NYC Taxi License is best returning asset class of the year

The best returning asset class traded in the NY Metro area is yellow but doesn’t change hands on Wall Street. As ConvergEx’s Nick Colas notes, over the last 12 months New York City taxi medallions have risen 49% in price, besting the relatively humdrum returns of the S&P 500 (up 21%), the NASDAQ (22%) and the Dow (18%).  Medallions – essentially the right to operate a for-hail taxi in New York City – now trade for as much as $1.3 million, an all-time record.

via This “Yellow” Asset Is The Best Performer Of The Past Year Hint: Not Gold | Zero Hedge.

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