The physics of materials with strong electronic correlations is remarkably rich and complex. To this day there is no universal theory that enables one to understand or make predictions of the properties of these materials. In correlated materials, charge, spin, orbital and lattice degrees of freedom result in competing interactions. These lead to phase transitions and the emergence of exotic phases including the pseudogap state in high-Tc superconductors and manganites, charge stripes in cuprates, and heavy fermion liquids.