"Most "balanced" products are, in fact, single-ended inside with messy, potentially sound-corrupting conversion buffer/amplifiers at the inputs and outputs. Some components even have more amplification stages in the cold line than in the hot. Only a few products are truly balanced from input to output, but then costs escalate. For example, a true balanced preamplifier, such as the Audio Research LS5, needs a four-gang selector switch and a four-gang volume control, each section closely matched to the others."
Read more at https://www.stereophile.com/features/335/index.html#7SiFDWOf63eBjfr8.99
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