What is most important part of a system?

I remember reading someone saying that the most important part of a system was the source. I thought "Wrong! Speakers are the most important".
Now, I have changed my mind. Source is the most important part.

Right or wrong but this is how I came to this conclusion;

I have tried the same system with a CD player and a turntable. By far LP sounds better than a CD. Btw, the system had all high-end amps, speakers, cables, etc.

What is most important part of a system for you?

Your mood
Decent music

The amount of times I have seen pictures of ultra expensive equipment in peoples homes with cheap furniture & a single chair is laughable.
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To me it is speakers that the most most important, followed by the room. Good digital sources are easy to come by.  I've heard the mantra 'rubbish in, rubbish out' but the fallacy, or rather irrelevance, of that is for amplifiers: 'rubbish amplification, rubbish out' or for speakers: 'rubbish out, rubbish out'.
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For me, the loudspeakers are the most important part of your system since. No matter how good your source is, if the speakers can’t convey the full dynamics, scale, impact and resolution as a coherent whole, with realistic sound staging and imaging, then you will never get the full capability out of a better source. Then again, I was ruined for life after hearing a pair of Infinity IRS-V’s in a Dealer’s showroom back in 1991!

Next in order would be..

- Source
- amp
- room-
- cables
- isolation
- a/c power
- good recordings