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In this video tutorial, the presenter explains how to hide placeholder text that appears in content control form fields within a form. The placeholder text is displayed in light gray to prompt users to fill in the fields, but there may be instances when it is not desired. The tutorial demonstrates using a plain text form field as an example. By entering design mode, the user can highlight the placeholder text, including the period, right-click to access the font options, and check the "hidden" box under font effects to remove the visible placeholder text. Viewers are encouraged to check the playlist for more on creating fillable forms.