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Quarter 4, 2017 Newsletter

Our past three quarterly letters have discussed the reasons why the stock market continues to do well. As we enter 2018, none of these reasons have changed in any meaningful way. Corporate earnings growth continues to be strong and will receive an additional boost in 2018 from the recent reduction in corporate tax rates. Earnings should also continue to benefit from a steadily improving economy. In addition, while the Fed has slowly begun the process of normalizing monetary policy through gradual interest rate hikes and a reduction in its balance sheet, the low interest-rate environment that has supported stocks in recent years is likely to continue for some time to come. Still, with the stock market at record highs and many stocks trading well above their historical averages on a price-to-earnings basis, we will remain disciplined and selective as we continue to ferret out investment opportunities.

If you would like to review our past quarterly letters, please visit our website at www.gamblejones.com and select the News tab.

Over the past couple of years, Gamble Jones has been working to increase the offerings provided to our clients. One of these new offerings is our client portal. The portal allows us to communicate more securely and efficiently with our clients, and vice versa. Clients can view their portfolios, check capital gains/losses for the year, and run various other reports that can be exported for personal use. Clients can also securely send us confidential information, such as copies of legal documents, via the portal. We plan on adding additional functionality to the portal over time. Please give us a call if you have not already set up your portal. It is a simple process, and our client service team is here to help along the way.

Through the addition of new technology, we can also now provide clients with an in-depth financial plan. A financial plan is a great tool to help identify whether you are on track to meet your financial goals, such as being financially prepared for retirement. The plan sets up a financial road map for you that can be adjusted as life changes come along. It also helps us to provide you with wealth management advice for your total financial well-being. When a financial plan is completed, you will receive a probability of success for meeting your goals based upon the current value of your assets. You will also have access to the financial plan through the portal and will be able to make necessary adjustments to the plan as your circumstances change. If you feel you would benefit from a financial plan, please contact your relationship manager.

Gamble Jones has served as a fiduciary for our clients since Mr. Gamble founded the firm in 1956. We feel it is important that our clients know what being a true fiduciary means. In the financial industry, a fiduciary is January 2018  one who has a legal obligation to act for another’s benefit before oneself. As a Registered Investment Adviser (RIA) regulated by the SEC, we stand in a special relationship of trust and confidence with our clients. While many firms that are not subject to this fiduciary duty have an inherent conflict of interest based on their compensation structure, the investment recommendations we offer must always be made in the best interests of our clients. This is an important distinction and an obligation we will always take very seriously.

On a personal note, Tom Bent has retired from Gamble Jones, effective December 31, 2017, after 33 years of service to the firm. Tom served as our president from 2007 – 2010 and was our Chairman of the Board for the six years after that. We are most grateful for his loyalty and contributions during his career.

All of us at Gamble Jones wish you and your family a happy, healthy, and prosperous new year.

Sincerely,

Gamble Jones Capital Management

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PS The Securities and Exchange Commission requires that we annually offer to our clients our Form ADV, Part II. Please contact us
should you desire a copy. Also, as a reminder, Gamble Jones does not vote Proxies for clients.
PPS If you are in a broker-directed relationship, the SEC requires us to advise you that other brokerage firms may charge lower
commissions.
PPPS Attached is a copy of our Privacy Policy.
Also, in order to comply with a section of the Investment Advisers Act of 1940, we are required to state the following: should any
change occur in the future with respect to the organization of this firm, now a corporation, we shall advise all clients whom we are
then serving of such change either prior to its effective date, or within a reasonable time thereafter; and no agreement with any client
will ever be assigned to others without the full knowledge and consent of all parties thereto. Please be assured that the foregoing is a
bureaucratic requirement. We do not anticipate nor are we contemplating the sale of Gamble Jones Investment Counsel.
PRIVACY POLICY
The respect for confidentiality by Gamble Jones Investment Counsel is stated in the Client Retention Letter
Agreement. In order to further articulate our feelings on this subject, we have developed this policy to let you
know how important your privacy is to us. We will do the utmost to maintain the confidentiality of the nonpublic
personal information you have disclosed to us. Below we have outlined how we collect your information and
how we use your information.
Gamble Jones Investment Counsel collects nonpublic personal information about you from the following
sources:
• Information we receive from you on applications or other new account forms, correspondence, or
conversations (such as your name, address, telephone number, social security number, assets, income and
date of birth); and
• Information about your transactions with us or others (such as your account number, account balance,
payment history, parties and transactions, cost basis information, and other financial information).
We do not disclose any nonpublic personal information about you.
If an individual at Gamble Jones Investment Counsel acts as trustee or co-trustee on a client account, Gamble
Jones is deemed to “have custody” of those assets. As such, those accounts are included in an annual surprise
audit, required by the SEC. Gamble Jones must provide specific private information related to those accounts
to auditors hired by Gamble Jones to fulfill the SEC’s annual surprise audit requirement. The purpose of the
audit is to provide additional client protection, and the private information given to the auditors is used strictly
for the audit. Since we are required by the SEC to provide this information, we do not offer an “opt-out” option
for our clients. However, if you would like to make changes so that we no longer have custody of any of your
assets, please notify your portfolio manager. In order to conduct business in the client’s best interest, we will
only disclose nonpublic personal information to a nonaffiliated third party upon specific client request.
Gamble Jones additionally safeguards client information by utilizing paper shredders and burn bags to dispose
of sensitive client information.
Cyber-security is of the highest priority.
If you decide to close your account(s) with us, we will adhere to the privacy policies and practices described in
this notice. Gamble Jones Investment Counsel restricts access to your personal and account information to those
employees who need to know that information to properly manage your relationship with Gamble Jones
Investment Counsel. We maintain physical, electronic, and procedural safeguards to protect your nonpublic
personal information. One of the ways in which we protect your privacy is by requiring that our employees sign
a Code of Ethics certification, which includes a confidentiality statement regarding our clients.