My findings, from 30 years in the hobby, are quite at odds with the general consensus expressed thus far. I find that the distortions in speakers and cartridges (transducers) are generally consonant with the fabric of the music itself and find the distortions in electronic components, such as amps, preamps, CD players, etc. to be electronic in nature and destructive to the fabric of the music. The violence done to the signal by electronics is grating and amusical. So, for me, I'd always upgrade the electronics first.
Marty
Marty

