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Adventures in Alternative Investments, Medallion Edition
by Felix Salmon
Nov 02, 2007
Nov 02, 2007
“This is one of the best investments — better than Merrill Lynch, which is going down the drain,” said a driver, Mahmoud Sadakah, 42. “This is a guaranteed investment, because it will never go down.”
The market in NYC taxi medallions is a weird one, to be sure: it seems to only ever go up, no matter what happens to interest rates. A corporate medallion – one where the owner is not required to drive the car – sold last month for $426,000. Which makes the medallions sold yesterday to drivers – at prices from $278,000 to $385,000 – almost seem cheap.
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