Puzzles at Large N
  We consider the AdS/CFT correspondence in the context of 2d CFT and find that essentially all ``single particle'' primary fields with higher spin, predicted from the CFT side are missing from the Kaluza-Klein excitations of the AdS supergravity. The high mass extension of these missing states gives rise to the macroscopic entropy of extremal 5d black holes. 
Cumrun Vafa