We discuss some properties of a supersymmetric matrix model that is th
e dimensional reduction of supersymmetric Yang-Mills theory in 10 dime
nsions and which has been recently argued to represent the short-dista
nce structure of M-theory in the infinite momentum frame. We describe
a reduced version of the matrix quantum mechanics and derive the Nicol
ai map of the simplified supersymmetric matrix model. We use this to a
rgue that there are no phase transitions in the large-iii limit, and h
ence that S-duality is preserved in the full Ii-dimensional theory.