Below is a list of what could be links. These represent a theoretical breadcrumb trail for a web site. They are marked up as a series of nested lists. Since they represent a site structure, this makes sense. Each subsequent link is a subset of the link to the left of it i.e. it is contained by the directory represented by the link to the left of it:

I have used generated content via the :before pseudo-element. IE for Mac or PC does not handle generated content. For best results with those browsers I'd include the separators in the LI rather than use the generated content, as in: