What does Smith mean by "the second time around fallacy"?
The idea that we can fix our mistakes. We are who we are!
The idea that if you travel back in time, there are two versions of a past event - the first, like a rough draft, without the time traveler in it, and the second, like a revised draft with the time traveler in it. If the time traveler is traveling back into the actual past of our universe, there's only one version of that past event and the time traveler was always in it.
Trick question! He doesn't use this phrase.