Which is the most important part of a stereo system?


My system consists of a pair of B&W 630's, an old Denon 50 watt reciever (DRA-550) from the mid 80's, a Marantz CD5004 cd player, and now a Pro-ject Debut Carbon DC Turntable.  I'm pleased with the speakers and the cd player and while the Denon sounds good it has some issues and I want to upgrade.

I'm planning on returning the Pro-ject TT and getting a higher end TT.  I'm also looking into getting a new amp pre amp with a internal DAC.

Is the source the most important? The speakers? 

Please Help!
klimt
Rbyington I get your analogy perfectly and just recently improving my source improved everything else down the line especially my enjoyment of listening to my favourite music however all source components are not created equal .
A new and improved dac didn’t do it , neither did new speakers or wires or anything else to the extent that I got from improving source components IE Innuos Zenith 3 server and the all in one box Innuos Phoenix USB regenerator, power supplies and data clock. 

Of course like a quality camera lens and choice of fine grain slide film back in the day the quality of the recording itself is equally important.


Your Ears.
7 years ago this answer would make me cold.....Now it seems the most clear revelation from my last years journey in audio with the experiments about embeddings an audio system...


Speakers+Room+ Ears are ONE......
Your subconscious. Final answer. The one variable you can’t control. 😳
Your subconscious largely composed of memories also happens to be the most unreliable part of the sonic equation.

Yet it is the one most targetted by advertising and marketing. You will see these attempts everywhere.

There are even some here on AG who seem do little other than constantly attempt to slyly divert some of the available revenue stream towards their own direction.

Nothing can beat real time listening and comparison. Everyone knows this and anybody who has done so will also know that loudspeakers make the greatest sonic difference.

No two sound alike or even close.

Not even when tested under controlled blind listening conditions.

Which other component can you say the same for?