We treat two aspects of the physics of stationary black holes. First we prove
that the proportionality, d(energy) ~ d(area) for arbitrary perturbations
(``extended first law''), follows directly from an extremality theorem drawn
from earlier work. Second we consider quantum fluctuations in the shape of the
horizon, concluding heuristically that they exhibit a fractal character, with
order lambda fluctuations occurring on all scales lambda below M^{1/3} in
natural units.Comment: 18 pages, plainTeX, 2 postscript figures (Figures for automatic
inclusion are in a separate file which you should receive with the .tex file.
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