I know that anchor text in backlinks helps a site to rank for whatever keywords it contains (google bombing being a great example)
What I'd like to know is whether one instance of anchor text can help you rank for more than one keyword.
If you used anchortext of affiliate marketing techniques would the search engines count that as a match with affiliate marketing, affiliate marketing techniques AND marketing techniques. Or, would it only count as a match for affiliate marketing techniques.
I know that in general content the use of that keyphrase would cause matches for all three but I'm not sure about how anchortext is treated.
I'm sure someone knows the answer to this from experience.