buy on Heads, Sell on Tails |

Following the Trend | a Buy & Sell ritual |

Which Price to use? | Open? Close? (1/3)Open + (2/3)Close? |

Another candlestick | a la Heikin-Ashi |

Poker Odds | Texas Hold’em, eh? |

Standard Error(s) | Trying to understand the K-Ratio |

CORDIC stuff | How do computers calculate? |

some Calculators | How long to double? Triple? |

the High/Low Oscillator | … fiddled. |

a Quiz | to see if’n you been listening. |

Dividends | … historical. |

Musings | (Brought on by old age?) |

Exchange Rate | … historical. |

200-day MA | Simplest Moving Average |

Turtle Trading | What is it? |

DOW futures | What are they? |

Smile! | Do volatilities smile? |

Volatilities | … for 30 stocks (or more). |

Selling Calls | Covered … and out-of-the-money |

Go to sleep | … and wake up to a profit. |

Financial meltdown | … and what to buy? |

Portfolio Evolution | Random and Actual: compared |

Missing the best days | … or the worst |

Buy & Sell | Do it yourself calculations |

Option things | Necessary CAGR to make money? |

Safe Withdrawal Rates | Quick & Dirty |

Stock Attractor | regression line as a magnet |

More on Correlations | Correlation Babel … |

Market Musings | a look at the past (and future?) |

Candlesticks and Crashes | Can you find a pattern? |

Mkt Crashes | … a la Sornette |

gEMA Moving Average | Another moving average ??? |

Monte Carlo | … while you’re investing |

Gains & Losses | The bestest and worstest. |

the DOW vs the World |
Does the DOW influence world markets? |

a Duffing oscillator | Market waves … and chaos. |

Other Moving Averages |
There are jillions of ’em !! |

Bonds? Stocks? | Take your pick. |

Predicting next month | Is there a “best” predictor? |

Path Volatility | Different route, different volatility |

the Chaikin Oscillator | … and Volume Flows |

India Stocks | … an attempt to download from BSE or NSE. |

ETFs | … and their Net Asset Value |

Wavelets | Build a time series with wavelets |

penny Stocks | They can be fun!! |

DSO | Daily Stock Oscillation |

Predicting Highs & Lows | The search for “cousins” |

DSA#2 | yet another Daily Stock Activity |

Technical Analysis | … a few TA things, charted. |

Historically Compare | … then predict the future. |

ACB | an Adjusted Cost Base calculator |

Download | Open, High, Low & Closing prices |

ADX | Average Directional Movement thing |

CAGR & Drawdown | Is there a relationship? |

CAGR & Volatility | Is there a relationship? |

Correlations, correlations … | Which one to use? |

DSA | Daily Stock Activity (?) |

Buy & Sell | a Strategy that (sometimes) works |

Volatility Pumping | … to Beat the Market, eh? |

Portfolio Contests | This is great fun! |

Rent? | … or keep the house? |

Risk, eh? | What is this thing called “Risk”?? |

Drawdown | It was worser in the past |

Historical Comparison | Does the present look like the past? |

Rebalancing | Yes or No? |

Return on Investments | IRR or XIRR or what? |

a Modified Bollinger | Bollinger Bands revisited |

Money Management | How much to Buy … or Sell? |

Donchian Channels | Identifying UP- and DOWN-trends |

the Ulcer Index | An ulcer-generating risk measure |

Market Crashes | Can they be predicted? |

Fed Rates | … and the probability of a change |

Expense Tracker | … might be a handy spreadsheet (?) |

Multiple Downloads | Download a bunch of stock prices |

the Stock and the Pillow | What allocation Pillow? |

gDOW | another DOW Index |

Black Swans | Huh? |

DMA | Displaced Moving Average |

Sectors | a la Fidelity |

Kalman filter | linear estimation |

Asset volatility | Good or Bad? |

Stock Talk | Listen to stock info. |

Contour plots | courtesy of FundTalker |

Return Data | … to play with. |

Backtesting | A neato spreadsheet! |

a bug? | … in XIRR |

Buy or Rent? | Take your pick! |

downsideBeta | downside Who? |

Regression stuff | Can you trust historical data? |

R-squared | … and causal relationships. |

Portfolio Tracker | A simple tracker. |

Sister Stocks | Try to find ’em ! |

Correlations? | between Prices or Returns? |

ATP | All Time Periods |

Stock Charts | Stock Charts: a collection |

Drawdown | … as a measure of risk. |

Short Interest | Pretty selling-short pictures |

Stochastic Dominance | What is it? |

Serial Correlation | … and Monte Carlo |

Capital Gains & Dividends | Tax considerations |

Multiple download | Make your own calculations! |

Ito & Options | What’s a Call option worth … in the future |

Trade Log | Keep track of your trades |

g-Risk | Another kind of “risk” |

maxima | … for tougher Math !! |

eigenMath | Let it do your Math !! |

Your Portfolio | … versus an Index. |

Five year analysis | Best days? Best months? |

Correlations | … between 30 stocks. |

What Returns? | There are SO many of ’em ! |

Net Present Value | What is it? |

Multiple Returns | … and fictitious returns! |

Toss 10,000 coins | just to see what happens |

Sortino Ratio | versus Sharpe ratio |

Trends | and when they Ends |

Loans | and Newton’s Method |

Volatility | and correlation with the Market |

Buy in the Fall | and Sell in the Spring |

SAD | worst months – by country |

Canadian Returns | and “safe” withdrawals. |

Exchange Rates | a spreadsheet. |

Noise in stock returns | How to measure it? |

Stocks go Up & Down | … but how often? |

DCA | … or all-at-once? |

Predicting stock prices | … using the Laplace distribution. |

30 stocks | Download and construct a portfolio |

Buy & Sell signals | … using candlesticks. |

Monte Carlo | Which returns to use? |

TrafficLights | When to Buy, Sell or Hold |

Predicting Prices | … and other stuff |

Average Returns | Do you trust ’em? |

Average True Range | … and a fiddled version |

Moving Averages | a spreadsheet to play with |

Gann charts | … or the Square of Nine |

PCA | |

Risk, eh? | What is it? |

ODE | a differential equation (?!) |

Making Money | (Just kidding!) |

Market Down | Probability of price decreases, eh? |

Momentum | An investment strategy (maybe) |

MFI | Money Flow Index |

Velocity of Trades | Moving to a price target (maybe) |

Price Probabilities | and related stuff |

Pairs Trading | The long and short of it |

A.I.M. | A Buy & Sell strategy |

Linear Regression | … for umpteen variables |

Pivot Points | and resistance and support levels |

Time Weighted Returns | What are they? |

Covariances | … a spreadsheet |

an option problem | What’s the annualized return? |

Black-Litterman | a model for asset allocation |

Yield stuff | Buy this … or that? |

MC stuff | Monte Carlo for a dozen stocks |

very safe withdrawals | … guaranteed! |

YTD | … and XIRR |

DGIS | Dividend Growth Investment Strategy |

IRR | … and NPV |

Stock Splits | Then what? |

re-Ordering annual returns | and then what? |

Perfect Correlation | How to get it, eh? |

Spearman Rank Correlation | again! |

Copulas | … more of ’em |

Correlations | and Copulas! |

2 stocks | and Monte Carlo |

Raff regression | to identify trends |

Active or Passive | Which Fund is better? |

Sam retires | … and plays with Monte Carlo |

PV | a Present Value problem |

Coin tossing | … and Reversion to the Mean |

P&F charts | Huh? Whazzat? |

CEFs | Closed End Funds |

rMA | Another moving average |

Stock Data | Download & Calculate |

Returns formula | Test your formula(s) ! |

PE Ratios | and Bond Rates |

Risk | … and volatility |

Candlesticks | Fun stuff!! |

Hikkake | and candlestick |

Risk | ≠ Standard Deviation !! |

Deletions | Deleting the best and worst days |

Hurst exponent | What is it? |

Implied Volatility | versus Historical |

RS indicator | … and other ratios |

What’s hot? | and what’s Not? |

EMA | … the magic formula (?) |

Time Diversification | What is it? |

reBalancing | … good or bad? |

Aroon Indicator | When is the stock gonna go up (or down)? |

Templeton | 22 investment maxims |

Doom & Gloom | Is it justified? |

options | in the money |

Volatility | and the square-root-of-time |

gRANK | … revisited |

Colouring | … financial things |

hedging | to reduce volatility, eh? |

Johnson curves | … and probability distributions |

regret | What is it !&$%#@? |

the Stutzer Index | to rank a portfolio |

YTD | … and XIRR |

Buy an annuity | A good idea … or not. |

Deja vu | … all over again |

Coherent Risk | What is it! |

Maximum Withdrawals | |

world’s worst investor | … that’s ME! |

E10-P stuff | |

E10/P | E10/P and Safe Withdrawal Rate(s) |

TV stuff | about them new fangled TVs |

Seasonality | Do prices depend upon the season? |

Nobel Prize | … for 2003 |

myPortfolio | Well … your portfolio |

a Contest | a Portfolio Contest spreadsheet |

Weekly Stuff | stock stuff, weekly |

Options | … and Volatility |

Stock Stuff | stock … stuff |

PreMarket | … and predicting the opening price |

Fat Tails | … and how to get ’em |

Parabolas | fitting them to stock prices |

Bonds | … and Interest Rates |

Returns and Volatility | … the effect of volatility on CAGR |

gRANK | … revisited |

Asset Correlation | … and diversification |

a Game | Play the Efficient Frontier game |

reSampling Efficiency | reSampling the Efficient Frontier |

Omega | … a characteristic of distributions: Gain / Loss |

Pensions | … and Life Annuities |

Liquidity | Amivest Liquidity Ratio |

Put Options | What’s the Break Even ? |

XIRR | XIRR and ROR stuff |

Approximation | approximation to Normal/Lognormal distributions |

FOREX | Trading in Foreign Exchanges |

Monte Carlo | Should we believe MC predictions? |

forecasting | An attempt at forecasting |

GMS | Geomagnetic Storms (and the markets) |

sorta VA | Variations on Value Averaging and DCA |

SWR | More on Safe Withdrawal Rates (!) |

gDX | Variations on a theme |

Constant Returns | When are they better? |

Put/Call Ratios | Do they predict market movement? |

Bayes’ Theorem | … and (maybe) the Market |

reordering | What happens when you reorder returns? |

Covariance | … and Correlation and R-squared stuff |

SWR | “Safe” withdrawal rates (again) |

FOREX | Download Foreign Exchange Rates from Yahoo |

Stock stuff | Get a bunch of data on a stock |

beta | Don’t trust it (?) |

CAGR | Annualized Returns. |

VDX | VDX … and other stuff |

Stocks and Bonds | What’s the meaning of a “best” mix? |

EPS | Forecasting EPS … maybe |

Another Distribution | … with fatter tails |

Zweig’s Rule | Zweig’s 4% (and other) Rules |

Return Distributions | Generating Return Distributions |

WWW | A (wee) history of the World Wide Web |

Future Prices | Predicting future prices :^) |

Wilshire 5K / GDP | Yet another ratio to see if the market is overpriced. |

Call Options | Which to buy ? |

Bernoulli | Lift, on an airplane wing |

download | download a webpage to Excel |

Bachelier | the Father of Financial Stuff |

to Mars | launch an Explorer to Mars :^) |

forecasting | Predicting moving averages etc. |

XIRR, not Dietz | Don’t do the Dietz! |

DCA vs LumpSum |
DCA over 12 months, eh? |

Williams %R | Buy & Sell a la Williams |

Beta | Beta and the “Best line” fit to data |

Spearman Correlation | Looking for common trends |

Bollinger | About Bollinger Bands |

Special Sum | Volatility of the sum of n stock prices |

gRANK | Assorted PEG-type Ratios |

Huh? | How many trades to win? |

Gold! | Gold: is it cheeep? |

RTM | Reversion to the Mean (?) |

Oktoberfest | October … again! |

Another strategy | A withdrawal strategy. |

Buying for less | Effect on your annual return. |

Fractals | Fascinating stuff! |

XIRR | Comments on calculating portfolio returns. |

a Coverup? | … interesting questions … |

Cointegration | Identifying trends & stuff |

Monte Carlo | … random musings |

a Small World | … ain’t it? |

Relativity | Einstein says … |

the DOW goes up (down) | How often does the DOW go up N days-in-a-row? |

Inflation | incorporating inflation |

Monte Carlo | a simple-minded Monte Carlo spreadsheet |

Cash in an Annuity | Converting (some) annuity to a lump sum payment? |

CPI | Inflation and REAL returns |

Bond Convexity | Whatzzat? |

Standard Deviation | SD of Returns vs SD of Prices |

Reordering Returns | … then what? |

SWRs | Safe Withdrawal Rates (again!) |

Portfolio | Track your portfolio investments |

Sharpe Ratio | Maximize allocations a la Sharpe Ratio … maybe! |

Retiring? | List your expenses |

Safe Withdrawals | This topic … again! |

Median Returns | Calculate the median return (maybe) |

Sam and Sally | Die early … and live it up! |

VA | More Value Averaging (!) |

Ito Calculus | Random stuff: stochastic processes, Brownian motion, Black-Scholes … |

Simple Download | Download data |

Derivatives | What are they? |

Withdrawals | Max Rate of Withdrawal … and Life Expectancy |

Miscellany | Some financial calculation rituals … |

Asset Allocation | … and John Nash |

Sector Rotation | Is there a good strategy? |

RESPs | Education Saving Plans |

Value at Risk | Whatzzat? |

Reincarnation | A strategy to make a killing … |

Do the Dietz | Modified Dietz Return calculations. |

Asset Allocation | The “best” mix … maybe. |

Stock/Bond ratio | The “best” mix … maybe. |

PEG Ratios | What do they mean? |

Elliott Waves | Ride the Waves ! |

Crashes | Market Waves … and crashes ! |

Waves | Finding periodicity in stock prices … or NOT |

Kurtosis | Skew and Kurtosis – whattzat? |

Rebalance-when? | Is there a best time? |

Santa Claus | Does St. Nick have a rally? |

Kelly Ratio | How much to invest in your next trade? |

Moving Averages | Find the best (maybe :^) |

ODEs | Differential Equations |

Distribution | Stock Returns … Normal? Lognormal? What? |

Stock Prices | Distribution of Stock Prices (maybe) |

Ratio Call Writing | Write Calls, Buy the Stock |

a Magic Sum | It’s magic, eh? |

Approximations | Approximations to portfolio evolution. |

Coin tossing | Toss a coin … and get your return! |

Return Predictor | Using historical returns as predictors |

Rebalancing Bonus | The bonus in rebalancing (?) |

Portfolio Blues | DOWN she goes, UP she goes … |

Bond Calculators | Play with a calculator or three |

Allocations | Play with (historical) allocations |

Download data | a neat way to get Yahoo data |

Option stuff | … just a comment or two … |

Monte, again | Monte Carlo … again!? |

Bond Ladders | What kind of financial equipment is it? |

DCA and VA | Dollar Cost and Value averaging |

CAPM | a Capital Asset Pricing Model |

Dividend Discount | What price, stock? |

Asset Concentration | Should you concentrate on one Asset Class? |

Utility Theory | Your personal optimization? |

Option Strategies | What’s the probability of losing? |

Life Expectancy | … and Life Annuities |

Latin Hypercube | another method to sample returns |

Stock Evolution | the Binomial Distribution … and stock growth |

Black-Scholes | the Black-Scholes option pricing formula |

Risks & Rewards | Another Risk / Reward Ratio |

Risk/Reward Ratio(s) | How many are there? |

Try an annuity | Should you buy an annuity? |

Save for Retirement | Part II … it ain’t easy !! |

Maximum Withdrawals | the Maximum Rate of Withdrawal is … what? |

Sensible Withdrawals | Safer withdrawals … and more Monte Carlo. |

Asset Correlation | Is correlation good or bad? |

P/E & Bond Rates? | Is the market over-priced? |

Growth vs Value |
Optimal (golden) Ratios |

Growth vs Value |
Slice and Dice … |

Bonds | Some stuff on Bonds |

another Frontier | … to minimize Risk |

Efficient Frontier | … to minimize Volatility |

Passive or Active MFs | Take your pick! |

Another distribution | Take your pick! |

Equal-weighted Indices | Better or worser? |

Monte Carlo simulation | a spreadsheet by the Count of Monte Carlo |

Normal/Lognormal | Which is the better fit to market returns? |

Random? | Are the markets random? |

Volume weighting | include VOLUME in Moving Averages: ADX=>VDX |

R-squared and Best Fit | Covariance, Correlations and Beta. |

Mutual Fund figures | How does YOUR gain compare to the Mutual Fund – or The DARK SIDE of DCA |

Rotation | Rotating Portfolio components. |

Life Expectancy | Drop dead … when? |

a Strategy | a Strategy to avoid big losses … maybe. |

Invest Early | Start investing early … for your retirement. |

Bond Yields | an Inverted Yield curve predicts a recession? |

Re-Balancing | Sell the good stuff to buy the bad. |

the Rule of 72 | How long to double, triple? |

Reversion/Regression | Does Reversion to the Mean apply to the market? |

P/E ratio | What’s P/E … and how to get one for an Index? |

Stocks & Bonds | Is there a “best” mix? |

Annualized Return | How to calculate it. |

Rate of Return | How to calculate it accurately … and Dietzly. |

Mean, Annualized & SD | What’s the relation? |

Average Gains | Think “Annualized”, not “Average”. |

a Random Walk | What is it? |

Save for Retirement? | What fraction of your salary should you save? |

Safe(?) Withdrawals | You’re retired: What’s a Safe Withdrawal rate? |

about Risk? | Risk, Volatility and Standard Deviation. |

What’s RISK? | Risk Measures … or “A Mathematician’s Folly” |

a Break Even Strategy | Trying to Break Even in the market :^) |

Market Indexes | How to calculate ’em. |

Best and Worst Months | The effect of missing the “best” or “worst” months?OR Market Timing: good or evil? |

Portfolio Growth/Decay | How does your Portfolio grow: Constant & Random gains. |

Value Averaging | How does it compare to DCA: Dollar Cost Averaging? |

Excel charting | A spreadsheet: how I chart. |

HTML Praxis | Hyper Text Markup Language: The language of the Net. |

HTML overview | The language of the Net: a summary |

Technical Analysis | Investing … by the charts. |

Lessons in C | What I larned about this $!@*&% computer language. |

Years to Zero | How long will your portfolio last? (the MATH) |

Mortgages | How much do you pay? (the MATH) |

Life Annuities | How much do you get? (Approximately!) |

Volume-weighted Averaging | The average price paid for a stock. |

a Wave Theory | Do stock prices have periodicity? |

Adjusted Cost Base | How to calculate this guy. |

LIF Maxima | How to calculate this guy. |

Leveraging | Borrow to invest? How much does it cost? (the MATH) |

Bond Duration | What is it?! (the MATH) |

Invest inside or outside an RRSP | (the MATH) |

Biotech Stock Valuation | How much is a biotech stock worth? |

Best Fit | Fitting “the best” straight line to some data. |

DCA Part 1 | Dollar Cost Averaging. |

DCA Part 2 | Dollar Cost Averaging … for masochists. |

Geosynchronous satellites | Where are they? |

the DOW index | How now? |

Computers | a (wee) History of Computers |

the Mathies | hardly a tutorial … but wee bios of famous mathematicians. |

Calculus | a course. |

about Call Options | What I larned ’bout trading in Options. |

Vedic math | A fascinating way to do math |

## Buying a CD

It’s been several years since Gummy mailed the first gummy-stuff CD. Because the website has changed dramatically since then, he has had a few requests for the latest version, from previous buyers. Some fella said “he’d like to buy a CD when I’m finished”. To which Gummy replied “I said I’d be finished when I drop dead … but then, so would gummy-stuff.”

Gummy’s not dead yet but he has decided that the easiest way to provide the latest version of the site to interested parties is to have us host an archive of the site. If you want the whole thing in compressed form, download the gummy-stuff zip file.

#### Notes

1. In the table above, gummy’s choices of colours and fonts have been removed to conform with current standards. The table is presented in its original order. There is no intention to update the actual tutorials. Have you looked at the HTML source? We have.