To add to what Audiofeil said:
Yes, the speakers first along with matching amplification, but remember that transducers (speakers, cartridge, DAC) have the greatest impact on the sound b/c they are transforming information from one form to another (digital to analog, electrical to sound, analog movement to analog electrical) and this transduction has to be the hardest thing to accomplish properly.
Yes, the speakers first along with matching amplification, but remember that transducers (speakers, cartridge, DAC) have the greatest impact on the sound b/c they are transforming information from one form to another (digital to analog, electrical to sound, analog movement to analog electrical) and this transduction has to be the hardest thing to accomplish properly.