What does pound for pound mean?

In the aftermath of the Pacquaio fight against Hatton, I wonder what the boxing term "pound for pound " means

"Pound for pound (the best boxer)" in boxing means to subjectively rank all the boxers disregarding weight class. So taking the boxer's skill/style/etc except their weight class who would be the best? "Pound for pound" is also used in mixed martial arts and other combat sports to describe a fighter's value in relation to fighters of different weight classes. (By the way - in the photo are Pacquaio and Mayweather Jr.)

The origin of the "pound for pound" terminology was coined to describe world Welterweight and Middleweight champion Sugar Ray Robinson. Robinson is one of the most accomplished fighters of all time, but his supporters realized that, while he could beat anyone in his own class, as a Middleweight he would not be able to beat a top Heavyweight. Hence, Robinson was called the pound-for-pound best without being expected to beat much larger fighters, under the belief that he as a Middleweight was still a better quality fighter than any fighter fighting at heavier or lighter weights than him.

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