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A Greenwich, Connecticut-based hedge fund is behind the purchase of a block of 46 taxi medallions that were snapped up in a foreclosure auction this week.
The medallions — the metal plates on yellow cab hoods allowing them to legally pick up street-hails — have plunged in value since the arrival of Uber and other ride-sharing services in the city.
They once fetched as much as $US1 million but were sold for $US186,000 each at the auction, an industry source told Business Insider.
In other news, legendary investor Laszlo Birinyi — who hass nailed the bull market at every turn — shares the hidden secret of future stock gains. Traders are making huge bets that the Toys R Us bankruptcy will crush one of its main suppliers. And here’s why Amazon is still such a threat to Toys R Us, in one chart. Meanwhile, Best Buy is the latest victim of the retail apocalypse.
144 years ago, the stock market shut down for the first time because of a panic — here’s what happened.
In markets news:
- We’re officially in the 2nd-largest bull market since World War II.
- One of the markets’ hottest trades is riskier than ever.
- Michael Bloomberg, the former New York City mayor, says he “cannot for the life of me understand why the market keeps going up.”
- Apple is slipping after disappointing reviews of the Apple Watch.
Republicans’ last-ditch effort to repeal Obamacare is really all about tax cuts. Trump’s attempt to rewrite NAFTA pushes a provision that is ‘senseless — and unnecessary,” according to Jeffrey Schott, senior fellow at the Peterson Institute for International Economics.
Last but not least, the best time to look for a new job isn’t when you hate your current one. It’s when you love it.
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