  In this note we investigate the effective superpotential of an N=1 SU(N_c)
gauge theory with one adjoint chiral multiplet and N_f fundamental chiral
multiplets. We propose a matrix model prescription in which only matrix model
diagrams with less than two boundaries contribute to the gauge theory effective
superpotential. This prescription reproduces exactly the known gauge theory
physics for all N_f and $N_c$. For N_f < N_c this is given by the
Affleck-Dine-Seiberg superpotential. For N_f > N_c we present arguments leading
to the conclusion that the dynamics of these theories is also reproduced by the
matrix model.
