For me, it all depends on my stack and my opponents. If I'm short stacked when we get to 4 players, I play tight and hope two of the others will clash and get me into the money. Then I pick a spot and try to double up. I won't play so tight that I let myself get blinded off though.
If I have a lot of chips when we get down to 4 players, I'm all about playing aggressively. Of course, when I say aggressive, I don't mean crazy. I will raise frequently preflop to try to pick up blinds and force the short stacks to start taking risks, but I'm not going to push all my chips in with a bad hand and double anyone else up.
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