  We present a phenomenological, two-fluid approach to understanding the
magnetic excitations in Fe pnictides, in which a paramagnetic fluid with
gapless, incoherent particle-hole excitations coexists with an
antiferromagnetic fluid with gapped, coherent spin wave excitations. We show
that this two-fluid phenomenology provides an excellent quantitative
description of NMR data for magnetic "122" pnictides, and argue that it finds a
natural justification in LSDA and spin density wave calculations. We further
use this phenomenology to estimate the maximum renormalisation of the ordered
moment that can follow from low-energy spin fluctuations in Fe pnictides. We
find that this is too small to account for the discrepancy between ab intio
calculations and neutron scattering measurements.
