AVReviews

This time, we visited Guy Raguan, the owner of Raguan Audio, to experience one of the most expensive DACs on the market—the MSB Cascade DAC, which was launched at the 2024 Munich High End show.

Bottom Line

About MSB Technology

MSB Technology is an American company headquartered in California, currently led by brothers Jonathan and Daniel Gullman, who represent the second generation of the company’s leadership. Established in 1989, MSB is considered at the forefront of the DAC industry. Their DACs are renowned for delivering a natural, smooth, and organic sound. In addition, MSB DACs are designed with a modular architecture, allowing for future upgrades to keep the equipment up-to-date. MSB is famous for its meticulous craftsmanship, with everything manufactured in the USA using precise and carefully controlled processes.

Though the company is best known for its DACs, it has also been offering a range of high-quality power amplifiers for several years now.

At the 2023 Munich High End show, we had the privilege of sitting down for an interview with Jonathan and Daniel Gullman, which you can watch here:

First Impressions of the MSB Cascade DAC from the 2024 Munich High End Show

The MSB Cascade DAC is the culmination of an extensive development process, where the company combined innovative methods with decades of experience. It was unveiled at the Munich 2024 High End show. While we didn’t film an interview at the event, I managed to have a brief conversation with Mr. Jonathan Gullman, who proudly mentioned that there wasn’t a single screw they hadn’t rethought in this DAC—everything was redesigned, including the display.

Beyond MSB’s own room, the DAC was featured in several other rooms at the exhibition. I must say, in every room we entered where the Cascade was present, despite the vastly different setups, I felt that the MSB Cascade DAC managed to define the character of the system and leave a distinct impression.

So, when we learned that this prestigious DAC was arriving in Israel, we were thrilled at the opportunity to visit Guy and experience this marvel up close.

Under Test: MSB Cascade DAC

The MSB Cascade DAC is currently the company’s flagship DAC, though rumors suggest that a new top-tier model will be launched next year, consisting of no fewer than five separate chassis. Below the Cascade model, MSB offers the mid-range Premier and the entry-level Discrete DAC, which I personally chose to purchase last year (you can read my full review of the MSB Discrete DAC here – in Hebrew).

The MSB Cascade DAC itself consists of three separate chassis.

Digital Director

The first chassis is the Digital Director. This concept was launched by the company about two years ago, and it can also be added to the lower-tier DAC models. The main idea is to separate the digital section, which includes all digital inputs and digital processing circuits, from the DAC and analog output circuitry. The Digital Director serves as the gateway to your digital sources, processing and preparing the signal for a clean transmission, isolated from the other circuits before reaching the analog DAC. The connection between the Digital Director and the analog DAC is made using a proprietary optical connector developed by the company, called Cascade-Link.

In addition, the Digital Director includes the control mechanisms and a screen that displays the input, volume, and details about the quality of the digital signal.

The Digital Director comes with room for four digital input modules. Upon purchase, you can select one module, while the others will need to be purchased separately according to your needs or preferences. The available modules include: a module with coaxial and optical inputs, a module with AES/EBU input, a network module, and a USB input module featuring a ProISL connection.

Analog Converter

The second chassis is the Analog Converter. This unit contains the DAC, which is based on eight Hybrid DAC MKII modules and features the Femto 33 MKII clock, alongside the passive analog stages and the volume circuit.

The Hybrid DAC MKII module features a discrete ladder DAC architecture that is fully balanced and boasts extremely high accuracy to reproduce every detail with maximum resolution.

The clock component, the Femto 33 MKII, has been specifically optimized for this DAC and includes two oven controlled crystals. The clock module is designed for easy future upgrades.

In the Analog Converter chassis, you'll find no less than four analog inputs: two XLR inputs and two RCA inputs. This design choice by MSB aims to enable the MSB Cascade DAC to also function as an analog preamplifier.

Powerbase

The third and final chassis is called Powerbase, and it houses the power supplies. This design separates the delicate electronic circuits from the power supplies, which could potentially generate noise.

The Powerbase also went through a redesign, utilizing three toroidal transformers designed with electrical and magnetic isolation in mind.

The cable connecting the Powerbase unit to the Analog Converter is called Summit Cable, it is produced in collaboration with the Swiss company Fischer Connectors.

Here’s how the three chassis look from the rear side:

Design and Build Quality

Like the other MSB products, the Cascade DAC is available in either black or silver finish. The finish showcased at Guy's place is black, with buttons and feet in a special copper finish with an orange hue.

All the control buttons, including the volume knob, are located on the top panel of the Digital Director, leaving the front panel solely for the display, with no buttons at all. This results in a particularly clean design. Of course, the other two chassis maintain the same design line. The Analog Converter has no buttons, while the Powerbase features a small power button on the front panel.

Like all of the company's DACs, the MSB Cascade DAC features recesses in each of its four corners on the top panel, allowing the chassis to be stacked on top of one another. While this saves space, for optimal performance, it’s recommended to place the units on separate shelves. If you're considering purchasing such an expensive component as the Cascade DAC, it's definitely worth the effort to provide it with the best possible conditions.

In terms of build quality, I have mentioned several times before that, for me, the build quality of MSB products stands on its own. The precise cuts with rounded angles, the clean finish, the way the display is integrated into the chassis, and, of course, the internal design—all are of the highest quality, devoid of any unnecessary embellishments. It's simply clean and impeccably precise construction, which, in a high-end product like the Cascade DAC, reaches an even higher level.

The Listening Test

Since this review took place during a visit of only a few hours, we weren't able to explore all the different options of the MSB Cascade DAC. Therefore, we examined it purely as a DAC, with the source being an Antipodes (K21 streamer and K41 server) and the amplifier being a hybrid integrated amplifier, the Absolare Signature. This means that the Cascade DAC's functionality as a preamplifier or streamer was not evaluated by us. All content was streamed from Tidal via Roon.

The speakers we used for the review were the Zellaton Stage, and the stand was the SGR Audio Statement Rack.

As soon as we entered Guy's listening and demonstration room, I could feel the sound signature of the Cascade, even though the music was playing at a very low volume. It was the same signature I had experienced in the demonstration rooms at the Munich exhibition. So, right upon entering the room, I knew I was about to experience something exceptional.

The first piece we listened to, while I was organizing my playlist, was recommended by Guy, it was "Practical Arrangement" by Sting. The bass was soft and caressing, the separation of the vocal and its level of detail were excellent. The sound felt extraordinarily rich, with so many layers that blended together naturally. On one hand, each layer was perceptible, while on the other, they harmonized into a coherent creation rather than just a collection of layers. In other words, the sound was smooth and natural to the point of being almost absolute.

From there, we moved on to the playlist I had prepared. The first piece was a country rock ballad that I’ve become quite addicted to lately. The song is called "Crazy Hearts" by Wesley Dean, from the album Music From Crazy Hearts. I’ve listened to this piece dozens of times over the past few weeks, across various systems, and in this one, I felt as if I had rediscovered it. The smoothness of the sound, that richness of layers I mentioned earlier, the ability to separate the vocals so clearly with remarkable dynamics and micro-dynamics—it's an experience that's hard to put into words. The strumming of the guitar includes countless nuances, the bass has multiple layers and exceptional clarity, and the interplay between Wesley’s voice and the backing vocalist is simply phenomenal. The soundstage is three-dimensional, with impressive depth and clear placement of objects, creating the sensation that the singer is standing right in front of us at actual size. My companion raised an interesting observation when he said, "I’m not sure the artists themselves are aware of just how good they can sound."

By the end of the piece, I was so emotionally overwhelmed that I needed to take a few minutes to collect myself and my thoughts.

After a short break, I chose to continue with a guitar piece called "Dawn" by Romain Axisa from the album Unchained Melodies Vol. 1. In this composition, which features solely electric guitar, there’s nowhere to hide; it’s a single instrument that needs to be conveyed with precision. The guitar sounds rich, airy, and meaty at the same time, while the depth of the soundstage allows you to feel every nuance of the sound as it reaches your ears. The highs are rounded and natural, with no hint of harshness. The presentation is moving, clean, dynamic, and accurate.

From there, I moved on to jazz and chose the piece "Cascades" by the London-based ensemble Lydian Collective from their album Adventure. The piano flows effortlessly, with rich layers from the bass to the highs. The bass strikes an exceptional balance between softness and precision; on one hand, it is incredibly tight and clean, while on the other, it feels soft, natural, and pleasant. The clarity and black background of the sound are wonderful. In the guitar solo, there’s plenty of airiness and a great level of detail. The overall presentation is smooth and captivating.

In the next segment, I wanted to raise the energy a bit, so I chose the song "Cover Me" by the American indie soul-rock band Oh He Dead from their album Ugly. The drum hits possess an exceptional depth, with punchiness, high detail, and wonderful clarity. The powerful vocals of CJ Johnson showcase natural, boundary-free micro-dynamics. The sound surrounds the listener from all directions, with particularly impressive depth to the soundstage. In the quieter section at the second half of the piece, there's a guitar effect that moves from side to side. The continuity of the movement emphasizes how remarkable the soundstage reproduction is; it doesn’t feel like two speakers simulating a continuous soundstage but rather like the real thing itself.

For the final segment of the review, I chose the electronic piece "Don't Break My Heart" by the Polish pianist, singer, and composer Hania Rani from her album Nostalgia – Live. The opening features a wonderful airy effect, showcasing a level of detail that is simply astonishing through the MSB Cascade DAC and the rest of the system here. The bass is fast and precise, yet not overly sharp, blending seamlessly with the music. Hania's unique vocals sound exceptionally clean and clear. The energy of this piece, combined with the pristine piano, alongside the electronic effects and the silence between the various effects in the opening and closing, strives for the forbidden word in reviews: "perfection."

After finishing the review, we sat down to enjoy a bit more music, listening to some Chet Baker and a few tracks recommended by Guy, including two pieces of Israeli music. It was clear that this wasn’t audiophile recordings, and here we learned another trait of the MSB Cascade DAC. Unlike many high-end products, which tend to emphasize the lower quality of less-than-ideal recordings, the Cascade DAC, with its smooth, clean playback and three-dimensional soundstage, performs excellently even with lower-quality content. While you can certainly hear the difference in recording quality, even with less-than-ideal recordings, the result remains enjoyable and surprising.

Discussion Points

This review raised two interesting issues I’d like to bring up for discussion.

The order of Importance of Stereo Component

There are various opinions on what has a greater impact on sound quality: speakers or the source. This topic is addressed in my article, "Completing My Dream System – What I Learned Along the Way" (Hebrew). In this review, we encountered another intriguing perspective on the question of "which component has a greater influence". When looking at most high-end systems showcased in Munich, they are typically composed of separate amplification systems, usually a preamp and monoblock amplifiers. In this instance, we heard a system featuring an ultra high-quality DAC and an integrated amplifier. We also had the opportunity to listen to separate systems in this space, yet I believe we experienced the most impressive results this time.

Had a separate amplification system replaced the integrated one, the sound might have been even better. However, this raises a fascinating question regarding budget allocation in high-end systems. Is it better to invest in an integrated amplifier paired with a high-end DAC or to go for a separate amplification system with a less expensive DAC? I strongly believe in the merits of integrated amplifiers, as I discussed in my article, "The Complete Guide to Integrated Amplifiers, or the Heart of the Modern Audiophile System" (Hebrew). After this visit, my conviction has only strengthened: it is not at all certain that opting for a separate amplification system will yield the best result for your investment.

Value for Money

The concept of "value for money" is often associated with the entry-level market, implying that products in the high-end segment are luxury items, where it's assumed that their performance won't justify the high price. The price is a function of material quality, construction processes, assembly location, marketing costs, and more. Not all of these factors have a direct correlation with sound performance, although they do influence pricing. Consequently, we frequently encounter products that are very expensive, built like tanks, incorporating premium components and materials, yet they don't necessarily deliver sound quality that impresses us compared to less expensive alternatives (relatively to the difference in price).

In the case of the MSB Cascade DAC, it's true that this may be the most expensive audio component we've reviewed, but its performance is at a level we've never heard before. I also had the opportunity to listen to MSB's Reference DAC, albeit without the Digital Director, which is an exceptional DAC. Still, the Cascade represents a significant upgrade. Therefore, in my view, this is an example of a product that does provide a meaningful performance boost alongside its higher price. So, does this qualify it as a product with a high value for money? I'll leave that for you to decide.

Summary

The experience we had this time listening closely to the MSB Cascade DAC in ideal conditions is one that will stay with me for a long time. The sound of the Cascade was incredibly smooth and natural, free from any digital artifacts like harshness or excessive sharpness, creating the sensation of live music as if the singer/band were performing right in front of me in the most convincing way I have ever heard. I feel that we only scratched the surface with this device, which is truly a digital marvel.

It’s impossible to summarize the MSB Cascade DAC without addressing the issue of price. This is likely the most expensive audio product we’ve had the opportunity to review; for that price, one could assemble an entire system that would still be considered ultra high-end. As a result, only a fortunate few will be able to afford this wonder, but for those who can, a unique and powerful experience awaits each time you listen to music, even if it’s “just” streaming from music services and not audiophile-quality recordings.

Price: 95,000$

The system I used for the review: 
Speakers: Zellaton Stage
Integrated Amplifier: Absolare Signature
Music Server: Antipodes K41
Streamer: Antipodes K21

Cables:
Speaker cables: Echole Limited Edition 2
Interconnect: Echole Limited Edition 2
Coaxial cable between the streamer and the DAC: Shunyata Research Theta
Network cable: Shunyata Research Alpha

Power:
Power Distribution Block: Echole infinity
Power cable for the distribution block: Echole infinity
Power cables: Echole Limited Edition 2

Audio Rack: SGR Audio statment Rack