  It is generally accepted that the double-scaled 1D matrix model is equivalent
to the $c=1$ string theory with tachyon condensation. There remain however
puzzles that are to be clarified in order to utilize this connection for our
quest towards possible non-perturbative formulation of string theory. We
discuss some of the issues that are related to the space-time interpretation of
matrix models, in particular, the questions of leg poles, causality, and black
hole background. Finally, a speculation about a possible connection of a
deformed matrix model with the idea of Dirichret brane is presented.
