What is the best DAC under $2000 and why?

Add $500 more and you can combine a great dac with a killer transport all rolled into one- Raysonic 168. The balanced tube out is so good I eliminated a $3K preamp

The Kora Hermes at slightly over $1000 used is a great buy IMO.

Much more natural sounding to my ears than the Benchmark.

Based on my experience (which I have not listened to the Benchmark but one or two times) is the Kora Hermes, which I think is a terrific DAC and the MF Trivista, both at used prices right around $1K.

I have a Monarchy NM24 and it sounds great after i retubed it. Not bad stock.....but the circut is clean and with the option of both SS and tube dac and a LS for about $1100 discounted it's hard to say no. BTW I'm going to try some Mundorf supremes to replace the stock Wima coupling caps...it is supposed to be a stunner.

The Benchmark DAC is one of the best examples of equipment that "measures good" and sound amusical around.

The MHDT DACs, all of them, are stellar bargains (and all best the Benchmark), and the Wavelength Brick is superb as well.

I have owned the Benchmark, two MHDT DACs, and all three Wavelength DACs.