Reference to properties is normally achieved by the use of nominalizations of predicative expressions. I examine the relation between different kinds of these: while, traditionally, the terms 'wisdom' and 'the property of being wise' were thought to be co-referential, in certain contexts they do not seem to be interchangeable salva veritate. Observing this, Friederike Moltmann claims that abstract nouns such as 'wisdom' do not refer to properties. I argue that her theory is flawed and that the existence of the problematic contexts should be explained in non-referential terms.