Let the Taxi App Roll

Let the Taxi App Roll

If Hollywood remade "The Graduate" and set it in 1980, the one word the businessman would have for Dustin Hoffman's character wouldn't be "plastics." It'd be "medallions."

That's because the single greatest investment you could have made over the last 30 years isn't in gold or silver or even Apple stock. It's in New York City taxicab medallions.

Since 1980, New York's taxi medallions -- essentially the license to drive a cab in the Big Apple -- have appreciated nearly 2,000 percent, according to one estimate. Prices rose on average 8 percent annually for 30 years, dipping significantly only...