Speakers, speakers, speakers. However, my own experience is, that excellent speakers leads to up-grading components. When I purchased Talon Audio speakers, I could no longer stand to listen to the less than stellar performance of my DVD player used for CD's, now an excellent transport. The same with my reciever, now an excellent pre-amp. Ditto my phono-pre, now trying my third, with a jump in price of about 3X each time. Also interconnects, phono cartridge, turn table, and so on. Not hiding the failings of your up-stream components is both extremely rewarding, and expensive.
Dave
Dave