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In this Excel tips video, Mansell demonstrates how to quickly identify and select cells with bold font formatting within a dataset. Instead of manually searching through a large dataset, he suggests selecting the dataset, holding the Ctrl key, and pressing the F key to open the Find and Replace dialog box. Next, by clicking on the options button, users can access formatting options. Mansell explains that users can specify a reference cell, such as A3, to find all cells with similar formatting by using the dropdown options available in the dialog. This method streamlines the process of locating formatted cells in extensive data sets.