> If it's just in series you can't have a different current on the
> "in" and "out" legs of it.

Without trying to be difficult  (trust me, I don't have to try
very hard ;-)  )

If you have a diode passing a large current it will get hot.
Wouldn't this thermal energy be from the "in" current, so
the "out" will be lower than the "in" ? I understand some
junction electro-chemistry, but not that much. Surely a
diode is not a perfect conductor

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