As the title suggests really, in March I'll have up to around £800 to spend on an upgrade and am debating between a new DAC or pre-amp. My current system is a Squeezebox Touch > Beresford Caiman DAC > (direct into) Quad 909 > B&W 602 S2. I plan to upgrade the speakers next year so for now am only interested in DAC or pre-amp. The Beresford is fine as a DAC but completely under whelming as a pre-amp, I had put a Croft valve pre-amp right to the top of my wanted list but with reports of the Audiolab M-DAC so favourable both as a DAC and a pre-amp(?) this has turned my head. I had put the Audiolab on a shortlist of potentially DAC's for an upgrade much further down the line but it wasn't a priority. Given I can get one of these now but any further upgrades will be perhaps a year off where would the money be best spent between the two for me in the short to medium term assuming I buy both ultimately. Or would adding the Croft be futile with the M-DAC in place? Any thoughts greatly appreciated.