--- title: "Meaning & Key Takeaway of: Wealth is not determined by investment…" description: "\"Wealth is not determined by investment performance, but by investor behavior.\" — Nick Murray" image: "https://sms4smile.com/quotes/i/ee1/nick-murray-38113_behavior_wealth-is-not-determined-by-investment-p_243350.jpg" --- # Wealth is not determined by investment performance, but by… ![“Wealth is not determined by investment performance, but by investor behavior.” quote by Nick Murray](https://sms4smile.com/quotes/i/ee1/nick-murray-38113_behavior_wealth-is-not-determined-by-investment-p_243350.jpg) [Download](https://sms4smile.com/quotes/i/ee1/nick-murray-38113_behavior_wealth-is-not-determined-by-investment-p_243350.jpg) [Open image](https://sms4smile.com/quotes/i/ee1/nick-murray-38113_behavior_wealth-is-not-determined-by-investment-p_243350.jpg) > “Wealth is not determined by investment performance, but by investor behavior.” [Nick Murray](https://sms4smile.com/quotes/author/nick-murray/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Wealth depends more on how investors act than on how investments perform. **In simple terms:** Behavior drives wealth more than returns. Key Takeaway Focus on disciplined habits. Themes finance psychology wealth Mood reflective pragmatic Type educational inspirational When to use this quote - personal finance - retirement planning - trading - investment advisory Key Concepts behavioral economics risk management decision making Questions to Reflect On - How do your habits affect your portfolio? - What behavioral changes could improve outcomes? A Different Perspective Behavior alone cannot guarantee success. ★ ★ ★ ★ ★ No ratings yet [Behavior](https://sms4smile.com/quotes/about/behavior/) [Customer](https://sms4smile.com/quotes/about/customer/) [Determined](https://sms4smile.com/quotes/about/determined/) [Investing](https://sms4smile.com/quotes/about/investing/) [Investment](https://sms4smile.com/quotes/about/investment/) [Investment Performance](https://sms4smile.com/quotes/about/investment-performance-617085/) [Investor](https://sms4smile.com/quotes/about/investor/) [Investor Behavior](https://sms4smile.com/quotes/about/investor-behavior-2435748/) [Investors](https://sms4smile.com/quotes/about/investors/) [Performance Investor](https://sms4smile.com/quotes/about/performance-investor-2435750/) [Performances](https://sms4smile.com/quotes/about/performances/) [Wealth](https://sms4smile.com/quotes/about/wealth/) [Wealth Determined](https://sms4smile.com/quotes/about/wealth-determined-2435749/) ## Related quotes > [Investment performance doesn't determine real-life returns; investor behavior does.](https://sms4smile.com/quotes/nick-murray/investment-performance-doesn-t-determine-real-life-returns-investor/) [Nick Murray](https://sms4smile.com/quotes/author/nick-murray/) > [Active management leads to lots of poor investor behavior. It sends people chasing after whoever has the hot hand at the moment.](https://sms4smile.com/quotes/barry-ritholtz/active-management-leads-to-lots-of-poor-investor-behavior-it-sends/) [Barry Ritholtz](https://sms4smile.com/quotes/author/barry-ritholtz/) > [The debate can be put in the form of the question: Resolved, that the best of money managers cannot be demonstrated to be able…](https://sms4smile.com/quotes/paul-samuelson/the-debate-can-be-put-in-the-form-of-the-question-resolved-that-the/) [Paul Samuelson](https://sms4smile.com/quotes/author/paul-samuelson/) > [All but a few of the organizations do not specifically promise to deliver superior investment performance although it is perhaps not unreasonable for the…](https://sms4smile.com/quotes/warren-buffett/all-but-a-few-of-the-organizations-do-not-specifically-promise-to/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [A man's wealth must be determined by the relation of his desires and expenditures to his income. If he feels rich on ten dollars,…](https://sms4smile.com/quotes/john-d-rockefeller/a-man-s-wealth-must-be-determined-by-the-relation-of-his-desires-and/) [John D. Rockefeller](https://sms4smile.com/quotes/author/john-d-rockefeller/) > [“It is an oft-repeated axiom that a person can learn a whole lot about a society by how it treats its poor; but just…](https://sms4smile.com/quotes/ziad-k-abdelnour/it-is-an-oft-repeated-axiom-that-a-person-can-learn-a-whole-lot-about/) [Ziad K. Abdelnour](https://sms4smile.com/quotes/author/ziad-k-abdelnour/) > [“An Indian’s wealth   Is determined by what they lose And not by what they save.”](https://sms4smile.com/quotes/sherman-alexie/an-indian-s-wealth-is-determined-by-what-they-lose-and-not-by-what/) [Sherman Alexie](https://sms4smile.com/quotes/author/sherman-alexie/) > [The distribution of wealth is not determined by nature. It is determined by policy.](https://sms4smile.com/quotes/eric-schneiderman/the-distribution-of-wealth-is-not-determined-by-nature-it-is/) [Eric Schneiderman](https://sms4smile.com/quotes/author/eric-schneiderman/) > [The mark of true wealth is determined by how much one can give away.](https://sms4smile.com/quotes/t-harv-eker/the-mark-of-true-wealth-is-determined-by-how-much-one-can-give-away/) [T. Harv Eker](https://sms4smile.com/quotes/author/t-harv-eker/) > [I am probably the biggest equity investor in the history of modern Russia.](https://sms4smile.com/quotes/alexander-lebedev/i-am-probably-the-biggest-equity-investor-in-the-history-of-modern/) [Alexander Lebedev](https://sms4smile.com/quotes/author/alexander-lebedev/) > [A decade ago, I really did believe that the average investor could do it himself. I was wrong. I've come to the sad conclusion…](https://sms4smile.com/quotes/william-j-bernstein/a-decade-ago-i-really-did-believe-that-the-average-investor-could-do/) [William J. Bernstein](https://sms4smile.com/quotes/author/william-j-bernstein/) > [Traditionally the investor has been the man with patience and the courage of his convictions who would buy when the harried or disheartened speculator…](https://sms4smile.com/quotes/benjamin-graham/traditionally-the-investor-has-been-the-man-with-patience-and-the/) [Benjamin Graham](https://sms4smile.com/quotes/author/benjamin-graham/) > [I like putting my money into things like food and shelter. I'm probably a bad example of an investor.](https://sms4smile.com/quotes/simon-baker/i-like-putting-my-money-into-things-like-food-and-shelter-i-m/) [Simon Baker](https://sms4smile.com/quotes/author/simon-baker/) > [Smart tech investor thinks about: a) future product roadmap, b) bottoms-up market size & growth, c) talent and skill of team. Essentially you are…](https://sms4smile.com/quotes/marc-andreessen/smart-tech-investor-thinks-about-a-future-product-roadmap-b-bottoms/) [Marc Andreessen](https://sms4smile.com/quotes/author/marc-andreessen/) > [The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the…](https://sms4smile.com/quotes/warren-buffett/the-most-important-quality-for-an-investor-is-temperament-not/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) ## More by Nick Murray > [Once you decide that mediocrity is unthinkable, your only choices are excellence and quitting.](https://sms4smile.com/quotes/nick-murray/once-you-decide-that-mediocrity-is-unthinkable-your-only-choices-are/) [Nick Murray](https://sms4smile.com/quotes/author/nick-murray/) > [Declines are temporary, gains are permanent.](https://sms4smile.com/quotes/nick-murray/declines-are-temporary-gains-are-permanent/) [Nick Murray](https://sms4smile.com/quotes/author/nick-murray/) > [In the long run, not doing what's necessary to do the thing you're afraid will hurt you, hurts infinitely worse than doing it.](https://sms4smile.com/quotes/nick-murray/in-the-long-run-not-doing-what-s-necessary-to-do-the-thing-you-re/) [Nick Murray](https://sms4smile.com/quotes/author/nick-murray/) > [All financial success comes from acting on a plan. A lot of financial failure comes from reacting to the market](https://sms4smile.com/quotes/nick-murray/all-financial-success-comes-from-acting-on-a-plan-a-lot-of-financial/) [Nick Murray](https://sms4smile.com/quotes/author/nick-murray/) > [Stocks are a safe bet, but only if you stay invested long enough to ride out the . that squares with the facts, and…](https://sms4smile.com/quotes/nick-murray/stocks-are-a-safe-bet-but-only-if-you-stay-invested-long-enough-to/) [Nick Murray](https://sms4smile.com/quotes/author/nick-murray/) > [If you think the market’s 'too high' wait 'til you see it 20 years from now.](https://sms4smile.com/quotes/nick-murray/if-you-think-the-market-s-too-high-wait-til-you-see-it-20-years-from/) [Nick Murray](https://sms4smile.com/quotes/author/nick-murray/) > [Surprise is the mother of panic.](https://sms4smile.com/quotes/nick-murray/surprise-is-the-mother-of-panic/) [Nick Murray](https://sms4smile.com/quotes/author/nick-murray/) > [Long-term investment success is almost totally a function of how one emotionally handles declines in the equity market, as opposed to how one's portfolio…](https://sms4smile.com/quotes/nick-murray/long-term-investment-success-is-almost-totally-a-function-of-how-one/) [Nick Murray](https://sms4smile.com/quotes/author/nick-murray/) > [Investment performance doesn't determine real-life returns; investor behavior does.](https://sms4smile.com/quotes/nick-murray/investment-performance-doesn-t-determine-real-life-returns-investor/) [Nick Murray](https://sms4smile.com/quotes/author/nick-murray/) > [Timing the market is a fools game, whereas time in the market is your greatest natural advantage.](https://sms4smile.com/quotes/nick-murray/timing-the-market-is-a-fools-game-whereas-time-in-the-market-is-your/) [Nick Murray](https://sms4smile.com/quotes/author/nick-murray/) > [You have to pick what you're going to be worried about. Markets are volatile, but retirement is certain.](https://sms4smile.com/quotes/nick-murray/you-have-to-pick-what-you-re-going-to-be-worried-about-markets-are/) [Nick Murray](https://sms4smile.com/quotes/author/nick-murray/) [Explore all 12 Nick Murray quotes ](https://sms4smile.com/quotes/author/nick-murray/) ## More Behavior quotes > [The vision of the left, full of envy and resentment, takes its worst toll on those at the bottom - whether black or white…](https://sms4smile.com/quotes/thomas-sowell/the-vision-of-the-left-full-of-envy-and-resentment-takes-its-worst/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) > [By making conscious choices in our behavior and where we focus our attention, we can transform our experience of our body, decrease our biological…](https://sms4smile.com/quotes/deepak-chopra/by-making-conscious-choices-in-our-behavior-and-where-we-focus-our/) [Deepak Chopra](https://sms4smile.com/quotes/author/deepak-chopra/) > [As you begin changing your thinking, start immediately to change your behaviour. Begin to act the part of the person you would like to…](https://sms4smile.com/quotes/anonymous/as-you-begin-changing-your-thinking-start-immediately-to-change-your/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [“I now know that deep within the human concept is something dark, selfish, and completely willing to do whatever is necessary to support the…](https://sms4smile.com/quotes/melissa-west/i-now-know-that-deep-within-the-human-concept-is-something-dark/) [Melissa West](https://sms4smile.com/quotes/author/melissa-west/) > [“We are endowed with genes which code out our reaction to beavers and otters, maybe our reaction to each other as well. We are…](https://sms4smile.com/quotes/lewis-thomas/we-are-endowed-with-genes-which-code-out-our-reaction-to-beavers-and/) [Lewis Thomas](https://sms4smile.com/quotes/author/lewis-thomas/) > [The number of poor, and poorly prepared, students who succeed in college and beyond undercuts the simplistic notion that economic or educational disadvantage is…](https://sms4smile.com/quotes/roland-merullo/the-number-of-poor-and-poorly-prepared-students-who-succeed-in/) [Roland Merullo](https://sms4smile.com/quotes/author/roland-merullo/) > [To behave creatively in art means behavior with skill; and skill comes from discipline, not derangement. The artist who knows the rules -and proportion…](https://sms4smile.com/quotes/burne-hogarth/to-behave-creatively-in-art-means-behavior-with-skill-and-skill-comes/) [Burne Hogarth](https://sms4smile.com/quotes/author/burne-hogarth/) > [You don't put milk in chamomile tea - that's disgusting behavior! That's not right.](https://sms4smile.com/quotes/laura-fraser/you-don-t-put-milk-in-chamomile-tea-that-s-disgusting-behavior-that-s/) [Laura Fraser](https://sms4smile.com/quotes/author/laura-fraser/) > [The laws of thermodynamics, as empirically determined, express the approximate and probable behavior of systems of a great number of particles, or, more precisely,…](https://sms4smile.com/quotes/j-willard-gibbs/the-laws-of-thermodynamics-as-empirically-determined-express-the/) [J. Willard Gibbs](https://sms4smile.com/quotes/author/j-willard-gibbs/) > [I started with the belief that every person who came to the laboratory was free to accept or to reject the dictates of authority.…](https://sms4smile.com/quotes/stanley-milgram/i-started-with-the-belief-that-every-person-who-came-to-the/) [Stanley Milgram](https://sms4smile.com/quotes/author/stanley-milgram/) > [The tipping point is that magic moment when an idea, trend, or social behavior crosses a threshold, tips, and spreads like wildfire.](https://sms4smile.com/quotes/malcolm-gladwell/the-tipping-point-is-that-magic-moment-when-an-idea-trend-or-social/) [Malcolm Gladwell](https://sms4smile.com/quotes/author/malcolm-gladwell/) > [I think we've told a lot of lies about human behavior through film.](https://sms4smile.com/quotes/patricia-arquette/i-think-we-ve-told-a-lot-of-lies-about-human-behavior-through-film/) [Patricia Arquette](https://sms4smile.com/quotes/author/patricia-arquette/) > [The strongest rebellion may be expressed in quiet, undramatic behavior.](https://sms4smile.com/quotes/benjamin-spock/the-strongest-rebellion-may-be-expressed-in-quiet-undramatic-behavior/) [Benjamin Spock](https://sms4smile.com/quotes/author/benjamin-spock/) > [The behavior of any bureaucratic organization can best be understood by assuming that it is controlled by a secret cabal of its enemies.](https://sms4smile.com/quotes/robert-conquest/the-behavior-of-any-bureaucratic-organization-can-best-be-understood/) [Robert Conquest](https://sms4smile.com/quotes/author/robert-conquest/) > [If you want good behavior, don't pay on a commission basis. Our judges aren't paid so much a case. We keep them pretty well…](https://sms4smile.com/quotes/charlie-munger/if-you-want-good-behavior-don-t-pay-on-a-commission-basis-our-judges/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Browse all 4,218 Behavior quotes ](https://sms4smile.com/quotes/about/behavior/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "Wealth is not determined by investment performance, but by investor behavior.", "creator": { "@type": "Person", "name": "Nick Murray" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/nick-murray/wealth-is-not-determined-by-investment-performance-but-by-investor/", "about": { "@type": "Thing", "name": "Behavior" }, "@id": "https://sms4smile.com/quotes/nick-murray/wealth-is-not-determined-by-investment-performance-but-by-investor/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/ee1/nick-murray-38113_behavior_wealth-is-not-determined-by-investment-p_243350.jpg", "contentUrl": "https://sms4smile.com/quotes/i/ee1/nick-murray-38113_behavior_wealth-is-not-determined-by-investment-p_243350.jpg", "url": "https://sms4smile.com/quotes/i/ee1/nick-murray-38113_behavior_wealth-is-not-determined-by-investment-p_243350.jpg", "width": 1080, "height": 1080, "caption": "“Wealth is not determined by investment performance, but by investor behavior.” — Nick Murray", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Nick Murray", "item": "https://sms4smile.com/quotes/author/nick-murray/" }, { "@type": "ListItem", "position": 4, "name": "Wealth is not determined by investment...", "item": "https://sms4smile.com/quotes/nick-murray/wealth-is-not-determined-by-investment-performance-but-by-investor/" } ], "@id": "https://sms4smile.com/quotes/nick-murray/wealth-is-not-determined-by-investment-performance-but-by-investor/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```