Early on it was noticed that twisted bilayer graphene has elements in common with two paradigmatic examples of strongly correlated physics: Hubbard physics and quantum Hall physics. Indeed, twisted bilayer graphene hosts flat topological bands, but these bands host concentrated charge density, experimental signs of fluctuating magnetism, and signs of unconventional superconductivity. The emergence of fluctuating moments is particularly surprising, as localized Wannier states do not exist in topological bands. I will discuss a model for the twisted bilayer graphene flat bands that centers the concentration of charge density and, relatedly, the concentration of Berry flux. After establishing good quantitative agreement with more microscopic models, I will show how the model hosts parametrically decoupled flavor moments. These flavor moments are tied to Wannier states that are power-law delocalized, with infinite localization length, that nonetheless have parametrically small overlap with each other. I will conclude by discussing some experimental implications for this picture.