"He who loses wealth loses much; he who loses a friend loses more; but he that loses his courage loses all"
About this Quote
Coming from Cervantes, this isn’t generic Stoic wallpaper. It’s the hard-won ethic of a man who knew catastrophe in the body: a soldier maimed at Lepanto, a captive in Algiers for years, a writer perpetually navigating patronage, debt, and the humiliations of a declining empire. In that world, “wealth” and even “friends” are unstable currencies. Courage becomes the only asset that can’t be devalued by court politics or bad luck unless you let it.
The subtext is also a sly corrective to the romance of loyalty. Friendship is precious, yes, but it’s still external, contingent, breakable. Courage is internal, portable, and, crucially, narratively generative: it’s what keeps a person inside the story rather than sidelined by fear. That’s why it resonates with Don Quixote’s broader project, where dignity is less a social rank than a posture you insist on. Cervantes isn’t praising reckless bravado; he’s warning that once you surrender your nerve, every other possession becomes irrelevant because you’ve forfeited the capacity to defend, rebuild, or even desire them.
Quote Details
| Topic | Friendship |
|---|---|
| Source | Later attribution: The Essential Book of Business and Life Quotations (2023) modern compilationISBN: 9781839984402 · ID: diqjEAAAQBAJ
Evidence:
... He who loses wealth loses much; he who loses a friend loses more; but he that loses his courage loses all: Cervantes, Miguel (Miguel de Cervantes Saavedra; 1547–1616; Spanish novelist and playwright), Don Quixote (1604–1615) 1944 ... |
| Cite |
Citation Formats
APA Style (7th ed.)
Cervantes, Miguel de. (2026, February 9). He who loses wealth loses much; he who loses a friend loses more; but he that loses his courage loses all. FixQuotes. https://fixquotes.com/quotes/he-who-loses-wealth-loses-much-he-who-loses-a-151067/
Chicago Style
Cervantes, Miguel de. "He who loses wealth loses much; he who loses a friend loses more; but he that loses his courage loses all." FixQuotes. February 9, 2026. https://fixquotes.com/quotes/he-who-loses-wealth-loses-much-he-who-loses-a-151067/.
MLA Style (9th ed.)
"He who loses wealth loses much; he who loses a friend loses more; but he that loses his courage loses all." FixQuotes, 9 Feb. 2026, https://fixquotes.com/quotes/he-who-loses-wealth-loses-much-he-who-loses-a-151067/. Accessed 21 Feb. 2026.










