Sub macrotest2()
Dim i&
Dim c As Range
For Each c In ActiveSheet.UsedRange
c.Characters(1, 1).Font.Bold = True
c.Characters(1, 1).Font.ColorIndex = 3
For i = 2 To Len(c)
Select Case Asc(Mid(c, i, 1))
Case 65 To 90
If Asc(Mid(c, i - 1, 1)) = 32 Then
c.Characters(i, 1).Font.Bold = True
c.Characters(i, 1).Font.ColorIndex = 3
End If
End Select
Next
Next
End Sub