Small Black holes vs horizonless solutions in AdS

It is argued that the appropriate macroscopic description of half-BPS mesonic chiral operators in generic $d=4$ ${\cal N}=1$ toric gauge theories is in terms of the geometric quantization of smooth horizonless configurations. The relevance of different ensemble macroscopic descriptions is emphasized : lorentzian vs euclidean configurations as (semiclassical) microstates vs saddle points in an euclidean path integral.