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You should bias transistors with currents, not voltages. When you try to measure small signal gain, you must be sure it is in the right operating point. That is why you should always use some kind of negative feedback, because there will be significant voltage offset that may put your transistors in the linear region and decrease gain. In you case, you can't be sure that the out node is in the right place, nor that your input transistor is biased correctly.