This is a saying which means that "It's easy to know the right thing to do after something has happened, but it's hard to predict the future."
Let me explain why this phrase has that meaning. First, "hindsight" means "thinking about things after they've happened". You can use it like this:
In hindsight, I realize that she was probably right.
This means that you didn't think she was right in the past, but now that you think back on it you realize that she was right.
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