The most important piece in a stereo system???


I was wondering what people think is the single most important part of a stereo system? It can be the amp, speakers, CD payer, preamp, speaker wire, cables, tweeks, whatever you name it. I just want honest opinions. What would you spend the most money on? I think most of you will either say amp or speakers. I know having all good stuff will make your system sound better, but I just want to know the single most important part. Myself I think the speakers are the most important. I look forward to reading what you think. thanks in advance.
souljasmooth
1. Speakers. Speakers are the most important component when you are first starting to build your system.

When first setting up your system, you should consider:

a) Budget.

b) Room size. Small rooms, small speakers, vice versa or somewhere in between.

c) Speaker placement. If you cannot place the speakers properly, do not expect to get good sound. Save yourself some time and money and buy a rack system from Circuit City.

d) How loud do you listen you listen to your music.

e) What type of music you listen to.

f) Aesthetics. Some speakers are big and ugly and you would not want them in your home no matter how good they sounded.

The above will dictate what Speakers you should get. You may not get the "right" speakers if your budget is too small. The speakers will then determine what amp you should buy. CD players offer the most bang for your buck so you can save here. Avoid expensive cabling.

Speakers 50%, Amp 25%, CD player 20%, Cabling 5%
Garfish, you pretty much said what I was thinking. "What piece of equipment do you build your system around". It is kind of the same thing as "what do you think is the most important piece in your system". Thanks for the comments. I have enjoyed reading all of them.
I've been thinking about this question also-- it is a tricky one indeed. My take so far: speakers (excluding room, recordings, AC power etc.)are the most imperfect component, yet they are critical. I like speakers that are well-balanced: in other words I'd rather give up a little in a lot of areas, rather than have a few glaring strengths(or weaknesses)-- such as transparency at the expense of all else. One could build a great system around an inexpensive set like the Kestrel Hot Rods. As far as other components go, the preamp is a big one. If the preamp is so-so, then all else will be so-so. Unfortunately, great preamps are "bankroll". Here is the irony (I feel) one can have a great system w/ decent speakers and a great preamp, but one (as far as I've heard) cannot have a great system w/ great speakers and only a decent preamp. Don't skimp on the pre once you've settled on speakers that you can live with. Guess what: sources and cable (even power cords) make huge differences as well.I would say after the pre, assess your sources, then amp, then cables/mains. Then go seek professional help!
Garfish, just curious which speaker makes you revalue the priority in the system building.

Thanks
ming