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I think we are all agreed that link building may or may not be beneficial, depending on how it is done. Google prefers natural links, but e.g. links obtained by submission to human edited directories are not strictly natural but are acceptable. If any benefits are obtained, they will be dependent on factors such as the anchor text used and where the link is coming from, e.g. the authority and relevance of the linking page, and the number of OBLs from that page.
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