Investments and Related Matters.

Investment

Investments and securities sold, not yet purchased consist of equities, bonds, bank debt and other corporate obligations, all of which are reported at fair value in our condensed consolidated balance sheets. These investments are considered trading securities. In addition, our Investment segment has certain derivative transactions which are discussed in Note 6, “Financial Instruments." The carrying value and detail by security type, including business sector for equity securities, with respect to investments and securities sold, not yet purchased held by our Investment segment consist of the following:



	September 30, 2018		December 31, 2017
Assets	(in millions)
Investments:
Equity securities:
Basic materials	$	559	$	1,170
Consumer, non-cyclical	2,402		2,551
Consumer, cyclical	1,378		777
Energy	1,870		1,489
Financial	477		2,185
Technology	1,603		833
Other	212		372
	8,501		9,377
Corporate debt securities	210		155
	$	8,711	$	9,532
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Consumer, non-cyclical	$	74	$	101
Consumer, cyclical	122		667
Energy	362		110
Industrial	67		110
	625		988
Corporate debt securities	—		35
	$	625	$	1,023

The portion of unrealized (losses) gains that relates to securities still held by our Investment segment, primarily equity securities, was $(4) million and $635 million for the three months ended September 30, 2018 and 2017, respectively, and $356 million and $1,242 million for the nine months ended September 30, 2018 and 2017, respectively.

As of September 30, 2018, the Investment Funds owned approximately 27.8% of the outstanding common stock of Hertz. Our Investment segment recorded net gains of $23 million and $254 million for the three months ended September 30, 2018 and 2017, respectively, and net (losses) gains of $(135) million and $19 million for the nine months ended September 30, 2018 and 2017, respectively, with respect to its investment in Hertz. As of September 30, 2018 and December 31, 2017, the aggregate fair value of our Investment segment's investment in Hertz was $382 million and $517 million, respectively.

The Investment Funds also owned approximately 17.9% of the outstanding common stock of Herbalife Ltd. ("Herbalife") as of September 30, 2018. We are deemed to have significant influence with respect to our investment in Herbalife after considering the collective ownership in Herbalife by us and affiliates of Mr. Icahn, as well as our collective representation on the board of directors of Herbalife. Our Investment segment recorded net gains (losses) of $23 million and $(64) million for the three months ended September 30, 2018 and 2017, respectively, and net gains of $740 million and $359 million for the nine months ended September 30, 2018 and 2017, respectively, with respect to its investment in Herbalife. As of September 30, 2018 and December 31, 2017, the aggregate fair value of our Investment segment's investment in Herbalife was approximately $1.5 billion and $1.2 billion, respectively.

Herbalife and Hertz each file annual, quarterly and current reports, and proxy and information statements with the SEC, which are publicly available.

Other Segments and Holding Company

With the exception of certain equity method investments at our operating subsidiaries and our Holding Company disclosed in the table below, our investments are measured at fair value in our condensed consolidated balance sheets. The carrying value of investments held by our other segments and our Holding Company consist of the following:



	September 30, 2018		December 31, 2017
	(in millions)
Equity method investments	$	127	$	106
Other investments (measured at fair value)	494		400
	$	621	$	506