  We argue that the holographic description of four-dimensional BPS black holes
naturally includes multi-center solutions. This suggests that the holographic
dual to the gauge theory is not a single AdS_2 times S^2 but a coherent
ensemble of them. We verify this in a particular class of examples, where the
two-dimensional Yang-Mills theory gives a holographic description of the black
holes obtained by branes wrapping Calabi-Yau cycles. Using the free fermionic
formulation, we show that O(e^{-N}) non-perturbative effects entangle the two
Fermi surfaces. In an Euclidean description, the wave-function of the
multi-center black holes gets mapped to the Hartle-Hawking wave-function of
baby universes. This provides a concrete realization, within string theory, of
effects that can be interpreted as the creation of baby universes. We find
that, at least in the case we study, the baby universes do not lead to a loss
of quantum coherence, in accord with general arguments.

High Energy Physics - Theory;General Relativity and Quantum Cosmology