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
cd318
Your subconscious largely composed of memories also happens to be the most unreliable part of the sonic equation.

>>>>Yet memories are what allows you to hear music. You can remember words and music, no? You like a certain song because you can remember it. That’s how you can sing along in church, because you remember the words and the music. You can probably remember entire movies if you work on it a little bit. 😬 If your memory is unreliable eat more fish. 🐟 🐟 🐟 And if you’re going to pretend to be an expert on the subconscious or psychology at least provide links to support your statements. The sonic equation? 😬
geoffkait,

If you're actually interested in self education I suggest you start with the work of Sigmund Freud and then move on to that of his nephew Edward Bernays.

I don't approve of psychological shenanigans, but you as a 'businessman' might owe it to yourself.
I will tend to you later, Mr. Smarty Pants 👖 If you don’t know just say you don’t know.
Which is the most important part of a stereo system?

There isn't one. As long as there is an audiophile around to argue about it nothing else matters.