The "Classic" 2 hour HF case study

Hello everyone.

Hoping to get some insight - for the classic 2 hour HF case study, what exactly are interviewers looking for?

I have a little bit of understanding about the case study process but I'm still just 1 year post-graduation so haven't had many experiences with this. 

I know that you typically have to build a model and then pitch the company, but the time limit is so short that I don't understand how much time should be spent on the model vs building a thesis vs anything else? What exactly would be the top things to focus on, when time is so short?

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