The double-trace spectrum of N=4 SYM at strong coupling

The spectrum of IIB supergravity on AdS${}_5 \times S^5$ contains a number of bound states described by long double-trace multiplets in $\mathcal{N}=4$ super Yang-Mills theory at large 't Hooft coupling. At large $N$ these states are degenerate and to obtain their anomalous dimensions as expansions in $\tfrac{1}{N^2}$ one has to solve a mixing problem. We conjecture a formula for the leading anomalous dimensions of all long double-trace operators which exhibits a large residual degeneracy whose structure we describe. Our formula can be related to conformal Casimir operators which arise in the structure of leading discontinuities of supergravity loop corrections to four-point correlators of half-BPS operators.