Argonaut Capital (via Market Folly) have released their May 2010 investor letter and it points to a depressing reality about the state of the U.S. recovery.

That recovery appears to have already topped out, as of Q4 2009. With stimulus funding in decline, we've already seen a fall in Q1 2010. Their projections have that number continuing to fall through 2010.

From Argonaut Capital (via Market Folly):