Consider yourself asked
Consider a really low output moving coil.
0.15mV?
Seems common enough - lots of people buying this sort of thing at big bucks prices.
That's 0.15mV at the 1kHz reference frequency.
A preamp should be able to do that, shouldn't it?
I mean, take a professional dynamic studio mic - same sort of output, yes?
True, so end of story...
Not so fast!
Ever heard of RIAA?
The recording curve used to squeeze the frequency range of an LP into a groove of uniform size.
What happens to the bass?
It's made smaller.
How much smaller?
Well, the constant velocity of the RIAA curve puts it at very nearly -20dB compared to its 1kHz output.
So that's 0.015mV!
Yes 15 micro-volts!
And with a source impedance of a few Ohms, you can have great fun finding anything that can amplify it with the low noise demanded. In otherwords, quite impossible.
Go on, give it a try - look up some low noise transistor tables (if you can find them these days).
Or try finding an op-amp whose equivalent input noise voltage is 60dB below 15 micro-volts with a source impedance of a few Ohms. You want 15 nano-volts. Yes, many state 15 nano volts per square root of hertz, but at 20Hz that's 67 nano volts. So you need something around 3nV/root Hz. Yes, there is one or two, but not for that source impedance - higher yes, so let's put in a series resistor!
Wrong!
Johnson's noise - that's what you get from a resistor - swamping the op-amp's noise performance!
So what about valves (tubes)?
Get away!
You'd not hear anything for the noise from a valve.
So what about transformers?
Ever heard of magnetising current?
Almost pure class B distortion if it were not for transformers rounding things off with their poor frequency response. Plodding bass results that can't keep up with the tempo.
So, go on, join the millions of gullible people forking out 800 quid-plus on a dream - a promise that isn't worth all the garbage written by all the chummy boy reviewers!
But if you increase the output to around 0.5mV you may just stand a chance.
Moving coil? High output yes! Conventional? Hi-Fi-Fo-Fum, I smell the blood of a bullshit man!