[Elecraft] TxMon and K3 (tuner bypassed) SWR missmatch

[Ron D'Eau Claire]

...The SWR on a line is determined entirely by the match between the line
and the load -- when we're transmitting, that's the antenna, and when we're
receiving, it's the receiver. And yes, it's same everywhere along the line
as long as the line is uniform -- that is, the same impedance, and with no
stubs or matching networks.

73, Jim K9YC

And the losses are low. Losses go up with increased SWR on a given
transmission line and losses reduce the SWR measured at the load. 

(I neglected to make that point in my last post and couple of sharp-eyed
readers caught it.)

73, Ron AC7AC