During October the market rallied 4.3%, following the 18% drop peak-to-trough in previous months. In our view, the market remains attractive from a valuation and yield perspective, especially when compared to other asset classes. For example, the margin between the yield on equities (high) versus cash (low) remains at near GFC levels. Additionally, traditional yield plays are being challenged with REITs and infrastructure stocks now trading on lower yields than the market for the first time in over 10 years. Stocks that are tied to the domestic economic outlook have seen yields increasing. The major banks, for example, now offer a yield 10% above the decade average. Long-term investors are being rewarded via strong dividend income and leverage to equity market growth from a low base. Please find attached the latest edition of our newsletter, in which we look at Corporate Travel Management (ASX: CTD) and M2 Group (ASX: MTU).