Legacy Ridge Capital Management, a Colorado-based hedge fund, released its mid-2026 investor letter. The letter reports strong performance, with a net return of 15.7% in the first half of the year, noting subdued volatility despite owning cyclical businesses. AI concerns and the Iran War drove market narratives. Initially, concerns over AI threatening business models negatively impacted various sectors, while hard assets like airlines and energy infrastructure gained attention. The latter narrative involved the Iran War, which disrupted global oil supply but did not cause oil prices to...
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