What is most important part of a system?


I remember reading someone saying that the most important part of a system was the source. I thought "Wrong! Speakers are the most important".
 
Now, I have changed my mind. Source is the most important part.

Right or wrong but this is how I came to this conclusion;

I have tried the same system with a CD player and a turntable. By far LP sounds better than a CD. Btw, the system had all high-end amps, speakers, cables, etc.

What is most important part of a system for you?


celo
  Great question , and some excellent responses. But gentleman are you all out to lunch ? The most important measure of any system is " DOES IT PASS THE WIFE FACTOR "! I just felt like injecting some humor 😮 . But thanks to all for a great question and some very informative responses. Happy listening , Mike B. 
Speakers.  I have some Wilson Sophias.  They sound great through my McIntosh preamp/amp setup.  And they also sound pretty good through my 30 yr old Technics 40watt integrated that I dug out of the basement and used until I found a new preamp to replace the one I had sold.  So, speakers is my answer. Hands down.
Speakers are the personality of the system.  I'd rather hear my speakers with a boombox for power/source than to hear the boombox speakers with the rest of my system for power/source.  Of course, none of us would put together either combination but you get the idea.  I'll take fine speakers with so-so electronics over the alternative. 
For me its speakers. Once you've found the pair that move you for all practical purposes your there. Improvements in everything else,  source, amp, preamp, cables, will only making them sound even better. Don't care what people say, if you start with crappy sounding speakers, no source, amp, etc... will make them sound better.
Anyone who stated source first in their list of importance please let me know what source will turn any speaker into some magical transducer . I really would like to try it ! Thanks,mike.