Recent high resolution angle resolved photoemission spectra for the high temperature superconductors are analyzed on the basis of a fermi‐liquid theory of highly correlated metals. Due to the presence of large many‐body effects, the region over which typical Landau fermi‐liquid properties holds is small. The spectrum is dominated by the self‐energy variation over an intermediate range of energies, and in this region the spectrum bears a close resemblance to that found in the phenomenological marginal fermi‐liquid theory of Varmaet al.