Those that say every item in the chain is important are right. There's no possible discussion beyond that correct answer. Now, if I were trying to put together that system I'd listen for musical balance with items inserted into the system and get the best items to match to musical presentation I want.
Now if starting from an entry or mid-level point and if I knew I was going to upgrade further later I'd base the chain with best phone stage I can afford. What follows IMHO is balanced on performance available/costs:
Your great Phono Stage
1. Turntable
2. Arm
3. Cartridge
4. Arm cable
enjoy the music first - every thing beyond that is ego
Now if starting from an entry or mid-level point and if I knew I was going to upgrade further later I'd base the chain with best phone stage I can afford. What follows IMHO is balanced on performance available/costs:
Your great Phono Stage
1. Turntable
2. Arm
3. Cartridge
4. Arm cable
enjoy the music first - every thing beyond that is ego