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Hmmm... in their three theses, they include:

"We stay underweight DM equities " in #1 and "We are strategically overweight DM equities." in #3?

DM Equities = Developed Market Stocks

How do they both underweight and overweight? Is this like having "tea" and "no tea" at the same time to demonstrate superior intelligence?

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The language is with respect to investment time horizons for each given risk consideration, i.e. tactically underweight due to the "recession foretold" not being fully priced in yet, but strategically modest overweight based on estimate that "the overall return of stocks will be greater than fixed-income assets over the coming decade" in the face of stickier inflation.

The PDF playbook is structured to make this abundantly clear.

yeah that part is strange. One of those has got to be a typo. Unless they are trying to point out that these are conflicting forces ?

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