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.