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In this video tutorial, the presenter explains how to hide placeholder text in content control form fields when creating forms. The light-gray placeholder text helps users know where to fill in fields, but it can be undesirable at times. To hide it, the user must enable design mode, highlight the placeholder text (including the period), right-click, and select the font option. In the font effects section, there is a checkbox labeled "hidden" that allows the user to hide the placeholder text. The tutorial encourages viewers to check out the playlist for more tips on creating fillable forms.