  We further analyze a recent perturbative two-loop calculation of the
expectation value of two axi-symmetric circular Maldacena-Wilson loops in N=4
gauge theory. Firstly, it is demonstrated how to adapt the previous calculation
of anti-symmetrically oriented circles to the symmetric case. By shrinking one
of the circles to zero size we then explicitly work out the first few terms of
the local operator expansion of the loop. Our calculations explicitly
demonstrate that circular Maldacena-Wilson loops are non-BPS observables
precisely due to the appearance of unprotected local operators. The latter
receive anomalous scaling dimensions from non-ladder diagrams. Finally, we
present new insights into a recent conjecture claiming that coincident circular
Maldacena-Wilson loops are described by a Gaussian matrix model. We report on a
novel, supporting two-loop test, but also explain and illustrate why the
existing arguments in favor of the conjecture are flawed.

High Energy Physics - Theory