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This paper presents a simple, straightforward analysis of a Foster-Seeley discriminator. Because this analysis differs from the classical approach, it can be seen that there are two distinct sources of distortion. These sources are the resonant circuit of the discriminator and the output portion of the circuit. An analytic proof of the linearity of the output portion is given. It is shown that the resonant circuit is the dominant source of distortion and that it may be minimized by proper selection of circuit components.