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
Everyone that voted speakers go to the front of the class no better yet you are exempt from the final exam AND as well you all get A+++ as your final grade. And the rest of you ask WHY. Because if have a ear for the speakers you are sure to get the rest right. Explaination. There are some great engineered tube amps. out there , and a few good ss amps (hard to go wrong) but very few speakers worth the asking price(easy to go wrong)[disgruntle all you want its true!] What i hope is to find a really dynamic Ribbon Hybred speaker priced at a reasonably $2K to $3K range.(maybe VMPS?) I have lost ALL faith in the conventional cone speaker system. It seems since the 70's the one major change in cone speakers is the big new prices. Same old boxes just new names. I am amazed how few speaker labs have not caught on to the wonders of the ribbon. I get the hunch this will be the longest running thread on audiogon as well as most posts. Mr.Ultrakaz has the best understanding of audio , the percentage breakdown of components importance is pretty much on the mark. However since speaker design is so far behind in technology as compared to the wonders of amp tech, one must make his amp selection really count so as to help bring out the best in the speaker. Again speaker is most important BUT so few are worth the asking price. As for my music listening it's the 3 little known(don't advertise) french labs that have caught my eye:Jadis, Audio Aero, Kora. There are 2 threads asking about ribbons and no one is responding...?..(Raven and other ribbons by Mrgigi on 2-16-020.) Welp, guess its time to saddle up an' ride on out this here town.