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In other words, if www.mycompany.com which has a PR of say 5, has a page called www.mycompany.com/links where has a PR of say 0 and I have a link on this page to my external website. Does this mean I am effectively getting a link from a worthless source?
I just wanted to confirm your insights.
The goal is to build up authority so that the authority passes down. Authority passes down more value than PR. If you website has authority then all of your pages have a better chance of ranking.
If you do your internal linking correctly then you can pass around PR better. When I speak of PR i'm not talking about the toolbar PR because that does not mean much. I'm talking about the PR value that Google assigns to pages and does not tell us. Your internal pages need to link to each other using anchor text. If you want to see a site that does this perfectly study wikipedia.