Do you know what this investment is? It is a New York City taxi medallion, which is a license to operate a taxi cab in the city. An individual medallion recently sold for $950,000 and a corporate medallion sold for over a million dollars.
If you are interested in jum;ing on the bandwagon and a million dollars is a little too rich for your blood, you might want to consider investing in the stock of Medallion Financial Corp. (TAXI). Check out that stock ticker stock ticker symbol. The company is involved in acquiring and servicing loans that finance taxicab medallions. The stock trades at 11.0 trailing earnings and 12.2 times forward earnings. In addition, the company provides a very generous yield of 6.1%. The company reports earnings today, May 3.
Disclosure: Author didn't own any of the above at the time the article was written.