I realize that by this time most people probably already know the meaning of this phrase, but I thought I'd mention it anyway...
This is a reference to darning (repairing) socks. The idea is that if you are bright enough to take care of the problem when it's a small one, you won't have to cope with it later when it becomes larger; i.e. one stitch repaired now will prevent having to repair nine stitches later.
Quod erat demonstrandum.
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