Q2 2026 Investor Audibles: Legacy Ridge Capital, Pernas Research, Greenlight Capital

Three Q2 letters converge on AI capex durability and energy/airline resilience, while Greenlight flags SpaceX's IPO as a possible speculative-top signal.

• Legacy Ridge up 15.7%: Christopher Kelly's fund thinks AI can't disrupt hard-asset businesses (airlines, energy infra); Spirit Airlines' liquidation and rising fuel costs are rationalizing the airline industry.
• Energy security thesis: Legacy Ridge argues the Iran conflict (Brent peaked ~$126, 15-20% of global oil supply briefly shut in) structurally boosts U.S. hydrocarbon exports as reliability becomes more valuable; EQT estimates the LNG market flipped to a 3.5 BCF/day deficit.

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