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In this video tutorial, Greg from SharePoint Maven explains how to hide fields in a SharePoint list or document library based on a conditional formula. He demonstrates this using a document library containing two metadata columns: status (with options for active or inactive) and expiration date (a date field). Currently, the expiration date column is always visible regardless of the status selected. Greg aims to configure the system so the expiration date column only appears when the status is marked as active. If the status is changed to inactive, the expiration date field will disappear. This functionality enhances user experience by displaying only relevant fields based on user input.