The recovery in the high yield bond market since the pandemic-induced lows of March has been nothing short of astounding. However, for advisors and their clients there are still some pockets of value if you are willing to work hard, embrace some complexity, and be patient. Covid-19 hit the financial markets like a tsunami for which we were woefully unprepared. Through swift and decisive monetary action by the Federal Reserve and fiscal stimulus from the Federal Government, massive liquidity was injected into the system, along with an implicit backstop underneath risk assets.