Equivalent circuit — the series
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Exact outside and wrong within
Six elements reduce to one source and one resistor that no load can distinguish from them: the same voltage into every load across six decades, to the last bit of a double. The reduction is wrong about the heat by a factor of forty-three, and with nothing connected it says the network is dissipating nothing while it burns 48 milliwatts.
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The resistor that is not made of the resistors
Exact outside and wrong within reduced six elements to one source and one resistor and found the resistor two ways that agreed to the last bit. Put a dependent source in the network and one of those routes stops working, because setting the sources dead kills the independent ones and leaves the dependent one where it is. On a bootstrap of two ten-kilohm resistors the Thévenin resistance runs from five kilohms through infinity to minus ten, the open-circuit voltage of a five-volt source reaches 225, and above one gain the equivalent's resistor is negative — which the netlist refuses to stamp, correctly, because a negative resistance is a controlled source and not a resistor.
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The pole that crosses with the resistance
A bootstrap's Thévenin resistance passes through infinity and turns negative at a gain of two. Put one nanofarad at its node and the network has one natural frequency, −G/C to a part in a million: −200 thousand per second with no gain, zero at A = 2, +100 thousand at A = 3. The gain at which the pole crosses is the gain at which the resistance changes sign — for this network. Loaded by a resistor it crosses at one plus R₂ times the sum of the conductances to ground, so a negative resistance is stable across a smaller load and not a larger one; a lag in the source slows the growth and does not move the crossing; a tank on the node turns the runaway into a 30.5 kHz oscillation once its coil is below about 1.5 Ω; and with an inverting source the resistance is positive at every gain and the node still oscillates beyond A = −16.
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The reduction that stays finite
The bootstrap's Thévenin pair diverges at A = 2: its resistance and its open-circuit voltage both pass through infinity and the solve that finds them refuses. Its Norton pair does not. The short-circuit current is Vs/R₁, 0.5 mA, at every gain to a part in a billion, and the conductance is a straight line through zero. A bench that drives a current and reads a volt loses the network for every gain from 1.992 to 2.008; a bench that drives a volt and reads a current sees it to a nanosiemens throughout. A 0.1% error in the gain moves the conductance by a constant 0.1 µS and the resistance by an amount that diverges at the pole — and four hundred bootstraps built from 0.1% parts to sit on it have conductances within ±0.3 µS of zero and resistances that are a median 10.6 MΩ, 196 of them negative.