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Many URLs contain an ampersand '&', and work perfectly well in all browsers. When you try to validate the code you get an incomprehensible error message about "entity &xyz not defined". The validator is less forgiving (that's its job!) and requires that you replace the & by its escaped form, '&'.
I believe that this is the commonest question about validation that we see here. Sure stumped me when I started on that path ;)
Because an image is an image, it's not text. A picture of an angle-bracket is not an angle-bracket. The correct way of putting text on a web page is to use text on a web page, not pictures of text.
[martine.org...]