Shepherd - 12:53 am on May 5, 2013 (gmt 0)
aristotle- Given what is commonly accepted as fact relating to link juice what you are saying is spot on, no dispute.
So, here's a thought, what if penguin did not devalue links. What if it looked for unnatural use of anchor text and devalued the page being linked to for the specific search term being abused in the anchor text?
If that is the case then there would be no bleed over to other pages or keywords. There would be no weakening of the rest of the site since there was no link juice lost.
That is what we are seeing. A very specific targeting of keywords/pages. We built unnatural links to 2 pages on our site using 2 keywords without variation and those were the only 2 keywords/pages affected when penguin rolled out. It has to be more than coincidence.
Now there is a possibility that the 1000's of pages/websites that linked to us were hit by penguin and that caused the devaluing of links incoming but I don't believe that we would have seen the effect of that during the first wave of the penguin roll out. Seems to me that would have been something we would have seen later as the algo recalculated our page rank based on the devalued incoming links.