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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 demonstrates this with a document library that includes a status column (with options for active and inactive) and an expiration date field. Currently, the expiration date field appears regardless of the status chosen. Greg shows how to set it up so that the expiration date field only appears when the status is marked as active. If the status is marked as inactive, the expiration date field will be hidden, enhancing the user experience by simplifying metadata input.