Do you belong more to souce first or to speakers first school of thought ?

What Ralph didn't add to that and I will - It's also got to be tube preamp! He thinks exactly the same, including about phono preamps, but simply decided not to say it.

Another +1 (or more) to @atmasphere  !

Speakers first, no question for me.

Typical distortion levels for even the very best speakers are full percentages.  For electronics, it is fractions of percentages.

Both.  Both have to be as high of quality, for the least $ possible. Thats my philosophy.  I Sell gear, so I have hundreds of pieces. I regularly switch out components to upgrade and try different combinations. I have 3 racks:

1. a complete ADCOM rack in my basement shop - hooked to cornwalls and Bozaks 302’s. Due to size of speaks-i dont change this at all.

2. bedroom rack: Dynaco pas3x/ST70 combo & Yamaha MX830/CX1000 preamp; ads1230's & CalRad's 12" coaxials (amazing!); Onkyo C-7030; Tice conditioner; Akai digital tuner; Cambridge Black Magic 100 DAC; BT unit

3. downstairs BR/music room: Yanaha M80 & dbx BX-3(badass!!) amps; new to me: parasound pre 200; Onkyo C-7030; Yamaha T-1020 tuner, Akai TT w/Ortofon cart; Furman power conditioner; BT unit; Yamaha T-80 tuner; JBL L88 plus 12's w/brand new blue diagonal foam rubber covers that repacesd the orange quadrax & Monitor Audio Gold bookshelves.  

Note: Onkyo C-7030 cd players with the Wolfson dacs are the best sounding and most dependable 'mortal man money' models there are.  I collect them when i find them for $150 or less. I have 6 or 7 currently.  If you haven't experienced one, you need to.  They are the only cd unit i use.