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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 placeholder text, which appears in light gray to prompt users, can sometimes be undesirable. The presenter demonstrates the process using a form with plain text form fields. To hide the placeholder text, they go into design mode, highlight the text (including the period), right-click, and select the font option. In the font effects section, there is a checkbox labeled "hidden" that can be checked to conceal the placeholder text. Viewers are encouraged to explore the video playlist for more on creating fillable forms.