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In this video tutorial, the presenter explains the concept of an autofill list in Excel, also known as an autocomplete list. An autofill list allows users to automatically fill in spreadsheets by typing any word from the list and dragging the fill handle. The tutorial demonstrates creating a new autofill list that can be reused in different worksheets. It shows how typing "January" in a cell activates the fill handle, a + sign at the bottom right corner, which can be dragged to complete the list of months. The video also covers editing custom autofill lists.