Create a user defined function thus:
Function blah(OrigStr As Range)
blah = ""
For i = 1 To Len(OrigStr)
If OrigStr.Characters(i, 1).Font.Bold = True Then blah = blah &
Mid(OrigStr, i, 1)
Next
End Function
(The line beginning
If...
ends with
Mid(OrigStr, i, 1)
It may be split above.)
Example of use in worksheet:
=blah(B3)