I always enjoy my visit to the CAD
room mainly because CAD's proprietor, Scott Berry, is an interesting guy to talk to and the system that finds his DAC paired with electronics and speakers from Boenicke Audio is a pleasure to listen to. His CAD 1543 MKII DAC (£7,200) is a R-2R resistor ladder DAC using 16 NOS Phillips TDA 1543/N2 chips (because the company "believes that sigma delta technology used in current DAC chips does not sound as natural as resistor ladder technology"). The CAD 1543, which supports PCM resolutions up to 24-bit/192kHZ, is non-oversmapling with no output filtering. I'd recommend a visit to the CAD website since it goers into some details about the company's approach to DAC design.