My guess:
It's actually 255 characters--try =len(a1) if the cell is A1.
And my real guess: You have two different workbooks open in two different
instances of excel.
Instead of running excel twice, open both workbooks in the same instance.
If you have this happening by accident:
Sometimes one of these works:
Tools|Options|General|Ignore other applications (uncheck it)
--- or ---
Close Excel (both instances) and
Windows Start Button|Run
excel /unregserver
then
Windows Start Button|Run
excel /regserver
The /unregserver & /regserver stuff resets the windows registry to excel's
factory defaults.
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If you had the two instances open on purpose, then you've found one of the
problems with doing that.