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I believe it has been exactly answered by LvW in post #12. The capacitor cancels the negative feedback provided by the emitter resistor. The capacitor doesn't cause the distortion. Distortion is caused by the nonlinear transistor characteristic and reduced by negative feedback.my question as to why the capacitor accross RE causes more distortion is not answered fully.
Your distortion is 100 times higher than hi-fi but is much lower than mine because your output level is much less than mine and you are feeding the input through a series resistor that creates a current signal input instead of my voltage signal input.It is never as simple as it seems.
Your two-transistor design is in the mainstream of discrete audio pre-amplifiers, utilizing two up to four transistors with overall feedback. They can provide stable gain, little sensitivity to parameter variations and low output impedance (if required). I think it's better to use the additional transistors as amplifier stages than current sources.Now it is very close to being "high fidelity". Adding a little more negative feedback for a little less gain will do it.
Many years ago a preamp with low distortion was made with only two transistors.
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