The single-layer perovskite cobaltates have attracted enormous attention due to the recent observation of hour-glass shaped magnetic excitation spectra which resemble the ones of the famous high-temperature superconducting cuprates. Here, we present an overview of our most recent studies of the spin and charge correlations in floating-zone grown cobaltate single crystals. We find that frustration and a novel kind of electronic and magnetic nano phase separation are intimately connected to the appearance of the hour-glass shaped spin excitation spectra. We also point out the difference between nano phase separation and conventional phase separation.
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