I would not buy a medalion because I don't want to drive a taxi. I would buy TAXI shares because they are a great investment.
Taxi medalion loans average principal is half the present market value of medallions and they can be repossessed so much easier than homes or cars -you just go to the city government with the payment record and loan contract and boom -it's yours. Default rates are minuscule and you are betting that medallion prices will reverse after decades of rising faster than inflation.
Now they are even better with the prospect of a short squeeze.
A couple years ago there was a story on fidelity news that was material and wrong about the sports SPV. I couldn't understand why no other news source reported it and why the stock didn't react so I called IR. They were out of the office so I was given the option to talk to an operator. I pretty much said the sentence above and she said hold a second. There was one ring and I was talking to Andy Murstien's (the CEO) secretary in less than a minute she informed him and asked me if someone could call me for details -which they did in less than 15 min. Honestly, I was impressed. I have never seen a company that was so responsive -it went straight to the top and was delegated with perfect efficiency.