NYC Taxi Medallions Wheel in Profits Rivaling S&P 500
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One of the best investments of the last 20 years may be bolted to the hoods of 13,237 yellow cars in New York City, not traded on an exchange.
From 1990 through the end of last month, the cost of individual medallions for New York City taxicabs increased by 373 percent and corporate medallions by 508 percent, according to the Taxi and Limousine Commission. The Standard and Poor’s 500 Index is up 375 percent over the same period, and the MSCI World Index climbed 224 percent. Crude oil gained 245 percent.