the goldman sachs group , inc .and subsidiaries management 2019s discussion and analysis investing & lending investing & lending includes our investing activities and the origination of loans to provide financing to clients .these investments and loans are typically longer-term in nature .we make investments , some of which are consolidated , directly and indirectly through funds and separate accounts that we manage , in debt securities and loans , public and private equity securities , and real estate entities .the table below presents the operating results of our investing & lending segment. .
[['$ in millions', 'year ended december 2015', 'year ended december 2014', 'year ended december 2013'], ['equity securities', '$ 3781', '$ 4579', '$ 4974'], ['debt securities and loans', '1655', '2246', '2044'], ['total net revenues1', '5436', '6825', '7018'], ['operating expenses', '2402', '2819', '2686'], ['pre-tax earnings', '$ 3034', '$ 4006', '$ 4332']]
1 .net revenues related to our consolidated investments , previously reported in other net revenues within investing & lending , are now reported in equity securities and debt securities and loans , as results from these activities ( $ 391 million for 2015 ) are no longer significant principally due to the sale of metro in the fourth quarter of 2014 .reclassifications have been made to previously reported amounts to conform to the current presentation .2015 versus 2014 .net revenues in investing & lending were $ 5.44 billion for 2015 , 20% ( 20 % ) lower than 2014 .this decrease was primarily due to lower net revenues from investments in equities , principally reflecting the sale of metro in the fourth quarter of 2014 and lower net gains from investments in private equities , driven by corporate performance .in addition , net revenues in debt securities and loans were significantly lower , reflecting lower net gains from investments .although net revenues in investing & lending for 2015 benefited from favorable company-specific events , including sales , initial public offerings and financings , a decline in global equity prices and widening high-yield credit spreads during the second half of the year impacted results .concern about the outlook for the global economy continues to be a meaningful consideration for the global marketplace .if equity markets continue to decline or credit spreads widen further , net revenues in investing & lending would likely continue to be negatively impacted .operating expenses were $ 2.40 billion for 2015 , 15% ( 15 % ) lower than 2014 , due to lower depreciation and amortization expenses , primarily reflecting lower impairment charges related to consolidated investments , and a reduction in expenses related to the sale of metro in the fourth quarter of 2014 .pre-tax earnings were $ 3.03 billion in 2015 , 24% ( 24 % ) lower than 2014 .2014 versus 2013 .net revenues in investing & lending were $ 6.83 billion for 2014 , 3% ( 3 % ) lower than 2013 .net revenues from investments in equity securities were lower due to a significant decrease in net gains from investments in public equities , as movements in global equity prices during 2014 were less favorable compared with 2013 , as well as significantly lower net revenues related to our consolidated investments , reflecting a decrease in operating revenues from commodities-related consolidated investments .these decreases were partially offset by an increase in net gains from investments in private equities , primarily driven by company-specific events .net revenues from debt securities and loans were higher than 2013 , reflecting a significant increase in net interest income , primarily driven by increased lending , and a slight increase in net gains , primarily due to sales of certain investments during 2014 .during 2014 , net revenues in investing & lending generally reflected favorable company-specific events , including initial public offerings and financings , and strong corporate performance , as well as net gains from sales of certain investments .operating expenses were $ 2.82 billion for 2014 , 5% ( 5 % ) higher than 2013 , reflecting higher compensation and benefits expenses , partially offset by lower expenses related to consolidated investments .pre-tax earnings were $ 4.01 billion in 2014 , 8% ( 8 % ) lower than 2013 .64 goldman sachs 2015 form 10-k .

Question: what percentage of total net revenues in the investing & lending segment is attributable to equity securities in 2015?
Answer: 70%