Help: Order of importance: Pre, Amp, DAC, speakers

Speakers
Pre
DAC
AMP

A system is a chain. The electronics preserve the detail and clarity, as well as control the dynamic snap and bass inpact that the speaker can develop.

A higher quality speaker may not necessarily shine unless all the finer points of the system are up to snuff, this means cables, power conditioning etc.

A larger floortanding speaker will generally give you more sound a bigger image and more bass. So a speaker which is one mini monitor ie the Dynaudio vs a Tannoy may not be that shocking of a difference just one of more resolution hence your experience.

In answer to your query all parts of the system are inpportant but I have allways subscribed to speaker and electronics first before cd upgrades. The better the resolution of the speakers and electronics the easier is is to hear the difference in the front end.

Speaker for personality - and more obvious.
Electronics more subtler, but ultimately more telling as realated to detail and nuance. The speaker can only be more less accurate to the source. The electronics define what is possible for the speakers. You have to start up front. That being said, there is proabably more variability betwee n speakers than between electronics.

I would say Both extremes first:
Speakers and transport.
Electronics do a good job most of them as long as you pair them correctly (an 8 watt SET and 86 db efficient speakers is a bad pair). Yes the preamp is very important, or the inexistance of a preamp...biamping also jumps you far ahead.
Most of the money should go for speakers and transport, but you have to shop around, of course you can find very expensive bad products, price is not an insurance for quality....(general rule no pun intended).

Speakers
Pre
Amp
DAC