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In this Excel tips video, the instructor explains how to quickly remove formulas while retaining the data. Using a dataset with revenue, expenses, and net income calculated as revenue minus expenses, the process involves selecting the entire dataset and copying it. Then, by right-clicking and choosing "Paste Special," the user selects the "Values" option. Clicking "OK" pastes only the values, effectively removing the formulas. As a result, when selecting cells, the formula bar displays only the values without any underlying formulas.