  We describe a universal element in the group algebra of symmetric groups,
whose characters provides the counting of quarter and eighth BPS states at weak
coupling in N=4 SYM, refined according to representations of the global
symmetry group. A related projector acting on the Hilbert space of the free
theory is used to construct the matrix of two-point functions of the states
annihilated by the one-loop dilatation operator, at finite N or in the large N
limit. The matrix is given simply in terms of Clebsch-Gordan coefficients of
symmetric groups and dimensions of U(N) representations. It is expected, by
non-renormalization theorems, to contain observables at strong coupling. Using
the stringy exclusion principle, we interpret a class of its eigenvalues and
eigenvectors in terms of giant gravitons. We also give a formula for the action
of the one-loop dilatation operator on the orthogonal basis of the free theory,
which is manifestly covariant under the global symmetry.
