Both are valid. Personally, I use the <b><a></a></b> form because I like to avoid HTML in my anchor text for search engines - whether this actually makes a difference or not, I have no idea. Just my personal preference.
Chad
glenng
9:27 pm on Apr 10, 2006 (gmt 0)
Chad,
Thanks for your response.
D_Blackwell
11:16 pm on Apr 10, 2006 (gmt 0)
If you're using any CSS on the link, such as color: or font-size:, then easiest to switch <b> to font-weight:, and include it in the CSS instead.
I'm with ChadSEO in keeping it outside the <a>, though also don't know if it actually matters.