Let $P \neq I$ be a projection operator in a hilbert space, that is $P^2 = P$. Does there exist an operator $A$ such that $PAP$ is invertible?
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$\DeclareMathOperator{\Ima}{Im}$ No, since $\Ima PAP \subseteq \Ima P \subsetneq H$ so $PAP$ cannot be surjective.
mechanodroid
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The assumption was $P \ne I$. – mechanodroid Sep 18 '17 at 08:13
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If $P\equiv 0$ then for any $A$ we have $PAP\equiv 0$ hence such $A$ need not tu exist.