What is the chain of importance in analog system ?

i seem to hear different opinions on this matter.
An old audiophile chap told me that the most important is the cart, arm, table, phono stage (in that order).
On the other hand, some analog guru said, that the most important is the phono stage, then the table, arm, cart.
One friend, even said, all is important!
I tend to agree that all is important but we don't have deep pockets to afford an all out assault on a tt system.
Perhaps some people here can share their views.
thanks in advance.