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
In a sense, everyone above to me seems to have a good point. But basically its the weakest link, isn't it and finding it will make all the difference. Apart from that, although I very much agree with what RCprince has pointed out, to my experience it have been the speakers. Only after finding the right dipoles, I've been really happy with my system.
Cheers to all and compliments of the season!
-Agree w/ Groovetuber and Audiocaptain, all links are important, some are easier than others to get a passing result with when you throw them into a system. The music (a whole 'nother can of worms), the recording and the ears and brain of the listener are at least as important. There are lots of audiophiles and high end dealers who have expensive gear and pathetcally mediocore cd or record collections. The average $10k system/Great material/ great recording/ receptive listener. ALWAYS beats a $100k system w/ most poular music/ a run of the mill recording in front of not very absorbent (most) listeners. I wish this wasn't true. A lot of great musicians who make excellent recordings make zero or next to zero $$ because of this.
I think all of the pieces are equally important, so I think that you should start with one piece that you really know and like the sound of: (speaker,amp, pre-amp,or cd player), then build the rest of your system around it to get the sound that you are looking for. One piece of equipment in your chain can drastically change the sound you are seeking, so audition carefully around the piece that you have selected to start with, and when your finished, you will have a sound that you should truly enjoy.
The most important component is the weakest link component. Could be anything from cables(not likely but possible) to input source to speakers to your room's accustics.

One disagnostic I use is to purchase a very good set of headphones. This elliminates the room, speakers, amp, and some cables from the question. If the headphones sound much better then your speakers then you have a weak link in speakers or amp.....

Got to separate the variable.