Puzzles at Large N

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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.
7 pages, 4d puzzle resolved by a comment of O. Aharony. The paper deals with the puzzle in the 2d case

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