I know that this is always a spirited discussion, but will weigh in nonetheless. I am certainly of the opinion that trasnducers make the biggest impact. So cartridge and speaker are going to make the biggest difference since they are responsible for the physical-to-electric back-and-forth. I'd say don't skimp on any component, but put the big bucks on your speaker in particular. In my experience 50%+ on speakers makes the most sense. And let's not forget the importance of the speaker-room interface. Which is why I spend big on my DEQX HDP-4. Oh, so good. If DSP isn't in your cards, at least budget for sufficient room treatment. Hugely important.