In Excel 2002, if I insert a hyperlink to, say, My.jpg using Insert /
Hyperlink, I can launch the file in at least 3 ways:

1) Hovering over the link displays a tooltip, confirming Excel knows a
hyperlink is there; and clicking it launches My.jpg. 2) The context
menu displaying on Right-Click (or Shift-F10) contains "Open
hyperlink" and "Edit Hyperlink", which work fine. 3) In a macro,
Selection.Hyperlinks(1).Follow works fine.

But if I manually put =HYPERLINK("My.jpg") into a cell, then although
1) The tooltip displays and mouse click launches the file, 2) the
context menu LACKS "Open" and "Edit hyperlink", and 3)
Hyperlinks.Follow chokes.

As Davy Jones muttered sotto voce in the intro to the album-only
version of "Daydream Believer", "It's because I'm short, I know."

I'm a keyboard maven and only like to touch the highly unsanitary
mouse about once every 10 mins. I wanna use Shift-F10.

Besides, what sense can it possibly make for Excel to tell you a
hyperlink is there, only to tell you it isn't? Sounds like an
interface bug to me.

I'm using =HYPERLINK() because I iterate the link in several places,
and I want them all to update if I rename the file.

I do that indirectly: E.g., A1 contains "My.jpg". A2 contains
=HYPERLINK($A$1). I then copy A2's formula to several locations. If I
change the filename in A1, all links update.

So how do I get Excel 2002's context menu and VBA statement to work
correctly--while retaining the indirectness I need for auto update?

If this can't be done, I'll still appreciate knowing why =HYPERLINK()
and Insert / Hyperlink differ.

Thanks much.

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