Recently, Moire engineered samples have provided a rich and controllable playground of interactions, topology, and superconductivity. In there remarkable systems, superconductivy appears at the lowest ever found electron densities. We present a full theory of the interacting insulating phases of twisted bilayer graphene around the first magic angle where the bandwidth of the “active” bands becomes very small. We show that the single particle Hamiltonian is fully anomalous: it contains stable topology for every set of bands. Furthermore, we analyze the Coulomb interaction and obtain exact insulating ground states as well as the full excitation spectrum in certain limits.