How Does Google Approach Anchor Text?
Back in October of 2007, Smackdown! made a post which was titled You May Be Screwing Yourself With Hyperlinked Headers. The basis of this post was that Google only takes into consideration the anchor text of the first link on a page. Therefore, according to the post, if you have a header with a link and then a link with specific anchor text, the link with anchor text will not carry any weight because Google only looks at the link on the header.
Several months later (in March of 2008), Rand wrote a post on SEOmoz that addressed the same subject. His conclusion? The same as the conclusion that the post on the Smackdown! blog arrived at. However, Rand did include a very nice graphic in his post:

Now, fast forward to today, and let’s take a look at a post from The SEO Company blog. Unlike the previous two posts, the author of this blog came to a different conclusion:
My conclusion: Google does not only look at the 1st link to a page for anchor text, MSN/Live search does and I am not too sure about Yahoo!
While the conclusions of the first two posts may apply to Yahoo! and MSN, this last post seems to have debunked the issue in regards to Google.
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