“…3 The phase diagram, with doping x, shows many interesting phases, 1,2,4 including a "Curie-Weiss metal," A-type antiferromagnetism ͑ferromagnetic layers stacked antiferromagnetically͒ and an "insulating" phase seen only at x = 0.5. The latter phase is particularly puzzling as many probes ͓including resistivity, 4 optical conductivity, 5 and angle-resolved photoemission spectroscopy ͑ARPES͒ 6 ͔ suggest that it is insulating, however, Shubnikov-de Haas oscillations are also observed 7 suggesting the state is metallic. The aims of this paper are to present a simple variational theory of A 0.5 CoO 2 , where A = Na, Rb, or K, and to attempt to reconcile these seemingly contradictory experiments.…”