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In this video tutorial, Greg from SharePoint Maven demonstrates how to hide fields in a SharePoint list or document library using conditional formulas. He explains that he has a document library with two metadata columns: "status" (with options for active and inactive) and "expiration date." Currently, the expiration date field is always visible when users fill out the metadata. Greg wants to customize this so that the expiration date field only appears when the status is marked as "active." If the status is set to "inactive," the expiration date field should not be visible. This functionality aims to improve user experience by only displaying relevant information based on the status selection.