Investments and Related Matters.

Investment

Investments, and securities sold, not yet purchased consist of equities, bonds, bank debt and other corporate obligations, and derivatives, all of which are reported at fair value in our consolidated balance sheets. See Note 6, "Fair Value Measurements - Investment," for details of the investments for our Investment segment.

Our Investment segment assesses the applicability of equity method accounting with respect to their investments based on a combination of qualitative and quantitative factors, including overall stock ownership of the Investment Funds combined with those of our affiliates along with board of directors representation.

Our Investment segment applied the fair value option to certain of its investments that would have otherwise been subject to the equity method of accounting. As of December 31, 2015 our Investment segment had no investments pursuant to which the fair value option was applied that would otherwise been subject to the equity method of accounting. As of December 31, 2014, the fair value of these investments was less than $1 million. During the years ended December 31, 2015, 2014 and 2013, our Investment segment recorded losses of $1 million, gains of less than $1 million and gains of $140 million, respectively, associated with these investments. Such amounts are included in net loss or gain from investment activities in our consolidated statements of operations.

The portion of trading (losses) gains that relates to trading securities still held by our Investment segment for the years ended December 31, 2015, 2014 and 2013 was approximately $(2.2) billion, $(557) million and approximately $2.7 billion, respectively.

Other Segments

The carrying value of investments held by our Automotive, Energy, Railcar and Gaming segments and the Holding Company consist of the following:



	December 31,
	2015		2014
	(in millions)
Equity method investments	$	323	$	298
Other investments	475		241
	$	798	$	539

The Holding Company applies the fair value option to its investments that would otherwise be subject to the equity method of accounting. We record unrealized gains and losses for the change in fair value of such investments as a component of net gain from investment activities in the consolidated statements of operations.