We survey recent results on the exact dyon spectrum in a class of N = 4 supersymmetric string theories, and discuss how the results can be understood from the macroscopic viewpoint using AdS_2/CFT_1 correspondence. The comparison between the microscopic and the macroscopic results includes power suppressed corrections to the entropy, the sign of the index, logarithmic corrections and also the twisted index measuring the distribution of discrete quantum numbers among the microstates.
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