The characters/ideograms mean "developing new ideas based on study of the past; learning from the past." The first character means, "warm," the second character means, "happenstance; especially; intentionally; reason; cause; circumstances; the late; therefore; consequently," the third character means, "know; wisdom," the fourth character means, "new."
In martial arts disciplines the phrase is used each year to make note of what we have trained and practiced over the last year so we may develop new ideas based on those studies for the new year. It is said in the Asian culture that one should always consult their past if they want to learn about the future. It is the Asian version of learning from your past so as to not repeat it (more toward mistakes being repeated) with the stress being on what you can learn from it or what you can teach yourself, etc.
On Ko Chi Shin is described by Patrick McCarthy, "Studying the old to better understand the new." In todays world of martial arts there are really no excuses as the sources are plentiful for learning about our past be it personal or historical to the system or style of your discipline.
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