Local alignment of a conduction electron's spin with core spins caused
by strong ferromagnetic coupling imposes a severe restriction on the
Hilbert space. This is incorporated in a representation in which the e
lectron is a composite object. Within a mean-field approximation we fi
nd a transition from a ferromagnetic metal to a paramagnetic state at
a temperature T-c much less than T-F, the Fermi temperature, i.e., the
re is a separation of energy scales. The electron Green function exhib
its a two-fluid character: a Fermi liquid component associated with th
e ordered spins which disappears above T-c, and an incoherent componen
t with disordered spins which breaks particle-hole symmetry. Implicati
ons for manganites, which exhibit very large magnetoresistance, are di
scussed.