  Some of the extremal black hole solutions in string theory have the same
quantum numbers as the Bogomol'nyi saturated elementary string states. We
explore the possibility that these black holes can be identified to elementary
string excitations. It is shown that stringy effects could correct the
Bekenstein-Hawking formula for the black hole entropy in such a way that it
correctly reproduces the logarithm of the density of elementary string states.
In particular, this entropy has the correct dependence on three independent
parameters, the mass and the left-handed charge of the black hole, and the
string coupling constant.
