This paper discusses the theoretical benefits of a balanced interconnection system as well as fundamental, but widely unrecognized, mechanisms that limit real-world performance. The venerable audio transformer enjoys several inherent advantages over the so-called active circuits touted to replace it in audio equipment. Today, as system dynamic-range capabilities steadily rise, these advantages are becoming ever more important.
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https://aes2.org/publications/elibrary-page/?id=6315
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