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In this Excel tips video, the speaker, Mr. Mansell, demonstrates how to quickly find and select cells with bold font formatting in a data set. He explains that manually selecting such cells in a large data set is not efficient and suggests a faster method using the Find and Replace dialog box. By holding the Ctrl key and pressing the F key, users can search for specific formatting, such as bold font. This allows users to easily identify and select cells with the desired formatting without manual effort.