Counting Dyons in N=8 String Theory

A recently discovered relation between 4D and 5D black holes is used to derive exact (weighted) BPS black hole degeneracies for 4D N=8 string theory from the exactly known 5D degeneracies. A direct 4D microscopic derivation in terms of weighted 4D D-brane bound state degeneracies is sketched and found to agree.