Linial and Morgenstern conjectured that, among all $n$-vertex tournaments with $d\binom{n}{3}$ cycles of length three, the number of cycles of length four is asymptotically minimized by a random blow-up of a transitive tournament with all but one part of equal size and one smaller part. We prove the conjecture for $d\ge 1/36$ by analyzing the possible spectrum of adjacency matrices of tournaments. We also demonstrate that the family of extremal examples is broader than expected and give its full description for $d\ge 1/16$.