Should you no follow all your outbound links on your site?

 I have been reading on forums and what not about people wondering as to whether you should no follow all your links on your site to stop your site being penalized... Well the simple answer is No you shouldn't!

You get credit form the search engines from recommending sites... By no following it you essentially telling google and other search engines for that matter that this isn't a site you recommend (no follow created for user generated non editorial stuff).... so no benefit.

Wikipedia may do it... but does google simple revert all there link to do follow specifically? Is wikiepdia ranking so highly because of all the "do follow" links pointing to it..;possibly....

It also has got to be said that no following all your links maybe seen as page rank hoarding.... which might look bad.

Having lots of do follow good link on your site can be a good thing and will not decrease your page rank!