We formulate a local picture of strongly correlated systems as a Feynman sum
over atomic configurations. The hopping amplitudes between these atomic
configurations are identified as the renormalization group charges, which
describe the local physics at different energy scales. For a metallic system
away from half-filling, the fixed point local Hamiltonian is a generalized
Anderson impurity model in the mixed valence regime. There are three types of
fixed points: a coherent Fermi liquid (FL) and two classes of self-similar
(scale invariant) phases which we denote incoherent metallic states (IMS). When
the transitions between the atomic configurations proceed coherently at low
energies, the system is a Fermi liquid. Incoherent transitions between the low
energy atomic configurations characterize the incoherent metallic states. The
initial conditions for the renormalization group flow are determined by the
physics at rather high energy scales. This is the domain of local quantum
chemistry. We use simple quantum chemistry estimates to specify the basin of
attraction of the IMS fixed points.Comment: 12 pages, REVTE