Like the first Pearl, the input stage inverts the phase of the signal. Unlike the first Pearl, the second stage is non-inverting, with the result that the output of the phono stage inverts phase. If you care about absolute phase, some accommodation must be made in the system to see to it that the absolute phase at the loudspeakers is correct. If none of your other circuits inverts, then you would need to either reverse the speaker leads or the cartridge leads.
