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In this video, Greg from SharePoint Maven explains how to hide fields in a SharePoint list or document library using a conditional formula. He demonstrates this with a document library containing two metadata columns: "Status" (with options for active and inactive) and "Expiration Date" (a date field). Currently, the expiration date appears regardless of the status selection. Greg illustrates that he wants the expiration date column to only be visible when the status is set to active. If the document is marked inactive, the expiration date field should not be displayed, thereby creating a conditional relationship between the two fields.