  In the AdS/CFT correspondence, amplitudes associated to connected bulk
manifolds with disconnected boundaries have presented a longstanding mystery. A
possible interpretation is that they reflect the effects of averaging over an
ensemble of boundary theories. But in examples in dimension $D\geq 3$, an
appropriate ensemble of boundary theories does not exist. Here we sharpen the
puzzle by identifying a class of "sub-threshold" observables that we claim do
not show effects of ensemble averaging. These are amplitudes that do not
involve black hole states. To support our claim, we explore the example of
$D=3$, and show that connected solutions of Einstein's equations with
disconnected boundary never contribute to sub-threshold observables. To
demonstrate this requires some novel results about the renormalized volume of a
hyperbolic three-manifold, which we prove using modern methods in hyperbolic
geometry. Why then do any observables show apparent ensemble averaging? We
propose that this reflects the chaotic nature of black hole physics and the
fact that the Hilbert space describing a black hole does not have a large $N$
limit.
