What is the best DAC under $2000 and why?


I'm wondering if a true bargin of a DAC is out there waiting. I have heard the Benchmark DAC is the best out there under $2000. What do you think?
ponnie
I have only heard a couple like MSB,Bel Canto,but have heard of many more at that price point.It will be system dependant as usual.Nice to get that 30 day trial.....what have you heard so far?Good luck,Bob
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Monarchy NM24 (or the tube only predecessor M24). The NM24 has tube and solid state output stages so you can switch between the two. A great DAC (and can also serve as a tube linestage) for well under $2000. Very smooth sound with no graininess or digital glare. Seek out the review by Lynn Olson on the Monarchy website.