Adventures in Alternative Investments, Medallion Edition

“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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