The most important piece in a stereo system???


I was wondering what people think is the single most important part of a stereo system? It can be the amp, speakers, CD payer, preamp, speaker wire, cables, tweeks, whatever you name it. I just want honest opinions. What would you spend the most money on? I think most of you will either say amp or speakers. I know having all good stuff will make your system sound better, but I just want to know the single most important part. Myself I think the speakers are the most important. I look forward to reading what you think. thanks in advance.
souljasmooth
The most important part of my system is my ears. We all hear differently thats why there are some many choices of equipment and without the ability to listen the equipment is just metal, plastice, wood and wires.
Taking into account: cost, ears, and investment in time -- I would say the pre. Then, speakers -- because of expense & the rarity of finding well balanced & in-phase offerings. But without a good signal, the excellent speakers won't reproduce much, will they?
Actually, I think speakers are least important (after cabling), especially if you look for something that is musical and does not have any really obvious failings (boomy bass, harshness in top end, etc.) I would say source and pre-amp are most important, esp. these days when very good ss amps can be had for very reasonable prices.
I would also say the preamp. The preamp establishes the character of the whole system. Good speakers accurately produce what they are given. So if your electronics are have a weakness, then the speakers will reproduce the faults. Better speakers will only make that worse. I think we may overestimate the source. There are many very musically involving CD players, tuners and turntables that are not the latest technology.

I picked up a Cambridge Audio Dacmagic DAC recently to just to play around with because it was being given away ($100 with a $50 digital cable for free included). The Dacmagic is basically the guts of the CD6 single player with better power supply, etc. This thing is very musical. You just need to ignore in your head it is old Phillips bitstream technology. My 24bit player has better resolution, but it no more musical.