@michaelalan
If you do your research and buy best of class then Streamer ~= DAC ~= Preamp ~= amp. Over time for me again and again my end system after an upgrade ends there. Typically my speakers will be the more expensive than my components. I’ll put 35% investment for component / speakers into speakers. I don’t include interconnects… I blow my whole budget… then as I learn about the sound of my new system and as my finances recover I start purchasing cables. My objective is to reach the maximum sound quality for my system so I can happily stay there for 7 to 10 years.
So for my headphone system my streamer $3.5K, DAC $4K, amp $5K. Main system: Streamer $22K, DAC $17K, Preamp $17K, amp $22K. I tried a $13K streamer… definitely lost a lot… I tried a $22K DAC and it was a tiny bit better, but a tiny less musical. So, it is only a rough guide.
But it also makes sense to me because another of my rules of thumb are that it takes 2x careful investment to make a “wow” that is a lot better. I find the high end audio industry is pretty competitive and if your component doesn’t outperform lessor ones, then your not in the running.