http://asuitablewardrobe.dynend.com/2007/04/shirt-monograms.htmlShirt Monograms
There are some eccentric approaches to shirt monogramming going around. Jeremy Hackett shows English models with their prep school nicknames monogrammed in red on their left shirtsleeve above the elbow (his is a trend that may stoke the ego of guys named Big but it's unlikely to be adopted by at least one contemporary of mine who had the unfortunate nick of Chowder).
One Italian style leader goes a bit further. Lapo Elkann wears the Italian flag monogrammed on his sleeve cuff. I don't endorse that sort of boldness though. It's one thing to wear the occasional gag item and quite another to look as though you need to reminded of your national origin.
Men can make arguments that monograms are suitably discreet when placed on the lower left side of the chest, below where the pocket is not supposed to be located. Those making that argument wouldn't be completely out of line, as the rib cage is indeed where many men wear their initials. But I like to remember that monograms were first sewn so a man could get his shirts back from the laundry, and that's still the least egotistical use for them today. I like mine sewn inside the collar where the maker's label would otherwise be. In red, of course. That way they are as discreet as a paisley lining in a suit jacket.