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In this video tutorial by Greg from SharePoint Maven, he explains how to hide fields in a SharePoint list or document library using conditional formulas. He illustrates this with a document library containing two metadata columns: status (with values active and inactive) and expiration date (a date field). Currently, the expiration date field is always visible. Greg demonstrates that he wants the expiration date to appear only when the status is set to active. If the status is marked as inactive, the expiration date field should not be displayed, enabling a more streamlined user experience based on the selected status.