Banks, Fischler, Klebanov and Susskind have proposed a model for black
hole thermodynamics based on the principle that the entropy is of ord
er the number of particles at the phase transition point in a Boltzman
n gas of D0-branes. We show that the deviations from Boltzmann scaling
found in d < 6 noncompact spatial dimensions have a simple explanatio
n in the analysis of self-gravitating random walks due to Horowitz and
Polchinski. In the special case of d = 4 we find evidence for the ons
et of a phase transition in the Boltzmann gas analogous to the well-kn
own Hagedorn transition in a gas of free strings. Out result relies on
an estimate of the asymptotic density of states in a dilute gas of D0
-branes. (C) 1998 Published by Elsevier Science B.V. All rights reserv
ed.