The tide-surfer keeps his red flag dry above the waves — truly admirable.
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From Pan Lang's (潘阆, Northern Song) 《酒泉子·长忆观潮》, describing the Qiantang tide-surfers of Hangzhou: 弄潮儿向涛头立，手把红旗旗不湿。(The tide-surfer stands atop the breakers, gripping the red flag — and the flag stays dry.) A famous image of fearless skill amid natural fury.
usage
The first 旗 is the red flag as object of 把; the second 旗 repeats it as the subject of 不湿 — a stylistic reduplication common in song lyrics. Often cited as praise for poised leaders in turbulent markets or politics.
