Right, at the Tradewinds we have traditionally awarded flags for the top 3 places in each fleet.
Blue is for first.
This has been traditional in sailing for over 150 years. Instead of bowling trophies, most of which end up in the trash after a few years, the flags can be flown on your boat to display you winning ways.
At I-LYA Bay Week Regatta at Put-in-Bay, Ohio (Largest fresh-water regatta that began in the 1800s) the entire fleet in the harbor and the cats on the grass are all flying their flags. It is quite a beautiful site.
One guy with a 40' mono with tall mast had won so many flags that he only flew the Blue flags. He used the other colors to make a pair of pants for himself <img src="http://www.catsailor.com/forums/images/graemlins/smirk.gif" alt="" />

Having sailed myself since 1965, Mary and I have a huge collection of flags and fly them at every opportunity.

Pretty neat idea.
So, come to the Tradewinds and win a victory flag.., or Brag Flag. <img src="http://www.catsailor.com/forums/images/graemlins/wink.gif" alt="" />

Rick