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For many years it was true that SEO = links, but due to the rise of rel=nofollow, fearmongering & social media, organic links have lost much of their relative importance in many verticals.
Links are still valuable in some areas of course, but where the search results are full of listings from Google.com, pushed below the fold from larger AdWords ads and/or heavily skewed by things like brand bias there is much less value in link building in numerous big money markets. After all, few care who ranks #1 if #1 is below the fold!
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