The company recently completely reversed their investment orientation and expressed a great deal of optomism in the future with Trump as President. They are not short term thinkers so they must have thought stocks had many years of solid returns ahead.
Go back over the calls. I think you'll find that's not what they thought, not what they said, and not how they acted. They said Trump would kick start animal spirits in the US economy, which reduced the global depression risk for which they were hedged. So they took the hedges off. They were quite explicit that they were
not bullish on equities as a whole, and they acted accordingly, keeping vast amounts of cash. Instead, they said they thought it would be a good stockpicker's market, with good individual stock opportunities. I took this to mean they expected more volatile internals.
I'd argue they've been more or less spot on so far, but the point is their major action was to take off the hedges, not to go all-in on stocks generally.