How to handle in-house modeling/pitch interviews

A lot of funds (ranging from the Citadel/Surveyors of the world to smaller HFs) are known to put you in a room with no internet, stacks of K's and Q's and recent news and ask you to build a model & develop an investment thesis on a stock in about 3-4 hours as part of the interview process.

What is the ideal strategy for handling this kind of interview...try and get a fully balanced 3-statement model? DCF? Do you even try and build out any quarters given time constraints? Would be helpful to hear from people who have done these types of interviews.

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