the goldman sachs group , inc .
and subsidiaries management 2019s discussion and analysis in the table above , total aus net inflows/ ( outflows ) for 2017 included $ 23 billion of inflows ( $ 20 billion in long- term aus and $ 3 billion in liquidity products ) in connection with the acquisition of a portion of verus investors 2019 outsourced chief investment officer business ( verus acquisition ) and $ 5 billion of equity asset outflows in connection with the divestiture of our local australian- focused investment capabilities and fund platform ( australian divestiture ) .
the table below presents average monthly assets under supervision by asset class .
average for the year ended december $ in billions 2018 2017 2016 .

$ in billions
average for theyear ended december 2018
average for theyear ended december 2017
average for theyear ended december 2016
alternative investments
$ 171
$ 162
$ 149
equity
329
292
256
fixed income
665
633
578
total long-term aus
1165
1087
983
liquidity products
352
330
326
total aus
$ 1517
$ 1417
$ 1309

operating environment .
during 2018 , our assets under supervision increased reflecting net inflows in liquidity products , fixed income assets and equity assets .
this increase was partially offset by depreciation in our client assets , primarily in equity assets , as global equity prices generally decreased in 2018 , particularly towards the end of the year .
the mix of our average assets under supervision between long-term assets under supervision and liquidity products during 2018 was essentially unchanged compared with 2017 .
in the future , if asset prices continue to decline , or investors continue to favor assets that typically generate lower fees or investors withdraw their assets , net revenues in investment management would likely be negatively impacted .
during 2017 , investment management operated in an environment characterized by generally higher asset prices , resulting in appreciation in both equity and fixed income assets .
our long-term assets under supervision increased from net inflows primarily in fixed income and alternative investment assets .
these increases were partially offset by net outflows in liquidity products .
as a result , the mix of our average assets under supervision during 2017 shifted slightly from liquidity products to long-term assets under supervision compared to the mix at the end of 2016 .
2018 versus 2017 .
net revenues in investment management were $ 7.02 billion for 2018 , 13% ( 13 % ) higher than 2017 , primarily due to significantly higher incentive fees , as a result of harvesting .
management and other fees were also higher , reflecting higher average assets under supervision and the impact of the recently adopted revenue recognition standard , partially offset by shifts in the mix of client assets and strategies .
in addition , transaction revenues were higher .
see note 3 to the consolidated financial statements for further information about asu no .
2014-09 , 201crevenue from contracts with customers ( topic 606 ) . 201d during 2018 , total assets under supervision increased $ 48 billion to $ 1.54 trillion .
long-term assets under supervision decreased $ 4 billion , including net market depreciation of $ 41 billion primarily in equity assets , largely offset by net inflows of $ 37 billion , primarily in fixed income and equity assets .
liquidity products increased $ 52 billion .
operating expenses were $ 5.27 billion for 2018 , 10% ( 10 % ) higher than 2017 , primarily due to the impact of the recently adopted revenue recognition standard and increased compensation and benefits expenses , reflecting higher net revenues .
pre-tax earnings were $ 1.76 billion in 2018 , 24% ( 24 % ) higher than 2017 .
see note 3 to the consolidated financial statements for further information about asu no .
2014-09 , 201crevenue from contracts with customers ( topic 606 ) . 201d 2017 versus 2016 .
net revenues in investment management were $ 6.22 billion for 2017 , 7% ( 7 % ) higher than 2016 , due to higher management and other fees , reflecting higher average assets under supervision , and higher transaction revenues .
during 2017 , total assets under supervision increased $ 115 billion to $ 1.49 trillion .
long-term assets under supervision increased $ 128 billion , including net market appreciation of $ 86 billion , primarily in equity and fixed income assets , and net inflows of $ 42 billion ( which includes $ 20 billion of inflows in connection with the verus acquisition and $ 5 billion of equity asset outflows in connection with the australian divestiture ) , primarily in fixed income and alternative investment assets .
liquidity products decreased $ 13 billion ( which includes $ 3 billion of inflows in connection with the verus acquisition ) .
operating expenses were $ 4.80 billion for 2017 , 3% ( 3 % ) higher than 2016 , primarily due to increased compensation and benefits expenses , reflecting higher net revenues .
pre-tax earnings were $ 1.42 billion in 2017 , 25% ( 25 % ) higher than geographic data see note 25 to the consolidated financial statements for a summary of our total net revenues , pre-tax earnings and net earnings by geographic region .
62 goldman sachs 2018 form 10-k .

Question: what are the pre-tax earnings in 2016 , in billions?
Answer: 1.1
Calculation: add(const_1, 25%), divide(1.42, #0)