management 2019s discussion and analysis net revenues in equities were $ 8.21 billion for 2012 , essentially unchanged compared with 2011 .
net revenues in securities services were significantly higher compared with 2011 , reflecting a gain of $ 494 million on the sale of our hedge fund administration business .
in addition , equities client execution net revenues were higher than 2011 , primarily reflecting significantly higher results in cash products , principally due to increased levels of client activity .
these increases were offset by lower commissions and fees , reflecting declines in the united states , europe and asia .
our average daily volumes during 2012 were lower in each of these regions compared with 2011 , consistent with listed cash equity market volumes .
during 2012 , equities operated in an environment generally characterized by an increase in global equity prices and lower volatility levels .
the net loss attributable to the impact of changes in our own credit spreads on borrowings for which the fair value option was elected was $ 714 million ( $ 433 million and $ 281 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2012 , compared with a net gain of $ 596 million ( $ 399 million and $ 197 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2011 .
during 2012 , institutional client services operated in an environment generally characterized by continued broad market concerns and uncertainties , although positive developments helped to improve market conditions .
these developments included certain central bank actions to ease monetary policy and address funding risks for european financial institutions .
in addition , the u.s .
economy posted stable to improving economic data , including favorable developments in unemployment and housing .
these improvements resulted in tighter credit spreads , higher global equity prices and lower levels of volatility .
however , concerns about the outlook for the global economy and continued political uncertainty , particularly the political debate in the united states surrounding the fiscal cliff , generally resulted in client risk aversion and lower activity levels .
also , uncertainty over financial regulatory reform persisted .
operating expenses were $ 12.48 billion for 2012 , 3% ( 3 % ) lower than 2011 , primarily due to lower brokerage , clearing , exchange and distribution fees , and lower impairment charges , partially offset by higher net provisions for litigation and regulatory proceedings .
pre- tax earnings were $ 5.64 billion in 2012 , 27% ( 27 % ) higher than 2011 .
investing & lending investing & lending includes our investing activities and the origination of loans to provide financing to clients .
these investments , some of which are consolidated , and loans are typically longer-term in nature .
we make investments , directly and indirectly through funds 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. .

Year Ended December
<i>in millions</i>
2013
2012
2011
Equity securities
$3,930
$2,800
$ 603
Debt securities and loans
1,947
1,850
96
Other
1,141
1,241
1,443
Total net revenues
7,018
5,891
2,142
Operating expenses
2,684
2,666
2,673
Pre-tax earnings/(loss)
$4,334
$3,225
$ (531)

2013 versus 2012 .
net revenues in investing & lending were $ 7.02 billion for 2013 , 19% ( 19 % ) higher than 2012 , reflecting a significant increase in net gains from investments in equity securities , driven by company-specific events and stronger corporate performance , as well as significantly higher global equity prices .
in addition , net gains and net interest income from debt securities and loans were slightly higher , while other net revenues , related to our consolidated investments , were lower compared with 2012 .
if equity markets decline or credit spreads widen , net revenues in investing & lending would likely be negatively impacted .
operating expenses were $ 2.68 billion for 2013 , essentially unchanged compared with 2012 .
operating expenses during 2013 included lower impairment charges and lower operating expenses related to consolidated investments , partially offset by increased compensation and benefits expenses due to higher net revenues compared with 2012 .
pre-tax earnings were $ 4.33 billion in 2013 , 34% ( 34 % ) higher than 2012 .
52 goldman sachs 2013 annual report .

Question: Analyse this data from a financial earnings document. operating expenses for 2012 , were what percent of pre- tax earnings?
Choices:
2.21277
1
18.12
49.8227
0.06335
Correct choice index: 0