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.