The best DAC for the money

Why not just upgrade the clock and opamp.
For $200, I did it to my Marantz CD67SE and it blew away
many stock CD players in $1000 TO $2000 retail price range.
Even better than the seperate DAC.

I don't really believe in mods if the original design is not up to your demands. It can be improved, but adding of new caps (what many mods do) but... I'd rather go mod something that is already very well designed. After clock and opamp there are too much other factors.

For the money you can't beat a Cal Audio Alpha. I see them used for 350+/- reguarily. This tube DAC has a slightly forward midrange and is just magnificent for vocals and small jazz groups. I prefer it in that aspect to my BAT.

I really like my $250 Nixon DAC.

I wouldnt monkey with a DAC...if u factor in interconnects, jitter issues, etc...I would simply go with an improved CD unit...however....that last %5 or less in sonic improvement will cost you 4 or 5 times what the NAD costs....but its your call...the NAD is not the end all...but it is very musical for the money...